Zhi Tong Cai Jing·2025-12-08 02:44Group 1 - The core viewpoint of the report is that the company GCL-Poly Energy (03800) has a significant profit advantage in granular silicon, with low electricity consumption aligning with policy directions, and the industry's "anti-involution" is driving a substantial increase in polysilicon prices, with potential further price increases if capacity storage is realized, setting a target price of HKD 1.54 [1] Group 2 - The company is rated as a leader in the domestic renewable energy and public utility sector, with expectations for a historical high in total installed capacity for the year despite a moderate peak season in the first half of 2025 due to policy-driven installations [1] - For 2026, the company anticipates that domestic photovoltaic installations may continue to maintain a high level of 280 GW, while wind power installations are expected to grow by approximately 11% year-on-year to reach 110 GW, supported by a robust bidding volume [1] - The company's preferred order of sub-industries covered is: polysilicon > inverters/storage > operators > photovoltaic glass > battery cells [1]