Core Viewpoint - The Chinese Photovoltaic Industry Association has issued a statement addressing false information circulating online, emphasizing its commitment to industry self-discipline and combating negative narratives about the photovoltaic sector [1] Market Performance - On November 12, the photovoltaic sector experienced a decline, with notable drops in stock prices: - Canadian Solar (阿特斯) fell over 17% - Photovoltaic ETF dropped over 4% - Longi Green Energy (隆基绿能) decreased over 7% - Tongwei Co. (通威股份) and JA Solar (晶澳科技) both fell over 6% [3] Stock Performance - The photovoltaic equipment index was reported at 8277.90, down 3.51% - Specific stock performances included: - Canadian Solar: 20.56, down 14.33% over five days - Aiko Solar (艾罗能源): 68.65, down 10.16% over five days - Yuhuan Energy (亿晶光电): 4.72, down 7.81% over five days - Longi Green Energy: 38.75, down 7.23% over five days - JA Solar: 14.03, down 6.84% over five days [4]

Group 1 - The China Photovoltaic Association issued a statement refuting rumors circulating online, emphasizing that the association and industry players are working steadily to maintain national and industry interests [1] - The association condemned malicious actions aimed at defaming the photovoltaic industry and stated their commitment to combat such behaviors [1] Group 2 - JinkoSolar's staff responded to media inquiries, clarifying that no executives claimed "the storage platform is failing," labeling the rumor as false [3] - The staff noted that JinkoSolar is not a participant in the storage platform and lacks detailed information on its implementation [3] - The photovoltaic sector experienced a significant decline, with leading companies like Longi Green Energy dropping over 7% and Canadian Solar falling over 14% [3]

Core Viewpoint - Recent rumors regarding the failure of the silicon material storage platform have caused significant turmoil in the photovoltaic industry, leading to a sharp decline in the stock prices of various solar companies [3][4]. Group 1: Market Reaction - On November 12, stock prices of major photovoltaic companies dropped significantly, with notable declines including: - Aiko Technology down 14.33% - Tongwei Co. down 6.06% - Longi Green Energy down 7.35% - JA Solar down 6.84% - Daqo New Energy down 8.76% [3]. Group 2: Industry Response - The China Photovoltaic Industry Association issued a statement on November 12, refuting the rumors and emphasizing that the industry is working steadily towards its goals, urging caution against misinformation [4]. - JA Solar representatives expressed confidence in the photovoltaic industry's policies against "internal competition" and support for the establishment of the storage platform, while acknowledging the need for collaboration to overcome challenges [4].

新华财经上海11月12日电（记者 郭慕清）11月12日，一则关于"光伏收储平台已黄"的"小作文"在资本市 场迅速发酵。消息称：晶澳科技董秘在北京建投策略会上透露，"平台黄了"。 记者了解到，这场风波的焦点是"收储平台"，这一消息源于市场自2025年5月以来的盛传。网传消息 称，所谓"光伏收储计划联盟"，是由国内数十家头部光伏企业共同讨论的"承债收购"方案，主要由多晶 硅龙头牵头，意在通过市场化手段加速行业出清。 根据流传方案，联盟计划组建统一的平台公司，以"承债收购+永久关停"的方式，对约100万吨的落后多 晶硅产能进行收购与退出，将全行业产能控制在220至250万吨区间，以此维持60%至70%的合理开工 率。该计划被视为在行业深度低谷期中的一次"自救式整合"，一旦落地，或将重塑上游供需格局。因 此，市场对相关进展极为敏感。 业内人士表示，从目前多方表态看，"平台黄了"的传闻纯属无稽之谈。无论是企业层面还是行业协会， 都强调"相关工作正在稳步推进"，并呼吁市场理性看待，不被"小作文"牵着走。 晶澳科技随后回应媒体称："公司始终坚定看好并充分相信，光伏行业反'内卷'的相关政策必将落地实 施，并将积极支持和配合各 ...

