“反内卷”新动作，光伏产业回暖

Industry Overview - The China Photovoltaic Industry Association has called for enhanced industry self-discipline to maintain fair competition and a healthy market order in the photovoltaic sector, which is a strategic emerging industry with global advantages [2] - The industry is currently facing supply-demand imbalances and intensified market competition, hindering high-quality development [2] Self-Discipline Initiatives - Companies are urged to resist engaging in malicious competition by selling below cost and to adhere to quality standards to avoid subpar products [2] - The association emphasizes the importance of innovation and transitioning from low-efficiency competition to high-quality competition [2] - Local governments are encouraged to enforce antitrust laws and ensure compliance with national market policies [2] Price Recovery in the Supply Chain - Recent months have seen a recovery in prices across the photovoltaic supply chain, influenced by expectations of "anti-involution" measures and self-discipline agreements [3] - Prices for key components such as silicon materials and wafers have significantly increased since early July, with module prices also showing recovery [3] - Recent procurement projects by major companies have seen bids higher than previous central enterprise procurement prices, indicating a positive price trend [3] Financial Performance of Photovoltaic Companies - A limited number of photovoltaic equipment stocks reported positive net profit growth for the first half of 2025, with notable performers including Jinlang Technology, which achieved a net profit of 602 million yuan, up 70.96% year-on-year [4][5] - Other companies like Hengdian East Magnetic and Qingyuan Co. also reported substantial profit increases, reflecting strong market demand and recovery in the European market [4][5] Investment Trends - As of August 22, seven photovoltaic equipment stocks have seen net purchases exceeding 100 million yuan, indicating strong investor interest [5] - Jiejia Weichuang leads with a net purchase of 747 million yuan since August, and its stock has risen 25.2% year-to-date [6]