高喊“反内卷”的光伏企业，决定偷偷扩产了

Core Viewpoint - The Chinese photovoltaic industry is facing a complex dilemma due to both domestic capacity expansion and the rise of overseas competitors, necessitating a reevaluation of strategies to avoid being outpaced by foreign firms [5][6][22]. Domestic Situation - From the beginning of the year to August 20, 2025, there were 46 new photovoltaic projects planned or under construction in China, with a total capacity exceeding 237 GW and an investment of over 80 billion yuan [6][10]. - Among these, 32 projects are focused on capacity expansion, with a total capacity of over 142 GW and an investment of approximately 54.1 billion yuan, primarily in the mid and downstream sectors of the photovoltaic industry [10][12]. - The expansion is largely driven by emerging companies, with perovskite technology being particularly favored, despite the technology not yet being commercially viable on a large scale [9][15]. - The majority of expansion projects (35 out of 39) target the mid and downstream segments, indicating a strong focus on battery and module production [12][13]. Overseas Expansion - In 2025, overseas photovoltaic capacity expansion reached a total of 289 GW, with Chinese companies accounting for approximately 20% of this expansion [17][19]. - The Asia-Pacific region, particularly India, is leading the charge with planned capacity expansions totaling 153.28 GW, while Europe and the Americas are also seeing significant growth [18][19]. - The rise of local production in countries like the US and India poses a threat to Chinese photovoltaic companies, as these markets are increasingly competitive [20][23]. Strategic Recommendations - The Chinese photovoltaic industry must firmly commit to "anti-involution" strategies to combat overcapacity and price wars, which have led to widespread losses [22][24]. - Companies should shift their focus from merely increasing capacity to enhancing quality, technology, and brand reputation, as the market has transitioned from scarcity to oversupply [25]. - Maintaining a technological edge and controlling key segments of the supply chain will be crucial for competing effectively in the global market [25].