Zhi Tong Cai Jing·2025-09-19 03:31Core Viewpoint - The tightening of energy consumption standards for polysilicon reflects the government's strong commitment to "anti-involution" in the photovoltaic industry, using higher technical standards as a primary means to eliminate outdated production capacity [1] Industry Summary - On September 16, the "Energy Consumption Limits for Polysilicon and Germanium Products" was released, setting the comprehensive energy consumption for rod silicon at 5/5.5/6.4 kgce/kg for grades 1/2/3, significantly stricter than the previously indicated limits of 5/6/7.5 kgce/kg from the industry meeting on July 24 [1] - Following the implementation of this standard, companies that do not meet the grade 3 standard will be given a deadline for rectification, and those that fail to comply or do not meet the grade 2 standard after rectification will be shut down [1] - Preliminary statistics from the Silicon Industry Association indicate that domestic polysilicon effective capacity will decrease to approximately 2.4 million tons, a significant reduction of 31.4% compared to the existing capacity of 3.5 million tons [1] Company Summary - The report maintains a positive outlook on the photovoltaic industry’s "anti-involution" efforts, with a preference for leading companies in low energy consumption, specifically highlighting GCL-Poly Energy Holdings Limited (03800) as a top choice [1]