HK Stock Market Move | GCL TECH (03800) rose over 4% again, with institutions indicating a strong pricing stance from polysilicon manufacturers in the short term.

GCL TECH (03800) rose over 4% again, and as of the time of writing, it has increased by 3.47%, priced at HKD 0.745, with a trading volume of HKD 124 million. On the news front, The Paper has learned from industry sources that the eight major polysilicon leaders gathered in Shanghai on the evening of August 6 to sign the "Anti-Overcompetition Initiative" and jointly committed to: no product pricing lower than full cost, mutual supervision and reporting among companies; strict implementation of new energy consumption standards, and active elimination of high energy-consuming outdated capacity. According to calculations by The Paper, the total production capacity of these companies is approximately 2.85 million tons, accounting for over 80% of the industry. Yinhe Futures released a research report stating that after the polysilicon futures price rises to the manufacturer's full cost line, the hedging enthusiasm of polysilicon enterprises will significantly increase, thus putting more pressure on the 12 contract hedging. The bottom for near-month contracts is basically confirmed, and under the framework that manufacturers sell no lower than cost, if near-month contract futures prices fall below RMB 37,000 per ton, midstream inventory may gradually clear. In the short term, polysilicon manufacturers are resolute in increasing prices.