Investment Rating - The industry investment rating is Attractive [4]. Core Insights - Solar glass prices have dropped below cash cost levels, with reported prices in June for 2.0mm products at Rmb12-12.5/sqm and actual executed prices ranging from Rmb10.8-11/sqm, indicating industry-wide losses at cash levels [2][7]. - The rebound in solar glass prices in March and April led to the initiation of 11.3kt/d new capacities and the resumption of one 850/t line in the past three months, with the industry operating capacity at approximately 100kt/d, supporting around 54GW monthly production [7]. Summary by Sections Price Trends - Solar glass prices rebounded in March and April to Rmb14-14.5/sqm due to better-than-expected demand, but have since fallen to Rmb12-12.5/sqm in June, with actual prices for smaller players even lower [2][7]. Production Capacity - Approximately 97% of the operating capacity commenced production in 2021 and later, making it difficult to suspend production quickly. There are still around 10kt/d of smaller lines that may exit the market first due to higher costs [3]. Market Dynamics - The lower profit margins are expected to trigger production line blockages or suspensions, with companies like CNBM, Flat Glass, IRICO, and Almaden planning maintenance in the near term [3].