Zhi Tong Cai Jing·2026-02-13 03:20Core Viewpoint - The photovoltaic stocks have collectively declined, influenced by rising silver prices which have increased the cost of silver paste, subsequently affecting the costs of battery cells and modules [1] Group 1: Stock Performance - Xinyi Solar (00968) fell by 4.18%, trading at HKD 3.44 [1] - Xinte Energy (01799) decreased by 3.35%, trading at HKD 7.22 [1] - Flat Glass Group (601865) dropped by 2.94%, trading at HKD 11.24 [1] - Junda Co., Ltd. (002865) declined by 1.83%, trading at HKD 39.64 [1] Group 2: Cost Analysis - Silver prices have been on a gradual rise, directly increasing the cost of silver paste [1] - As of January 30, 2026, the complete cost of battery cells is projected to exceed CNY 0.5/W, reflecting a month-on-month increase of CNY 0.1/W [1] - The complete cost of modules has surpassed CNY 0.9/W [1] Group 3: Market Dynamics - Domestic market execution of ground project orders is gradually declining, with limited visibility on new orders [1] - The overseas market's demand is expected to strengthen due to changes in export tax rebates, with a forecast that Q1 2026 shipments will be primarily driven by the overseas market [1] - In the context of weak seasonal demand and recent price increases for modules, procurement attitudes are becoming more cautious, leading to insufficient order visibility for Q1 2026 [1]