HK Stock Market Move | Photovoltaic stocks fell today as the current wave of photovoltaic installations comes to an end. Prices in the photovoltaic industry chain are accelerating downward.

Photovoltaic stocks fell today, as of the time of writing, FLAT GLASS (06865) fell by 4.7% to HK$8.31; IRICO NEWENERGY (00438) fell by 2.8% to HK$2.08; XINYI SOLAR (00968) fell by 2.66% to HK$2.56; XINTE ENERGY (01799) fell by 1.32% to HK$4.5. CICC released a research report stating that the end of the Spring Festival brought a significant rebound in the industry chain prices, although production is still at a high level. The demarcation points for industrial and commercial photovoltaics and market-based trading are approaching, and there is a phenomenon of some grabbing of goods in certain links. In addition, the period of abundant water resources is approaching, leading to an expectation of price declines in the market. The price trend of polysilicon futures has been declining significantly in recent times. With the uncertainty of subsequent mechanism electricity prices, the calculation of IRR for ground-based power stations is still unclear, and demand may experience a temporary slowdown. However, as policies in various provinces become clearer, enterprise strategies become clearer after the abundant water period, and the relatively quiet season at the end of the year passes, the industry and market expectations are expected to improve again. Pacific Securities released a research report stating that with the end of stocking up, the prices of the photovoltaic industry chain are gradually loosening, and the downward pressure on downstream market prices is significant. Some top silicon material companies are increasing their intentions to ship goods externally, leading to an accelerated decline in the price of mainstream polysilicon contracts, approaching the mainstream cash cost. Short-term pessimistic expectations for the second half of 2025 are gradually being reflected, and as prices continue to decline, the self-regulation reduction of polysilicon industry production is expected to gradually form price support.