智通财经网·2025-12-08 02:42Core Viewpoint - The report from CMB International expresses optimism about GCL-Poly Energy (03800) due to its significant profitability in granular silicon, low energy consumption aligning with policy directions, and the industry's "anti-involution" leading to a surge in polysilicon prices, with a target price set at HKD 1.54 [1] Industry Summary - The report maintains a leading rating for the domestic new energy and public utility sector, predicting a historical high in total installed capacity for the year despite a moderate peak season for wind and solar installations in the first half of 2025 driven by policy incentives [1] - For 2026, the expectation is that domestic photovoltaic installations will continue to remain at a high level of 280 GW, while wind power installations are projected to grow by approximately 11% year-on-year to reach 110 GW, supported by robust bidding volumes in the past [1] - The preferred order of sub-industries covered by the report is: polysilicon > inverters/storage > operators > photovoltaic glass > battery cells [1]