GOLDEN SUN SECURITIES·2026-01-04 13:03Group 1: Core Insights - The report highlights a structural growth in the global photovoltaic (PV) market, with domestic installations expected to reach 270-300 GW in 2025, driven by a policy-induced rush in installations [1][2] - Emerging markets in Asia, Africa, and Latin America are identified as key growth drivers, contributing significantly to global PV growth, with expectations of 570-630 GW of new installations worldwide [1][26] - The report anticipates a shift in the industry focus from scale expansion to efficiency and value creation, influenced by new policies and market dynamics [2][34] Group 2: Demand Analysis - Domestic demand for PV installations in China showed a 39% year-on-year increase, with a total of 252.87 GW installed from January to October 2025 [11][24] - The report notes a significant surge in installations during May 2025, with a record monthly addition of 92.92 GW, driven by new policy announcements [11][24] - Emerging markets are projected to contribute over 223 GW of new installations in 2025, with notable growth in the Middle East, Southeast Asia, and Latin America [26][51] Group 3: Supply Dynamics - The report discusses a supply-side cleanup in the PV industry, with policies aimed at curbing low-price competition and tightening energy consumption standards [2][34] - The price of polysilicon has rebounded by nearly 50% since July 2025, indicating a recovery in the supply chain and improved profitability for leading companies [2][34] - Technological advancements, such as bifacial cell technology and perovskite solar cells, are expected to enhance efficiency and drive down costs, benefiting upstream material and equipment manufacturers [2][6] Group 4: Investment Opportunities - The report identifies three key investment opportunities within the PV industry: price elasticity recovery, new technology adoption, and the commercialization of perovskite solar cells [6][7] - Companies with cost advantages in various segments of the supply chain are recommended for investment, including GCL-Poly Energy, Tongwei Co., and LONGi Green Energy [6][7] - The commercialization of perovskite technology is highlighted as a significant opportunity, with companies like JinkoSolar and LONGi benefiting from this trend [6][7]