DKEM(SZ:300842) Zheng Quan Shi Bao Wang·2025-07-31 13:03Industry Overview - The photovoltaic industry is undergoing a "de-involution" movement, with significant policy and market changes aimed at improving industry valuation [1] - Central government meetings have emphasized the need to address low-price competition and promote the orderly exit of outdated production capacity [1] - The recent policies are expected to help the photovoltaic industry move away from price wars and towards high-quality development [1] Market Dynamics - The prices along the photovoltaic industry chain are stabilizing and recovering, particularly in the upstream silicon material segment, which is crucial for supply-demand balance [1] - The recovery in silicon material prices indicates optimistic market expectations for supply-side improvements and suggests that the industry's profitability bottom may have passed [1] Technological Innovation - The transition from "price competition" to "value competition" in the photovoltaic industry is driven by technological innovation, with conductive silver paste being a key material affecting solar cell efficiency and reliability [2] - There is a growing demand for silver paste that meets high conductivity and printing precision while also achieving cost reductions through innovative processes [2] Company Spotlight: Dike Co., Ltd. - Dike Co., Ltd. is a leading player in the domestic photovoltaic conductive silver paste industry, demonstrating strong resilience during industry adjustments [3] - The company has aligned its product development with emerging high-efficiency battery technologies, such as HJT and BC, and has received widespread recognition from mainstream battery manufacturers for its low-silver consumption and high-reliability products [3] - Dike Co., Ltd. is also at the forefront of developing alternative materials, achieving large-scale industrial application of low-silver content products and collaborating with leading customers on innovative technologies to reduce costs [3] Future Outlook - The market's attention towards the photovoltaic sector is increasing as the effects of the "de-involution" policies become evident [3] - Research indicates that the photovoltaic industry is at a profitability bottom, with "de-involution" policies being the core driver for long-term profitability recovery [3] - Future policy directions are expected to focus on addressing below-cost competition and promoting capacity consolidation and industry self-discipline [3]