反内卷加速全产业链价值重塑，通威股份等行业龙头或率先受益｜看财报

Group 1: Industry Overview - The Ministry of Industry and Information Technology, along with multiple departments, held a meeting on August 19 to regulate the photovoltaic industry, aiming to eliminate backward production capacity and establish a pricing mechanism [2] - The implementation of the revised Anti-Unfair Competition Law and the Central Financial Committee's stance against "disorderly low-price competition" marks a significant shift in the photovoltaic industry from "price wars" to "value reconstruction" [2][4] - The photovoltaic industry is experiencing a transformation driven by targeted policies that address the pain points of "disorderly low-price competition," setting a price floor to prevent "suicidal pricing" [5] Group 2: Company Performance - Tongwei Co., Ltd. reported a revenue of 40.509 billion yuan in the first half of 2025, with a significant market share in multiple segments, including 30% in polysilicon and maintaining the top position in solar cell sales [3][6] - The company has a strong financial position with cash and trading financial assets totaling 33.229 billion yuan, ensuring liquidity and financial stability during industry adjustments [3][6] Group 3: Market Dynamics - Since the second quarter of 2025, the photovoltaic industry chain has seen a recovery in prices, indicating an improvement in supply-demand relationships and competitive order [7] - The price of polysilicon has shown a continuous upward trend, with the highest increase reaching 3.37%, reflecting a recovery in the industry [7] - The average price of N-type TOPCon components increased by 10.45% from late June, indicating a successful transmission of price increases throughout the industry chain [7] Group 4: Strategic Positioning - The policies aimed at curbing low-price competition are expected to benefit Tongwei by reducing "low-quality, low-price" competition and allowing the company to maintain its market share [5][10] - The company's strategy aligns with the policy encouragement for "technological innovation" and "mergers and acquisitions," enhancing its competitive edge in the new cycle [5][10] - Tongwei's dual business model of "green agriculture + green energy" allows it to share in the long-term growth of the photovoltaic industry while providing stable cash flow to mitigate cyclical fluctuations [9][10]