According to the Smart Finance app, photovoltaic stocks continue to fall, as of press time, Flat Glass (06865) fell 3.5%, to HKD 13.8; Xinte Energy (01799) fell 3.39%, to HKD 8.54; Xinyi Solar (00968) fell 2.55%, to HKD 4.2.

On the news front, according to SMM, in May, the US anti-dumping and anti-subsidy investigations on Southeast Asia caused market fluctuations, and the expectation of export restrictions affected the production plans of top-tier companies at their Southeast Asian bases. Although the results of the anti-dumping and anti-subsidy investigations are yet to be released, since May, module enterprises have gradually reduced their production capacity in Southeast Asia to prevent risks. In May, Chinese module enterprises' production capacity in Southeast Asia was approximately 2.4GW, a decrease of 33.3% MoM, with a capacity utilization rate of approximately 56%. It is expected that the production capacity of photovoltaic modules in June will decrease to 46.5GW, a MoM decrease of 6.3GW, with a decline of 11.9%.

Ping An Securities pointed out that the uncertainty of the new round of anti-dumping and anti-subsidy investigations in Southeast Asia is high. If tariffs are imposed, it may affect the situation of Southeast Asian production capacity exports to the US in 2025 and beyond. Therefore, Chinese enterprises may consider transferring their production capacity and strengthening their layout of production capacity in the US, the Middle East, and other regions to achieve better global coordination. CMB Futures believes that photovoltaic demand is weakening, the production data in June is weak, and downstream component industries are pessimistic, which has triggered negative feedback.