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [11][13]. Core Views - The company's quarterly losses have significantly narrowed, indicating signs of performance bottoming out. In Q3 2025, the net profit attributable to shareholders was -3.15 billion yuan, a year-on-year reduction of 62.69% and a quarter-on-quarter reduction of 86.67% [11]. - The photovoltaic industry is undergoing a de-involution process, leading to inventory reduction and capacity elimination, which is expected to gradually improve the oversupply situation in the polysilicon market [11]. - The company is enhancing its technological research and development, achieving breakthroughs in perovskite-silicon tandem cell technology, which is crucial for long-term competitiveness [11]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 240.91 billion yuan, a year-on-year decline of 1.57%. For the first three quarters, revenue was 646.00 billion yuan, down 5.38% year-on-year, with a net profit of -52.70 billion yuan, an increase in losses of 32.64% year-on-year [7][11]. - The gross margin and net margin for the company were 7.23% and -1.12%, respectively, showing improvements of 5.3 and 11.3 percentage points quarter-on-quarter [11]. Industry Outlook - The polysilicon industry is experiencing a significant reduction in production, with a cumulative output of approximately 956,000 tons in the first three quarters of 2025, a year-on-year decrease of 35.1%. Consumption during the same period was about 964,000 tons, down 20.1% year-on-year [11]. - The report highlights that the company's polysilicon business has become profitable due to a rebound in polysilicon prices and reduced electricity costs during the wet season [11]. Technological Advancements - The company has established a global innovation R&D center focusing on TOPCon, HJT, BC, and perovskite/silicon tandem cell technologies. It has automated production processes and completed technical validations for various stages [11]. - The efficiency of the small-sized tandem cells developed by the company has reached 34.78%, with the full-area conversion efficiency of the 210-sized half-cell perovskite-silicon tandem cells exceeding 28.39% [11]. Future Projections - The report forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be -49.83 billion yuan, 31.96 billion yuan, and 69.37 billion yuan, respectively, with corresponding fully diluted EPS of -1.11 yuan, 0.71 yuan, and 1.54 yuan [11][13].

Group 1 - The BC battery concept sector experienced a decline of 2.84%, ranking among the top losers in the concept sector, with notable declines from companies like Longi Green Energy and Aters, while a few companies like GCL-Poly, JinkoSolar, and Zhonglai Co. saw increases of 5.74%, 5.53%, and 4.36% respectively [1][2] - The BC battery concept sector faced a net outflow of 5.205 billion yuan, with 35 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 100 million yuan, led by Longi Green Energy with a net outflow of 1.887 billion yuan [2][3] - The top gainers in terms of net inflow included JinkoSolar, Dongcai Technology, and Dier Laser, with net inflows of 319 million yuan, 4.405 million yuan, and 3.189 million yuan respectively [2][3] Group 2 - The concept sectors with the highest gains included cell immunotherapy at 2.20%, while the BC battery sector was among the largest decliners at -2.84% [2] - Longi Green Energy had a significant drop of 7.35% in stock price, with a turnover rate of 6.89% and a net outflow of 1.887 billion yuan [2][3] - Other companies with notable declines included Tongwei Co. at -6.06%, GCL-Poly at +5.74%, and Trina Solar at -6.43% [2][3]

Core Viewpoint - A recent rumor regarding the photovoltaic industry led to a significant decline in the sector, prompting the China Photovoltaic Industry Association to issue a denial and emphasize the need to avoid unhealthy competition [1][4][5] Market Reaction - On November 12, the A-share photovoltaic sector experienced a sharp decline, with the Photovoltaic 50 ETF dropping over 50% at one point and closing down 3.85% [1] - Individual stocks such as Aters saw a drop of over 17% during trading, ultimately closing down 14.3%, while leading companies like Longi Green Energy, Tongwei Co., and JA Solar also faced substantial losses [1][3] Rumor Details - The market downturn was triggered by rumors suggesting that a planned industry consolidation was "off," which quickly spread and affected investor sentiment [1][3] Association's Response - The China Photovoltaic Industry Association publicly refuted the rumors, stating that the circulating information was false and reaffirming their commitment to industry stability [4][5] - Liu Yiyang, the association's executive secretary, emphasized the importance of industry self-regulation and the need to combat unhealthy competition, urging stakeholders to remain vigilant against misinformation [8]

