星展：升协鑫科技(03800)目标价至1.65港元 维持“买入”评级

Group 1 - Core viewpoint: The report indicates that GCL-Poly Energy (03800) has placed 4.736 billion new shares to Wujing Capital Management at a price of HKD 1.15 per share, with net proceeds intended for establishing capital reserves for anti-involution measures and developing silane gas [1] - The bank expresses optimism about the solar industry, expecting a gradual elimination of excess capacity by the first half of next year, leading to a healthier and more balanced supply-demand relationship [1] - Due to increasing government support for anti-involution initiatives, the target price for GCL-Poly has been raised from HKD 1.45 to HKD 1.65, maintaining a "buy" rating [1]