Group 1 - Core viewpoint: The report indicates that GCL-Poly Energy (03800) has placed 4.736 billion new shares to Wujing Capital Management at a price of HKD 1.15 per share, with net proceeds intended for establishing capital reserves for anti-involution measures and developing silane gas [1] - The bank expresses optimism about the solar industry, expecting a gradual elimination of excess capacity by the first half of next year, leading to a healthier and more balanced supply-demand relationship [1] - Due to increasing government support for anti-involution initiatives, the target price for GCL-Poly has been raised from HKD 1.45 to HKD 1.65, maintaining a "buy" rating [1]

星展发布研报称，协鑫科技(03800)向无极资本管理配售47.36亿股新股，每股作价1.15港元。所得款项 净额将用作设立反内卷措施资本储备及开发硅甲烷气体。该行表示，对太阳能行业可在明年上半年逐步 消除过剩产能感到乐观，相信供需之间会更加健康和平衡。考虑到内地政府对愈来愈支持反内卷运动， 将协鑫科技目标价由1.45港元上调至1.65港元，维持"买入"评级。 ...

Group 1 - The core point of the article is that GCL-Poly Energy Holdings Limited is issuing 4.736 billion new shares at a price of HKD 1.15 per share to raise funds for establishing a capital reserve for anti-involution measures and developing silane gas [1] - DBS Group expresses optimism about the solar industry, predicting that excess capacity will gradually be eliminated by the first half of next year, leading to a healthier and more balanced supply-demand relationship [1] - Due to increasing government support for anti-involution initiatives, DBS has raised the target price for GCL-Poly from HKD 1.45 to HKD 1.65 while maintaining a "Buy" rating [1]