光伏“反内卷”优等生，86亿现金构筑超宽护城河

Core Viewpoint - The article discusses the contrasting performance of the photovoltaic industry, highlighting the optimism in stock prices despite disappointing earnings reports from leading companies, suggesting a potential disconnect between market sentiment and actual financial performance [4][6]. Group 1: Industry Overview - Since the high-level directive in July to "reduce involution," the photovoltaic industry has seen expectations of improved structure, capacity reduction, and recovery in prosperity, reflected in rising stock prices [4]. - Despite the optimistic market sentiment, leading companies such as Tongwei Co., Longi Green Energy, Canadian Solar, and JinkoSolar reported poor earnings, with all major players in the supply chain experiencing losses [6]. Group 2: Company Performance - A leading company from the upstream equipment sector has managed to achieve impressive performance that contrasts with the overall industry cycle, raising questions about the reasons behind this success and its sustainability [6][7].