Ac t i o n | 16 Nov 2025 19:21:56 ET │ 17 pages Tongwei (600438.SS) Raising TP Expecting it to Benefit from Anti-Involution in 2026E CITI'S TAKE We met Tongwei's management at Citi's 2025 China conference last week. While losses may rise qoq in 4Q25E on less polysilicon sales volume and higher electricity unit cost, profitability should improve yoy in 2026E on polysilicon sales price rise (>Rmb50/kg now, vs. Rmb43/kg ytd). Positive catalyst from anti-involution efforts would be a "wild card", pending any go ...