Zhong Zheng Wang·2025-10-17 01:28Core Viewpoint - The photovoltaic industry is currently experiencing a supply-demand imbalance, with the main challenge being the need to "reverse the internal competition" to drive capacity clearance [1] Industry Summary - The "reverse internal competition" in the photovoltaic sector primarily involves addressing sales below cost, capacity consolidation, and the elimination of outdated capacity [1] - Significant progress has been made in addressing below-cost sales, leading to gradual price increases for silicon materials, silicon wafers, and batteries, while the price increase for modules remains limited in the short term [1] - Future price trends will need to be closely monitored for alignment with market conditions [1] - New energy consumption standards for polysilicon have tightened, which is expected to be a crucial method for capacity clearance moving forward [1] - Short-term focus should be on capacity consolidation and the industry's collective production control efforts [1] - The industry outlook suggests that a reversal in supply-demand dynamics will require capacity policy measures that exceed expectations, with a favorable view on leading material companies and new technology directions such as BC, TOPCon 3.0, and slurry [1]