Di Yi Cai Jing·2025-11-28 00:24Core Viewpoint - The photovoltaic industry is expected to enter a sustained capacity clearing 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 Outlook - 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, suggesting a positive outlook for investment [1] Investment Recommendations - It is recommended to focus on leading companies within specific sub-industries, particularly in areas such as energy storage inverters, polysilicon materials, photovoltaic glass, and integrated component manufacturers [1]