HK Stock Market Move | Photovoltaic stocks collectively fell, and the rise in silver paste prices pushed up component prices. Institutions say that visibility for orders in the first quarter still remains insufficient.

Photovoltaic stocks collectively fell, as of the time of publication, XINYI SOLAR (00968) fell by 4.18% to 3.44 Hong Kong dollars; XINTE ENERGY (01799) fell by 3.35% to 7.22 Hong Kong dollars; FLAT GLASS (06865) fell by 2.94% to 11.24 Hong Kong dollars; Hainan Drinda New Energy Technology (02865) fell by 1.83% to 39.64 Hong Kong dollars. In terms of news, in recent years, the price of silver has been gradually rising. The rise in silver prices directly increases the cost of silver paste, which is then transmitted to the battery cell and component sectors. According to Galaxy Futures analysis on January 30, by the end of January 2026, based on the price of new silver paste, the complete cost of battery cells has increased to above 0.5 RMB/W, an increase of around 0.1 RMB/W compared to the previous period, and the complete cost of components has exceeded 0.9 RMB/W. It is worth noting that since February 2026, silver prices have experienced dramatic fluctuations, leading to real-time declines in the prices of battery cells and components. Huaxin Securities analysis indicates that the volume of ground projects in hand in the domestic market is gradually decreasing, with limited visibility for new orders. The pace of shipment in overseas markets has been strengthened due to the impact of export tax rebates, with expectations that shipments in the first quarter of 2026 will be mainly focused on overseas markets. Against the backdrop of weak seasonal demand and the recent increase in component prices, purchasing attitudes are becoming more cautious, with insufficient visibility for orders in the first quarter of 2026.