Market Overview - On September 18, the photovoltaic equipment sector declined by 2.2%, with Fulete leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Tongling Co., Ltd. (301168) with a closing price of 42.55, up 5.37% [1] - ST Mubang (603398) at 7.19, up 4.96% [1] - Yijing Photovoltaic (600537) at 4.50, up 3.21% [1] - Major decliners included: - Fucai Te (601865) at 17.76, down 5.88% [2] - JinkoSolar (002459) at 12.96, down 5.54% [2] - Yamaton (002623) at 21.20, down 4.80% [2] Capital Flow - The photovoltaic equipment sector experienced a net outflow of 30.2 billion yuan from institutional investors, while retail investors saw a net inflow of 19.89 billion yuan [2] - The sector's capital flow details indicate that: - Jinlang Technology (300763) had a net inflow of 1.03 billion yuan from institutional investors [3] - DiKe Co., Ltd. (300842) saw a net inflow of 13.89 million yuan from institutional investors [3] - ST Quanzhang (300093) had a net inflow of 11.88 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Fuyao Glass experienced a decline in stock price, dropping by 5.03% to 17.92 CNY per share, with a trading volume of 536 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 41.985 billion CNY [1] - Fuyao Glass Group Co., Ltd. is located in Jiaxing, Zhejiang Province, and was established on June 24, 1998. It was listed on February 15, 2019. The company's main business includes the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, as well as the mining and sales of quartz for glass and EPC photovoltaic power station engineering construction [1] - The revenue composition of Fuyao Glass is as follows: photovoltaic glass accounts for 89.76%, power generation income 3.16%, engineering glass 3.14%, other (supplementary) 1.98%, household glass 1.58%, float glass 0.36%, and mining products 0.01% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Dacheng Fund has a significant position in Fuyao Glass. Dacheng Shengshi Selected Flexible Allocation Mixed A (002945) held 361,800 shares in the second quarter, accounting for 5.43% of the fund's net value, ranking as the eighth largest holding [2] - The estimated floating loss for Dacheng Shengshi Selected Flexible Allocation Mixed A (002945) today is approximately 343,700 CNY. The fund was established on December 20, 2017, with a latest scale of 101 million CNY. Year-to-date return is 21.66%, ranking 4209 out of 8172 in its category; the one-year return is 48.48%, ranking 3498 out of 7980; and the return since inception is 133.7% [2]

Group 1 - The core point of the article highlights the recent decline in the stock price of Fuyao Glass, which dropped by 5.03% to 17.92 CNY per share, with a trading volume of 536 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 41.985 billion CNY [1] - Fuyao Glass Group Co., Ltd. is based in Jiaxing, Zhejiang Province, and was established on June 24, 1998. It was listed on February 15, 2019. The company's main business includes the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, as well as the mining and sales of quartz for glass and EPC photovoltaic power station construction [1] - The revenue composition of Fuyao Glass is as follows: photovoltaic glass accounts for 89.76%, power generation income 3.16%, engineering glass 3.14%, other (supplementary) 1.98%, household glass 1.58%, float glass 0.36%, and mining products 0.01% [1] Group 2 - From the perspective of major fund holdings, only one fund under Huatai-PineBridge has a significant position in Fuyao Glass. The fund, Huatai-PineBridge CSI Photovoltaic Industry Index Enhanced A (013816), held 1.3 million shares in the second quarter, unchanged from the previous period, representing 3.09% of the fund's net value, making it the seventh-largest holding [2] - The fund Huatai-PineBridge CSI Photovoltaic Industry Index Enhanced A (013816) was established on October 26, 2021, with a current scale of 209 million CNY. Year-to-date, it has achieved a return of 18.04%, ranking 2932 out of 4222 in its category; over the past year, it has returned 34.06%, ranking 3206 out of 3804; since inception, it has incurred a loss of 45.68% [2]

