Yamato: Demand for solar modules is not high in the mainland, limiting the industry's potential for growth.
Yamato's research report stated that as of the 10th of 7th day, the average selling price of photovoltaic glass has trended steady to downward on a weekly basis, with an increase of 2.94% in average inventory days, rising for 13 consecutive weeks, reflecting lagging demand. The bank noted that the market's sentiment towards solar energy auxiliary material suppliers has been very strong recently, based on rumors about the elimination of outdated production capacity. However, the bank still maintains a conservative view, believing that mainland demand for solar modules is not high after the rush to install solar energy in June, limiting the industry's upside potential; coupled with the current daily production of photovoltaic glass of about 94,400 tons, and a reduction rate of only 5,600 tons per day, the average selling price is declining and inventory levels are rising. The bank reiterated its "underperform the market" rating for FLAT GLASS H shares and SINO-OBJECT, "sell" rating for FLAT GLASS A shares, and "hold" rating for FOSSIL.
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