Core Viewpoint - Goldman Sachs has issued a report indicating that the current capital market is overly optimistic about the price outlook and profitability recovery in the photovoltaic industry chain, suggesting that stock price increases have already priced in short-term benefits from the "anti-involution" policy while neglecting fundamental factors such as weak demand and ongoing rapid cost reductions by leading manufacturers [1] Group 1: Company Insights - Daqo New Energy (DQ.US) saw a pre-market decline of over 1.4%, trading at $26.3 [1] - Goldman Sachs forecasts that the price of polysilicon may drop by 20% from the current market valuation of 60 yuan per kilogram to 42 yuan per kilogram [1] Group 2: Industry Analysis - The report highlights that the strong stock price increases in the photovoltaic sector may have overestimated the impact of short-term policy benefits [1] - It emphasizes the importance of considering fundamental factors such as weak demand and cost-cutting measures by first-tier manufacturers in the photovoltaic industry [1]