GCL TECH(HK:03800) Hua Er Jie Jian Wen·2025-09-01 11:59Core Viewpoint - The prices of polysilicon and solar glass in the photovoltaic industry chain have significantly increased, indicating a positive change in the supply-demand dynamics of the industry [1][5]. Group 1: Polysilicon Price Surge - On September 1, the main contract for polysilicon futures rose over 6%, with leading companies adjusting their spot prices accordingly [1][2]. - The mainstream price for rod silicon has risen to 55 yuan per kilogram, while granular silicon is priced at 49 yuan per kilogram, driven by industry self-discipline agreements [3]. - The China Photovoltaic Industry Association has led major companies to sign self-discipline agreements to avoid vicious price competition and control capacity release [3]. Group 2: Solar Glass Price Increase - Solar glass prices have also seen a notable increase, with the benchmark price for 2.0mm single-layer coated glass rising to 13 yuan per square meter, up by 2 yuan from July [4]. - As of late August, solar glass inventory has decreased to 24.02 days, indicating a healthy level [4]. Group 3: Supply-Demand Dynamics - The simultaneous rise in polysilicon and glass prices reflects a phase of improvement in the supply-demand structure of the photovoltaic industry [5]. - The operating rate of downstream silicon wafer companies has increased, driven by the peak demand season for photovoltaic installations in the third quarter [5]. - The expected policies for industry self-discipline and capacity reduction are fostering optimism in the market regarding future price stability and potential increases [5].