Core Viewpoint - The photovoltaic industry is experiencing a significant rebound in prices and performance, driven by policy support, market adjustments, and technological innovations, marking a critical turning point for the sector in 2025 [3][10][31]. Price Rebound - The photovoltaic sector has collectively strengthened, primarily due to rising prices [4]. - The price of polysilicon hit a low in mid-2025 and began a strong rebound in the third quarter, with N-type silicon prices increasing from approximately 34,400 yuan/ton to around 47,100 yuan/ton in just one month, reflecting a 37% increase [5][6][7]. - By September 2025, polysilicon prices surpassed 50,000 yuan/ton, leading to price increases in downstream products like silicon wafers and battery cells [8]. - The average price of domestic TOPCon double-glass modules in September 2025 was about 0.715 yuan/watt, a 3.6% increase from July [9]. - The price rebound is attributed to strong policy interventions and market clearing, moving the industry away from a cycle of losses [10][11]. Performance Recovery - Recent performance data from leading photovoltaic companies indicate a recovery phase, with many entering a "significant loss reduction" phase [15][17]. - For instance, Sunshine Power reported a Q3 2025 revenue of 22.869 billion yuan, a 20.83% year-on-year increase, and a net profit of 4.147 billion yuan, up 57.04% [16]. - Longi Green Energy recorded a revenue of 50.915 billion yuan in Q3 2025, with losses narrowing by 48% compared to the previous year [16]. - Overall, the industry is showing signs of recovery, with institutional funds reallocating towards the photovoltaic sector, marking a shift from previous net outflows [18]. Future Drivers - The long-term demand for photovoltaic energy remains strong, with the International Energy Agency predicting that renewable energy will account for 43% of global electricity generation by 2030 [21][22]. - The "anti-involution" policy is fundamentally changing the industry by shifting focus from price competition to high-quality value competition [24][25]. - This policy is leading to a gradual recovery of product prices, with polysilicon prices in Q3 2025 rising above the comprehensive cost line, setting the stage for profitability across the industry [25]. - The industry is also witnessing a shift in focus towards technological innovation, with resources being directed towards advanced technologies like BC back-contact cells and perovskite materials [27][28]. Conclusion - The photovoltaic industry is at a critical turning point in 2025, characterized by rational valuation, visible performance inflection points, favorable policy environments, accelerated technological iterations, and renewed capital inflows [31][32]. - The overall attractiveness of the photovoltaic sector is drawing investment, particularly towards leading companies with strong operational and financial health [32][33].