Core Viewpoint - Recent market rumors suggest that the silicon material and component alliance has been rejected by the National Development and Reform Commission and the regulatory authority, leading to significant declines in the photovoltaic and energy storage sectors [1] Industry Summary - The China Photovoltaic Industry Association expresses confidence in the industry's ability to succeed with central government support and coordination among enterprises, while dismissing circulating rumors as false information [1] - The association emphasizes its commitment to protecting national and industry interests and plans to combat malicious actions aimed at undermining the photovoltaic sector [1] Company Summary - The "Storage and Acquisition Plan Alliance" involves leading companies in the polysilicon sector aiming to consolidate the industry by acquiring and shutting down approximately 1 million tons of production capacity, ultimately controlling capacity between 2.2 to 2.5 million tons to ensure a 60-70% operational rate [1]

Market Overview - On November 12, A-shares experienced a "V" shaped recovery, with the Shanghai Composite Index down by 0.07%, the Shenzhen Component Index down by 0.36%, and the ChiNext Index down by 0.39% [2][3] - A total of 1,758 stocks rose, while 3,563 stocks fell, with a total trading volume of 19,648.13 billion and a total trading amount of 132,600.4 million [5] Sector Performance - The pharmaceutical sector saw a collective surge, particularly in cell immunotherapy, with stocks like Kaineng Health and Jimin Health hitting the daily limit [5][6] - Oil and gas stocks remained strong, with companies like Sinopec Oilfield Service and Zhun Oil Co. reaching their daily limits [6] Solar Industry Impact - A circulating article regarding "anti-involution" in the photovoltaic sector negatively impacted market sentiment, leading to significant declines in solar and energy storage stocks [9] - Notable declines included Tongwei Co. hitting the daily limit down, and other companies like Canadian Solar and Aiko Energy dropping over 10% [9][10] Industry Response - The China Photovoltaic Industry Association (CPIA) issued a statement to counter the circulating rumors, emphasizing their commitment to industry self-regulation and the importance of maintaining national and industry interests [11][12] - Following the CPIA's clarification, the main contract for polysilicon futures rebounded strongly after previously declining nearly 4% [14]

Core Viewpoint - The photovoltaic sector experienced a sudden decline after a rumor circulated about a high-ranking executive from JA Solar stating that the "storage platform has failed" during a monthly meeting, leading to significant stock price drops across the sector [1][4]. Group 1: Market Reaction - On November 12, the photovoltaic sector saw a sharp decline, with stocks like Aters dropping over 17% and the photovoltaic ETF falling more than 4% [1][2]. - Major companies such as Tongwei, Longi Green Energy, and JA Solar approached their daily limit down, indicating widespread panic in the market [1][2]. Group 2: Background and Context - Prior to the decline, there was optimism in the photovoltaic sector due to reports that 17 leading companies had signed agreements for capacity storage, which had driven stock prices up significantly [4]. - The recent comments from JA Solar's executive contradicted earlier positive sentiments, causing confusion and fear among investors [1][4]. Group 3: Industry Insights - JA Solar expressed its commitment to supporting the establishment of the storage platform and emphasized the need for collaboration among industry players to overcome challenges [4]. - The phenomenon of "involution" in the photovoltaic industry, characterized by excessive competition without overall profit growth, has prompted a national policy focus on reversing this trend [6][7]. Group 4: Future Outlook - Analysts from CITIC Securities and Zhongyou Securities suggest that the "involution" in the photovoltaic sector is unlikely to cease soon, as it affects pricing and profit margins while hindering industry upgrades [7]. - The ongoing efforts to address supply and demand imbalances, including the establishment of a silicon material storage platform and measures to limit production, are expected to lead to a recovery in the supply-demand relationship and potentially increase component prices [7].