HK Stock Market Move | Photovoltaic stocks fell sharply in early trading. Trump's victory may reduce green energy subsidies in the United States. Institutions say the industry chain still needs to be cleared for closure.

In the early trading session, photovoltaic stocks plummeted, with XINTE ENERGY (01799) falling 5.22% to HK$9.07, XINYI SOLAR (00968) falling 5.19% to HK$3.47, FLAT GLASS (06865) falling 4.97% to HK$12.98, and Fuyao Glass Industry Group (03606) falling 1.16% to HK$55.3. In terms of news, Republican presidential candidate Trump announced his victory in the 2024 presidential election. It is reported that John Paulson recently stated in an interview that if Trump ultimately wins and appoints him as the new US Treasury Secretary, he will cooperate with Musk to drastically cut federal spending, including canceling green energy subsidies in the Inflation Reduction Act. China Galaxy Securities research report stated that they are optimistic about the short, medium, and long-term development of the photovoltaic industry. By September 2024, domestic new installed capacity reached 160.88GW, a 24.77% year-on-year increase. The industry can still maintain high growth, with demand expected to remain supportive for the year. Excess supply has put extreme pressure on industry profitability, and industry chain prices may continue to operate at the bottom until excess supply is cleared. The pessimistic expectations for the 2024 half-year results already reflect the market's anticipation, and opportunities for long-term positioning may arise in the fourth quarter of 2024 and the first half of 2025, showing optimism for the short, medium, and long-term development of the photovoltaic industry.