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].

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][11][34]. 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 material prices increasing from approximately 34,400 CNY/ton in late June to around 47,100 CNY/ton by the end of July, marking a 37% increase in just one month [5][6][7]. - By September 2025, the price of polysilicon surpassed 50,000 CNY/ton [8]. - The price increases in upstream materials have led to corresponding rises in the prices of silicon wafers and battery cells, with N-type G10L silicon wafers seeing a weekly price increase of 9.09% in late July [9]. - The average price of domestic TOPCon double-glass modules in September 2025 was approximately 0.715 CNY/W, reflecting a 3.6% increase from July [10]. Performance Recovery - The latest performance data from photovoltaic companies indicates a recovery phase, with many firms entering a "significant loss reduction" phase after price stabilization [16]. - For instance, Sunshine Power reported a Q3 2025 revenue of 22.869 billion CNY, a year-on-year increase of 20.83%, with net profit soaring by 57.04% to 4.147 billion CNY [17]. - Longi Green Energy recorded a Q3 2025 loss of 834 million CNY, but this was a 48% reduction compared to the previous year, with revenue of 50.915 billion CNY [17]. - TBEA's Q3 2025 revenue slightly increased by 0.31% to 24.566 billion CNY, while net profit surged by 81.51% to 2.3 billion CNY [17]. - Overall, these performance metrics confirm that the photovoltaic industry has reached a bottom and is entering a recovery phase [18]. Future Drivers - Long-term demand for the global photovoltaic market remains strong, with the International Energy Agency predicting that renewable energy will account for 43% of global electricity generation by 2030, with solar power surpassing hydropower as the leading renewable source [22][23]. - The "anti-involution" policy is fundamentally changing the industry by shifting focus from price competition to high-quality value competition [25]. - The price of polysilicon has rebounded above the comprehensive cost line in Q3 2025, laying the groundwork for profitability recovery across the industry [27]. - Major companies are showing greater self-discipline by slowing down production expansion and shutting down inefficient capacities, significantly improving market supply-demand dynamics [28]. - The "anti-involution" policy is also reshaping the innovation ecosystem within the industry, allowing companies to invest more in technological research and development [30]. 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 [34]. - The overall valuation and growth potential of the photovoltaic sector are attractive, drawing in investments focused on leading technology firms and financially healthy companies capable of pursuing new technological directions [35].