智通财经网·2025-10-16 03:00Core Viewpoint - The photovoltaic industry is currently experiencing an imbalance between supply and demand, with the core issue being the push for capacity clearance driven by anti-involution policies [1] Group 1: Industry Dynamics - The photovoltaic industry is facing a supply greater than demand across all segments, with stable component production in the short term [1] - The implementation of new energy consumption standards for polysilicon is expected to be a significant means of capacity clearance [2] - High inventory levels, particularly in the polysilicon segment, are a concern, with total inventory estimated at 400,000 to 500,000 tons [3] Group 2: Price Trends - The rectification of below-cost sales has shown significant results, with polysilicon prices rising from 34,000 CNY/ton to approximately 52,000 CNY/ton [2] - The price of silicon wafers and batteries has followed the increase in polysilicon prices, while component price increases have been limited [2] Group 3: Investment Recommendations - The company recommends focusing on leading enterprises in the photovoltaic supply chain, such as Tongwei Co., Daqo New Energy, LONGi Green Energy, JA Solar, Trina Solar, and Canadian Solar, which are expected to benefit from the anti-involution trend [4] - The company highlights the potential of BC batteries, which are currently enjoying a premium over TOPCon technology, and suggests monitoring companies like Aiko Solar and LONGi Green Energy [4] - The advancement of TOPCon 3.0 technology is anticipated to enhance component power output, with leading companies likely to benefit from this trend [4] - There is a strong demand for cost reduction strategies in battery production, particularly in silver-free and low-silver solutions, with companies like Aiko Solar and suppliers of paste solutions being of interest [4]