Pacific Securities' research report suggests focusing on investment opportunities in the photovoltaic industry chain bottom, differentiation and new technologies, and going global. 1) The next six months to one year is a window period for the photovoltaic industry to confirm the bottom of the big cycle. In the short term, the operating rates of various links of many companies continue to decline, and capacity clearing accelerates. The quotation of the industry chain is temporarily stable. 2) The differentiation of various companies is serious, and new technologies are accelerating upwards. There is a big difference in the prosperity of different links (power inverters, auxiliary materials are relatively good; leading companies are relatively good). New technologies have an accelerating trend, and HJTBC and stacking are the core. Focus on Risen Energy, Shanghai Aiko Solar Energy and others; 3) Going global is a long-term choice for the industry chain. In the short term, Southeast Asia is suppressed: the US ITC is continuing to investigate the import of solar cell panels from four Southeast Asian countries. The Middle East and other regions in Asia have become everyone's new choices. Recommended to pay attention to Hainan Drinda New Energy Technology and others.