Group 1 - The solar stocks collectively declined, with Xinyi Solar (00968) down 6.42% to HKD 3.34, Flat Glass (601865) down 5.76% to HKD 11.62, New Energy (01799) down 4.13% to HKD 7.9, and Fuyao Glass (600660) down 1.95% to HKD 77.75 [1] - Huafu Securities reported that the improvement of the near-consumption pricing mechanism for renewable energy is a positive development for distributed solar/storage and green electricity direct connection [1] - In the silicon material segment, the industry saw limited production cuts in September, with weekly output remaining substantial, but insufficient orders leading to inventory accumulation [1] Group 2 - The photovoltaic glass segment experienced a decrease in purchasing volume from domestic component manufacturers, leading to a high resistance to price acceptance and a reduction in production plans [1] - According to Forward Futures, the production of polysilicon remained high in September, with supply continuing to be ample due to the resumption of production in Xinjiang, Qinghai, and Ningxia, while Yunnan reached full production [1] - The market is currently in a state of oversupply, despite some downstream demand for polysilicon due to favorable overseas demand for battery cells [1]

Core Viewpoint - The solar stock sector is experiencing a collective decline, with significant drops in share prices for companies such as Xinyi Solar, Flat Glass, and New Energy, indicating a bearish sentiment in the market [1] Group 1: Market Performance - Xinyi Solar (00968) fell by 6.42% to HKD 3.34 [1] - Flat Glass (06865) decreased by 5.76% to HKD 11.62 [1] - New Energy (01799) dropped by 4.13% to HKD 7.9 [1] - Fuyao Glass (03606) declined by 1.95% to HKD 77.75 [1] Group 2: Industry Insights - Huafu Securities reported improvements in the near-term consumption pricing mechanism for renewable energy, which is expected to benefit distributed solar/storage and green electricity connections [1] - In the silicon material segment, production cuts in September were limited, and while weekly output remains substantial, insufficient orders have led to inventory accumulation [1] - The domestic demand for solar glass has decreased, with component manufacturers reducing their purchasing volume, leading to an expected increase in glass inventory for September [1] Group 3: Supply Dynamics - According to Forward Futures, September's polysilicon production remains high, with supply continuing to be ample due to the resumption of production in regions like Xinjiang, Qinghai, and Ningxia [1] - The anticipated self-discipline production cuts have not materialized, and the market is still experiencing an oversupply situation despite some demand from downstream sectors [1] - The focus of the market is shifting away from fundamentals, with the main logic of price movements relying on the clarity and implementation of future policies [1]

Core Viewpoint - The photovoltaic (PV) sector is experiencing active trading, with several companies showing significant stock price increases, driven by recent policy discussions aimed at addressing low-price competition and promoting industry self-regulation [1] Industry Summary - The PV industry is identified as a leader in combating "involution," with a current focus on price increases and production limits as key strategies [1] - The recent publication in the "Qiushi" magazine emphasizes the need for effective governance of chaotic low-price competition and encourages industry associations to enhance product quality [1] - The 2025 China Silicon Industry Conference has commenced, focusing on themes of technological innovation, green transformation, and industry self-discipline [1] Company Summary - GCL-Poly Energy (03800) saw a stock price increase of 5.56%, reaching HKD 1.33 [1] - Xinyi Glass (00868) experienced a 4.46% rise, with shares priced at HKD 9.13 [1] - Flat Glass Group (06865) reported a 3.05% increase, trading at HKD 12.15 [1] - Xinyi Solar (00968) rose by 1.17%, with a share price of HKD 3.45 [1] Market Outlook - According to Industrial Securities, the PV sector is positioned for a significant recovery, with potential for valuation restoration due to policy support and technological advancements [1] - Galaxy Securities notes that while the long-term outlook for global PV growth remains stable, the industry has faced years of supply-demand imbalance and ongoing losses, indicating a dual bottom in both market sentiment and fundamentals [1]

兴业证券表示，光伏行业是"反内卷"的排头兵，目前行业已形成"提价"和"限产"两大基本路线。银河证 券指出，长期看全球光伏增长稳健，短期看，产业链多年供需失衡，持续亏损，板块筹码与基本面双底 明确，光伏行业作为国内"反内卷"重评行业之一，政策纾困或技术迭代有望加速供给出清，板块估值修 复空间大。 消息面上，据新华社报道，9月16日出版的第18期《求是》杂志，文章提到：着力整治企业低价无序竞 争乱象。"内卷"重灾区要依法依规有效治理。更好发挥行业协会自律作用，引导企业提升产品品质，推 动落后产能有序推出。此外，2025年中国硅业大会近日在包头开幕，本次大会主题为"技术创新协同绿 色转型、行业自律助力和谐发展。 智通财经APP获悉，光伏股多数活跃，截至发稿，协鑫科技(03800)涨5.56%，报1.33港元；信义玻璃 (00868)涨4.46%，报9.13港元；福莱特玻璃(06865)涨3.05%，报12.15港元；信义光能(00968)涨1.17%， 报3.45港元。 ...

