Huatai Securities: It is expected that the global new pulp market space will reach 10.5 billion yuan in 2027.

Huatai Securities pointed out that, in the context of pressure on profits in the photovoltaic industry chain and rising global silver prices, silver paste is the key link in reducing costs for photovoltaic cells. Considering the acceleration of the industrialization process of substitutes such as silver-coated copper paste, electroplated copper, and copper paste, it is optimistic that leading integrated component manufacturers will first achieve mass production importation in 2025H2-2026Q1, which is expected to drive the industry chain to accelerate technological iteration. It is estimated that the global market space for new paste materials will reach 10.5 billion yuan in 2027, corresponding to a CAGR of 124% from 2025 to 2027. Leading paste material companies have deep technological reserves and are conducting joint development with downstream leading integrated component manufacturers, hoping to increase market share through "system solutions + customized matching".