Di Yi Cai Jing·2025-11-28 00:19Core Viewpoint - The photovoltaic industry is expected to enter a sustained capacity clearance cycle by 2026, with impacts from "anti-involution" pricing strategies, mergers and acquisitions among companies, increased industry entry barriers, and improved product quality standards gradually becoming evident [1] Industry Summary - The competitive landscape and industrial ecosystem of the photovoltaic industry are likely to optimize, leading to a gradual improvement in the performance of existing photovoltaic companies [1] - Public funds currently have a low allocation to the photovoltaic sector, but low valuations and an improving supply-demand balance are expected to attract more capital [1] - The industry maintains a "stronger than the market" rating, with recommendations to focus on leading companies in specific sub-sectors [1] Investment Focus - Specific areas of interest include energy storage inverters, polysilicon materials, photovoltaic glass, and leading integrated component manufacturers [1]