According to the CITIC Securities Research Report, the current demand in the photovoltaic industry has basically bottomed out, and domestic and foreign installations are expected to improve quarterly starting in 2026H2; supply-side “anti-internal rolls” are moving from self-regulatory initiatives to hard system restrictions, energy efficiency standards and general cost accounting rules are driving the clean-up of backward production capacity to accelerate the clearance of backward production capacity, and the focus of industry competition is shifting to technology and efficiency competition. Prices and profits in the industrial chain are expected to be repaired, and segment leaders with efficient technology, pattern advantages and profit certainty are expected to be the first to benefit. It is recommended to prioritize structural opportunities in battery modules, film, photovoltaic glass, paste, etc.

According to the CITIC Securities Research Report, the current demand in the photovoltaic industry has basically bottomed out, and domestic and foreign installations are expected to improve quarterly starting in 2026H2; supply-side “anti-internal rolls” are moving from self-regulatory initiatives to hard system restrictions, energy efficiency standards and general cost accounting rules are driving the clean-up of backward production capacity to accelerate the clearance of backward production capacity, and the focus of industry competition is shifting to technology and efficiency competition. Prices and profits in the industrial chain are expected to be repaired, and segment leaders with efficient technology, pattern advantages and profit certainty are expected to be the first to benefit. It is recommended to prioritize structural opportunities in battery modules, film, photovoltaic glass, paste, etc.