HK Stock Market Move | Photovoltaic stocks collectively decline. After the rush to install, the installation continues to hit new lows. The market is paying attention to the pace of capacity clearing and future installation demand.

Photovoltaic stocks collectively declined. As of the time of publication, FLAT GLASS (06865) fell by 7.24% to 10.76 Hong Kong dollars; XINYI SOLAR (00968) fell by 6.13% to 3.37 Hong Kong dollars; XINYI GLASS (00868) fell by 5.38% to 8.61 Hong Kong dollars; XINTE ENERGY (01799) fell by 4.18% to 7.8 Hong Kong dollars. On the news front, the introduction of the "Document No. 136" at the beginning of the year triggered a rush to install photovoltaic systems, doubling the newly installed capacity compared to the previous year, leading to an increase in industry expectations for annual installations. However, the rush to install ended in late May, and new installations in June, July, and August continued to hit new lows, with the month-on-month decline also widening. Guosen stated that the profitability of the photovoltaic companies in the future will mainly depend on the pace of capacity elimination and the demand for photovoltaic installations after the marketization of grid electricity prices. Nanhua Futures also indicated that, in terms of polysilicon, the current market has already reflected the situation where the photovoltaic storage platform for September has not been implemented. However, there are rumors that the photovoltaic storage platform will be implemented in mid-October, so it is important to pay attention to the photovoltaic conference and market conditions. Furthermore, as November approaches, the market will gradually enter the period specified by the Shanghai and Shenzhen Stock Exchange for the centralized cancellation of polysilicon warehouse receipts in November. If long positions lack the willingness to take over, the PS2511 contract may face significant liquidation pressure.