光伏行业持续整治无序竞争，落后产能出清或延至2026年

Core Viewpoint - The photovoltaic industry is expected to gradually emerge from its current predicament through policy guidance, market mechanism restructuring, and corporate strategic transformation [1][5]. Industry Challenges - Despite the impressive cumulative installed capacity of over 1 billion kilowatts, the photovoltaic industry is facing severe "involution" challenges, characterized by excessive competition and price declines [2][3]. - The industry is experiencing a dual pressure of outdated capacity elimination and limited demand, exacerbating the "involution" phenomenon [2][3]. - As of June 2025, the cumulative installed capacity of solar power reached 1.1 billion kilowatts, marking a year-on-year growth of 54.2%, while prices across the photovoltaic supply chain have significantly dropped [2][3]. Policy and Market Reforms - The government has initiated measures to combat "involution" in the photovoltaic sector, with the Central Economic Work Conference emphasizing the need for comprehensive regulation of "involution-style" competition [2][5]. - The National Energy Administration has provided clear directional guidance for the photovoltaic sector, aiming to maintain reasonable utilization rates for wind and solar power [2][5]. - The introduction of market-oriented pricing mechanisms for renewable energy, as outlined in the "136 Document," marks the end of fixed pricing and the beginning of market competition for new photovoltaic projects [6][8]. Corporate Strategic Transformation - Companies in the photovoltaic sector are urged to enhance product quality and eliminate outdated capacity to achieve sustainable development [5][6]. - The industry is encouraged to shift focus from low-cost bidding to prioritizing product quality and technological advancement [4][5]. - Firms must adapt their survival strategies to the new market environment by enhancing core competencies in research and development, operational excellence, marketing, and internationalization [8].