国金证券 ：2026年光伏产业链有望扭亏

Core Viewpoint - The current photovoltaic industry chain is experiencing significant oversupply, with expectations for accelerated exit of outdated capacity by 2026, leading to potential profitability recovery in the sector [1] Industry Analysis - The photovoltaic industry chain's main segments are currently in a state of substantial oversupply [1] - The "anti-involution" trend is anticipated to drive the accelerated exit of outdated capacity, while market-driven clearance continues [1] - The operational rates of second and third-tier companies are expected to remain low, with a rapid exit and restructuring of tail-end capacity [1] Profitability Outlook - It is projected that the photovoltaic industry chain could achieve annual profitability recovery by 2026 [1] - Forecasted silicon material prices are expected to range between 55,000 to 75,000 yuan per ton [1] - Integrated component prices are anticipated to be in the range of 0.88 to 0.99 yuan per watt [1]