HTSC indicates that it continues to be bullish on the photovoltaic sector. Institutions believe that the stock price may have fully reflected the downward profit expectations for 2024. The market's expectations and policy attitudes shift may be the determining factor for the current stock price. Currently, signs of a policy shift have gradually become clear, with many demand-side policies being proposed. However, the market is still concerned about the actual effects. In 2024 Q3, leading companies have already achieved a narrowing of losses compared to the previous quarter or have turned losses into profits. The industry chain is expected to achieve profit recovery. Considering the global promotion of energy transformation, it is expected to drive the photovoltaic demand to improve in the medium to long term. We continue to be bullish on the photovoltaic sector, and can determine the layout of photovoltaics from energy consumption and new technology lines.