According to the Zhixun Finance APP, photovoltaic stocks fell across the board in the morning session. As of the time of writing, Xinte Energy (01799) fell by 7.98% to HK$9.92; Flat Glass (06865) fell by 7.95% to HK$14.58; Xinyi Solar (00968) fell by 4.51% to HK$3.82; Xinyi Glass (00868) fell by 1.13% to HK$8.72.

BOCOM International released a research report stating that flat glass company's third-quarter revenue was 3.91 billion yuan, a 37% year-on-year decrease, and a 21% decrease from the previous quarter; the net loss attributable to shareholders was 0.203 billion yuan, the first loss since listing, well below the bank's and market's expected profit of around 0.1 billion yuan. The bank pointed out that the industry continues to reduce production but the demand is lower than expected, resulting in glass prices hitting new lows. In addition, under the pressure of losses, there has been a growing call in the industry for supply-side reforms in the near term. The bank expects the government to introduce policies such as raising energy consumption standards to accelerate the clearance of photovoltaic glass supply and price recovery, benefiting companies with lower energy consumption, but the actual effect still depends on the intensity of the policies.

Central China Securities pointed out that the current industry still faces overcapacity. Considering that the photovoltaic sector has fallen into deep losses and the main material sector is facing a cash flow shortage, it is expected that the degree of market-driven clearance will deepen. However, considering the industry's adjustment time and the fund reserve situation from the previous cycle, it is expected that the adjustment will take some time to complete. Top companies are expected to weather the industry downturn by leveraging scale advantages, cost advantages, sales channel strengths, and financial capabilities, achieving sustained growth.