Hong Kong concept tracking | Increase by 12%! Four giants in the photovoltaic silicon wafer sector jointly raise prices - what signals have been released? (with concept stocks)

The photovoltaic industry chain has received major news. In the afternoon of December 25th, market news stated that four leading silicon wafer companies have jointly raised prices significantly, with the price of 183N silicon wafers at 1.4 yuan/piece, 210RN at 1.5 yuan/piece, and 210N at 1.7 yuan/piece, representing an average increase of 12%. Reporters have confirmed this news with several silicon wafer industry insiders. It is generally believed in the industry that the significant upward adjustment in the price of upstream silicon materials (mainstream new single quote exceeding 65,000 yuan/ton) is the driving force behind this price increase. According to data from industry consulting firm InfoLink, the average price increase for various types of silicon wafers this week ranges from 3.3% to 9.8%. The organization pointed out that with most silicon wafer companies expecting further price increases, there is currently a clear reluctance to ship goods, leading to a general strategy of controlling supply in the market. Overall, with the continuous extension of the self-discipline issue, it is not ruled out that silicon wafer prices will maintain a strong trend in the short term. InfoLink data has not yet reflected the latest price adjustments on December 25th. Furthermore, as polycrystalline silicon is the core raw material for silicon wafer production, its price trend directly determines the production cost of silicon wafers. Data shows that most polycrystalline silicon companies have raised their new single quotes to over 65,000 yuan/ton, representing an increase of over 20% from the actual transaction price before. Despite the market currently being in a stalemate of "having a price but no market," the willingness of silicon material companies to support prices is very strong. From a cost structure perspective, silicon materials account for as much as 48% of the production cost of silicon wafers, making it the crucial factor affecting the pricing of silicon wafers. The collective price increase by silicon wafer companies this time is essentially a necessary result of the downward transmission of cost pressures in the industry chain, as well as an active adjustment by silicon wafer companies to cope with rising costs and restore profitability. It is worth noting that the price increase in silicon wafers this time is also supported by the dual factors of industry supply contraction and policy guidance. Since 2025, the "anti-inward spiral" process in the photovoltaic industry has been continuing, with polycrystalline silicon companies voluntarily reducing production, leading to the first year-on-year decline in polycrystalline silicon production since 2013, with a 29.6% year-on-year decrease in production from January to October. At the same time, the photovoltaic storage platform initiated by ten leading companies such as Tongwei and LONGi has been officially launched to guide industry prices back to a reasonable range through market means, providing policy support for the stabilization of silicon material and silicon wafer prices. With the dual effect of supply contraction and cost support, the bargaining power of silicon wafer companies has significantly increased, with some companies even adopting supply control strategies, further boosting the upward trend in prices. According to industry insiders, this is not the first price increase in silicon wafers since the current anti-inward spiral process began, but the joint price increase by the four silicon wafer giants, and the substantial increase in price, reflects the "industry discipline" during the anti-inward spiral process. This is an active pricing action aimed at improving the profitability of the silicon wafer segment. In terms of the photovoltaic industry chain, China Galaxy Securities released a research report stating that with the help of the anti-inward spiral process, the main photovoltaic industry chain is expected to gradually bottom out or even improve in the latter half of 2025. However, the improvement in financial statements may slow down market clearance, so the continuous advancement of the anti-inward spiral process is imperative, and component price increases may be the core focus. Although industry demand may weaken in 2026, the anti-inward spiral on the supply side and the leadership of alpha companies may help some companies turn losses into profits, and the enhancement of energy storage capacity brought about by energy storage installations may lead to the restoration of photovoltaic demand in the mid to late 15th Five-Year Plan period. Due to the prominent issue of photovoltaic integration, it is driving the development of market-oriented and adjustable power source development in the domestic electricity market, and energy storage will resonate domestically and internationally. China Galaxy Securities also released a research report, stating that previous policies have been continuously introduced to address the anti-inward spiral situation by regulating price behavior and orderly phasing out backward production capacity. As one of the key industries for the domestic "anti-inward spiral," the photovoltaic industry may see supply clearance accelerated with policy relief and technological upgrades leading to profit recovery. The industry as a whole is expected to achieve profitability in 2026, possibly by the second quarter of 2026. Related concept stocks: GCL TECH(03800): In December, BOCOM INTL released a research report stating that GCL TECH (03800) has significant profit advantages in granular silicon, with low power consumption in line with policy guidance. The industry's "anti-inward spiral" has driven a significant increase in polycrystalline silicon prices, and if the capacity clearing operation can be implemented, it will further drive prices up, with a target price of 1.54 Hong Kong dollars. The bank gives the mainland's new energy and utilities industry a leading rating. After a round of rush installations driven by policies in the first half of 2025, the bank expects that the peak season for wind/solar installations in the mainland in the whole year will be milder than in previous years, but it maintains the forecast of achieving a historical high in total installations for the whole year. TCL Zhonghuan Renewable Energy Technology(002129.SZ): A leading producer of large-size silicon wafers, with a high proportion of N-type wafers, strong control over operating rates, and price transmission capabilities, it may be among the first to benefit from the price increase. GOLDENSOLAR(01121): Public information shows that in September 2024, GOLDENSOLAR established a joint venture company with Juneng Electric Power (Jushi Energy) and LONGi Green Energy Technology, upgrading LONGLi's four PERC production lines in its Xi'an aerospace industrial base to HBC production lines. In addition, in April 2025, GOLDENSOLAR disclosed a public announcement that Fujian Jinshi (Jushi Energy) and Yiwu Jingao plan to establish a joint venture company to upgrade and transform 4GW PERC production capacity to HBC production capacity, with GOLDENSOLAR providing HBC battery patent technology usage rights to the joint venture company. XINTE ENERGY(01799): XINTE ENERGY announced that on September 12, 2025, the company, a testing company, Tianchi Energy, and the target company Xinjiang Silicon-Based New Materials Innovation Center Co., Ltd. signed a capital increase agreement, under which Tianchi Energy agreed to increase the registered capital of the target company by 35 million RMB in cash. After the capital increase, the group and Tianchi Energy will hold approximately 61% and 39% equity in the target company, and the target company will continue to be a subsidiary of the company, with its financial statements consolidated into the group's comprehensive financial statements.