中国光伏行业_追踪盈利拐点_上游价格涨幅 10 月暂停，下游价格接受度或因银价上涨而走弱-China Solar_ Tracking profitability inflection_ Upstream price hike paused in Oct, downstream price acceptance likely weakened by higher silver price

27 October 2025 | 8:01AM CST Equity Research CHINA SOLAR: TRACKING PROFITABILITY INFLECTION Upstream price hike paused in Oct, downstream price acceptance likely weakened by higher silver price Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in Oct MTD: Valuation wise, we believe the market is currently pricing in Poly/Wafer/Module/ ...