Core Viewpoint - The Hong Kong solar stocks have generally risen, driven by an upward trend in prices across multiple segments of the photovoltaic industry chain, indicating early signs of a "de-involution" effect within the sector [1][2] Group 1: Stock Performance - GCL-Poly Energy (协鑫科技) rose by over 3% to 1.300 HKD [2] - Flat Glass Group (福莱特玻璃) increased by 2.6% to 12.100 HKD [2] - Xinyi Glass (信义玻璃) saw a rise of 2% to 8.920 HKD [2] - Other notable increases include: - CAISSA (凯盛新能) up 1.5% to 4.460 HKD [2] - Fuyao Glass (福耀玻璃) up 1.47% to 75.800 HKD [2] - China Harmony New Energy (协合新能源) up 1.25% to 0.405 HKD [2] - Xinyi Solar (信义光能) up 1.17% to 3.450 HKD [2] - GCL New Energy (协鑫新能源) up 1.15% to 0.880 HKD [2] - New Times Energy (新特能源) up 0.77% to 7.900 HKD [2] - Canadian Solar (卡姆丹克太阳能) up 0.66% to 0.152 HKD [2] Group 2: Price Trends - According to Zhuochuang Information, the market price for silicon wafers (P-type M10) in Yunnan was reported at 1.2 CNY per piece on September 12, unchanged from September 11, and higher than the 1.03 CNY per piece on September 10 [1] - In Inner Mongolia, the market price for polysilicon (P-type dense material) was 36 CNY per kilogram on September 12, also unchanged from September 11, and higher than the 31 CNY per kilogram on September 10 [1] - TrendForce reported significant price increases in various upstream sectors of the photovoltaic industry, suggesting a sustained upward price trend in the future [1]

Core Viewpoint - The glass industry, particularly the photovoltaic glass sector, is experiencing a positive shift in supply and demand dynamics, leading to price increases and improved profitability for leading companies like Fuyao Glass [1] Industry Summary - In September, the price of 2.0mm photovoltaic glass increased by 2 yuan per square meter compared to early August, indicating better-than-expected supply-demand improvements and a decline in industry inventory days [1] - The photovoltaic glass industry is characterized by a favorable market structure, with Fuyao Glass expected to outperform the industry due to its leading position, potentially benefiting from a recovery in profitability as component production resumes [1] Company Summary - According to Changjiang Securities, Fuyao Glass is likely to be among the first to benefit from the recovery in profitability, especially if component production resumes, enhancing expectations for margin improvement [1] - CITIC Securities anticipates that due to previous production cuts, supply and demand have reached a near balance, and if the price increase for photovoltaic glass is implemented, the company could turn losses into profits [1] - The photovoltaic glass segment is noted for its high level of self-discipline within the supply chain, with a long-term expectation of dynamic balance in supply and demand [1]

Group 1 - The core viewpoint of the article highlights the positive outlook for Fuyao Glass (06865), with its stock price increasing by 3.56% to HKD 12.21, and a trading volume of HKD 57.85 million [1] - Changjiang Securities reports that the price of 2.0mm photovoltaic glass has increased by 2 CNY per square meter compared to early August, driven by improved supply-demand dynamics and decreasing industry inventory days [1] - The photovoltaic glass industry is in a favorable position, with Fuyao Glass expected to outperform the industry due to its leading position, potentially benefiting from a recovery in profitability as component production resumes [1] Group 2 - CITIC Construction Investment anticipates that the supply-demand balance has been restored following previous production cuts, and if the price increase for photovoltaic glass in September is realized, the company could turn a profit [1] - The photovoltaic glass segment is characterized by high self-discipline within the photovoltaic supply chain, with expectations for long-term dynamic balance in supply and demand [1] - Market focus in the short term will be on the sustainability of the September price increase and the acceptance of this increase by downstream customers, as well as the resumption of production for photovoltaic glass [1]