花旗：料协鑫科技(03800)可受惠于行业产能整合下多晶硅价格升势 给予协鑫科技“买入/高风险”评级

Group 1 - The core viewpoint of the article is that the establishment of Beijing Guanghe Qiancheng Technology Co., Ltd. is seen as a platform for the consolidation and acquisition of low-efficiency polysilicon production capacity in China, with GCL-Poly Energy Holdings Limited holding approximately 16.79% of the joint venture, making it the second-largest shareholder [1] - Citigroup views the formation of the joint venture as a step towards industry consolidation, indicating that GCL-Poly's shareholding ratio in the joint entity appears to be lower than market expectations based on its sales volume market share [1] - Despite an estimated decline in GCL-Poly's capacity utilization from about 60% this year to approximately 50% next year, Citigroup remains optimistic that successful capacity integration could lead to an increase in polysilicon prices, benefiting GCL-Poly through margin expansion [1]