智通财经网·2025-07-08 13:24Core Viewpoint - The photovoltaic industry is experiencing a significant surge due to the "anti-involution" trend, which aims to eliminate low-price competition and promote high-quality development [1][5][6]. Group 1: Market Performance - On July 8, the A-share photovoltaic sector saw a broad rally, with stocks like Topray Solar and Tongwei Co. hitting the daily limit, while Daqo New Energy and Aiko Solar rose over 10% [1][2]. - The CSI Photovoltaic Industry Index increased by over 5% in a single day, and the photovoltaic ETF funds also saw gains of around 5% [2]. - In the Hong Kong market, the photovoltaic solar energy index rose by 6.17%, with companies like Shunfeng Clean Energy and Sunshine Energy experiencing significant increases of 30.43% and 15.48%, respectively [3][4]. Group 2: Policy and Industry Response - The surge in the photovoltaic sector is largely attributed to recent government initiatives aimed at curbing "involution" in competition, as highlighted by various government meetings and articles advocating for high-quality development [5][6]. - The Ministry of Industry and Information Technology has emphasized the need to eliminate low-price competition and improve product quality within the photovoltaic industry [5]. Group 3: Demand and Supply Dynamics - Domestic demand for photovoltaic installations surged in May 2025, with a record addition of 92.92 GW, marking a 388.03% year-on-year increase [6][8]. - However, the industry is expected to see a significant decline in installation numbers following the rush to secure policy benefits, indicating a potential return to more sustainable levels [6]. - Exports of photovoltaic components have been lackluster, with a 4% year-on-year decline in the first five months of 2025 compared to the previous year [8][10]. Group 4: Material Supply and Pricing - The price of silicon materials, which significantly impacts the photovoltaic industry, is under pressure due to high inventory levels and low demand, with current production capacity nearing its limits [15][17]. - The average price of domestic polysilicon has decreased to 35 yuan per kilogram, reflecting ongoing challenges in the supply chain [19]. - The industry faces difficulties in achieving "anti-involution" primarily at the silicon material level, while other segments like silicon wafers and modules may see easier adjustments through capacity restrictions [20].