中国光伏：追踪盈利拐点-2 月 26 日，组件生产活动疲软导致上游价格下跌-China Solar_ Tracking profitability inflection_ Feb-26_ Upstream prices dropped amid weak module production activity

3 March 2026 | 2:15PM CST Equity Research CHINA SOLAR: TRACKING PROFITABILITY INFLECTION Feb-26: Upstream prices dropped amid weak module production activity 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 Feb MTD: Mengwen Wang +86(21)2401-8932 | mengwen.wang@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Jacque ...