Zhi Tong Cai Jing·2025-09-24 07:26Core Viewpoint - The photovoltaic sector is experiencing a positive trend, driven by government initiatives aimed at enhancing the quality and competitiveness of the renewable energy industry [1] Industry Summary - As of the latest report, several photovoltaic stocks have seen significant gains, with Fuyao Glass (601865) up 6.16% to HKD 11.72, Xinyi Solar (00968) up 5.83% to HKD 3.45, Xinyi Glass (00868) up 4.43% to HKD 8.95, and GCL-Poly Energy (03800) up 3.97% to HKD 1.31 [1] - On September 24, the head of the National Energy Administration, Wang Hongzhi, emphasized the need to address supply-demand imbalances in the photovoltaic industry and to combat "involution" competition, promoting quality upgrades and healthy competition within the sector [1] - Since the Central Political Bureau meeting in July 2024, efforts to regulate "involution" competition have intensified, indicating a strong governmental push for industry reform [1] Company Summary - Recent discussions regarding new national standards for polysilicon energy consumption indicate a significant tightening compared to previous versions, which may impact production practices [1] - Guojin Securities believes that the price and profit bottom for the photovoltaic industry chain is clear, and the ongoing "anti-involution" measures are expanding participation and improving product pricing [1] - The firm anticipates that a combination of top-level support, market-driven eliminations, and technological advancements will lead to supply-side improvements, with policies related to capacity and product quality expected to be implemented soon [1] - Guotai Junan Securities notes that the industry is currently at a bottom range, making it a key area for attention [1]