智通财经网·2025-10-30 06:37Core Viewpoint - The photovoltaic industry is showing signs of recovery in Q3 performance, primarily due to the reduction of internal competition, rising polysilicon prices, and previous production cuts improving the supply-demand balance. The industry's valuation remains historically low, indicating potential for recovery [1]. Group 1: Industry Performance - In September 2025, domestic newly installed photovoltaic capacity reached 9.66 GW, a month-on-month increase of 31.25%, although it still declined by 53.76% year-on-year. Cumulatively, from January to September, the total newly installed capacity was 240.27 GW, reflecting a year-on-year growth of 64.73% [2]. - In September, domestic polysilicon production was approximately 129,000 tons, a month-on-month increase of 5.3%. Mainstream silicon wafer production reached 56.85 GW, up 6.46% month-on-month [3]. Group 2: Policy and Market Outlook - The "14th Five-Year Plan" suggests accelerating the construction of a new energy system and increasing the proportion of renewable energy supply, while promoting the safe and orderly replacement of fossil energy. This includes enhancing the efficiency of fossil energy use and advancing the development of new energy storage and smart grids [1]. - The implementation of anti-involution policies is expected to lead to the elimination of outdated production capacity, with a gradual reduction in supply across various segments anticipated in the fourth quarter [3].