中国光伏：反内卷-China Solar Anti-Involution

J P M O R G A N Asia Pacific Equity Research 19 January 2026 China Solar Anti-Involution Key takes from expert and co calls: Uncertainty on timing but not direction; value emerges as -ves get priced in We hosted a solar industry expert call and gathered comments from polysilicon producers last week, with the following takes: 1) The SAMR's probe was triggered by complaints. Poly future price surges after the formation of 'consolidation platform'; 2) consolidated views from expert and companies are +ve bias o ...