HK Stock Market Move | GCL TECH (03800) rose by more than 3% again, polysilicon futures have been rising for several consecutive days, and the market is paying attention to the photovoltaic production capacity control policies.

GCL TECH (03800) rose more than 3%, up 3.01% to HK$1.37 as of press time, with a trading volume of HK$877 million. On the news front, recently, the polysilicon futures prices have reversed the previous slump, with the main 2511 contract rising for the third consecutive day. According to Futures Daily, Zhongxin Futures analyst Zheng Feifan believes that the draft related to the energy consumption of polysilicon has been released, and subsequent measures such as storage and purchase may gradually progress, with the market still being dominated by policy expectations. However, the implementation of relevant policies will take time, and if capacity control policies can be introduced in a timely manner, with a clear path for capacity clearance, market bullish sentiment will further intensify. According to China Securities Journal, relevant regulatory authorities may soon release a document strengthening the control of photovoltaic capacity, which includes requirements for limiting the existing capacity utilization rate along the entire industry chain and prohibiting the addition of new capacity. Citigroup's research report stated that under the anti-internal circulation measures, supply-side reforms will benefit the mainland CECEP Solar Energy industry. The bank has a "buy" rating on major mainland polysilicon manufacturers, including GCL TECH, and expects these companies to be the main beneficiaries of this policy.