Zhitong Finance App learned that some PV stocks rebounded. As of press release, Xinyi Energy (03868) rose 3.7% to HK$1.68; Kaisheng Xinneng (01108) rose 2.85% to HK$4.69; GCL New Energy (00451) rose 1.04% to HK$0.485; and Follett Glass (06865) rose 0.23% to HK$17.28.

According to the China Post Securities Research Report, starting in 2022Q4, the speed of silicon production accelerated. The second half of 2023 ushered in a new wave of production peaks, and the supply and demand pattern of silicon materials was completely reversed. The nominal production capacity of silicon wafers is plentiful. After the removal of silicon wafers was completed in June, they benefited from an increase in downstream production schedules, and profits were repaired, but the upstream and downstream games intensified, or profit fluctuations increased.

The bank pointed out that as of August, the output of the new Topcon battery production capacity fell short of expectations, battery supply continued to be tight, and profits were high. Entering September, the increase in new production capacity accelerated, and the tight battery supply situation may ease. With the lifting of the upstream supply bottleneck, the photovoltaic industry chain has officially entered the price reduction channel, the module price war has begun, the strategy for leading manufacturers to clear the pattern is clear, and we look forward to a phased settlement of the industry.