GCL TECH(HK:03800) Jin Rong Jie·2025-08-11 04:19Core Viewpoint - GCL-Poly Energy (03800) saw its stock price rise over 4%, reaching HKD 1.19 with a trading volume of HKD 411 million, following the announcement of energy consumption regulations for the polysilicon industry by the Ministry of Industry and Information Technology [1] Industry Summary - On August 1, the Ministry of Industry and Information Technology issued a notice regarding the 2025 energy-saving inspection tasks for the polysilicon industry, involving 41 companies. The comprehensive energy consumption limits for polysilicon products may be lowered, potentially accelerating the elimination of high-cost production capacity [1] - According to CICC, if these requirements are strictly enforced, high-cost production capacity is expected to be rapidly phased out. The tightening of polysilicon energy consumption standards and the new green electricity consumption ratio requirements are favorable for granular silicon [1] - Shenwan Hongyuan noted that due to ongoing efforts against internal competition and industry self-discipline, the price of silicon materials continues to rise. The complete cost for leading silicon material companies is estimated to be between CNY 42,000 to CNY 51,000 per ton, with a current spot price of CNY 45,000 per ton, resulting in a profit of CNY 3,000 per ton for leading companies [1] - The current round of internal competition is being driven from the top down, and under strong constraints, it is expected that price increases will not lead to a rise in silicon material operating rates. Therefore, under the expectations of industry self-discipline and internal competition, silicon material prices are likely to stabilize at the CNY 45,000 per ton level [1]