智通财经网·2026-01-09 07:38Group 1 - The core viewpoint of the article is that the proposal by the China Photovoltaic Industry Association to establish a consolidation fund and allocate industry production quotas is seen as a violation of antitrust laws, which may negatively impact stock prices, but is viewed as an adjustment rather than a reversal of the "anti-involution" initiative promoted by China [1] - Morgan Stanley anticipates multiple potential outcomes, including government intervention in managing production quotas or higher-level departments setting conditions for quota exemptions [1] - In the worst-case scenario, there could be chaotic involution consolidation, but companies with significant net cash reserves, such as Daqo New Energy (DQ.US) and low-cost producer GCL-Poly Energy (03800), are expected to emerge as winners in this situation [1] Group 2 - Morgan Stanley maintains an "overweight" rating on Daqo New Energy with a target price of $38 and on GCL-Poly Energy with a target price of HKD 1.7 [1]