Hong Kong Stock Concept Tracking | Continued Progress Against Involution, Obvious Price and Profit Recovery in the Photovoltaic Industry (Including Concept Stocks)
Zhongtai Securities pointed out that the photovoltaic industry is advancing towards high-quality development under the dual drive of policy and technology. The newly added photovoltaic installed capacity nationwide in 2024 is expected to increase by about 45% year-on-year. At the national level, the "anti-involution" policy has been introduced to promote the industry from low-price competition to sustainable development, optimizing the supply-demand relationship. Technologically, the market share of N-type monocrystalline silicon technology will exceed 96.9%. The price of the polysilicon industry is gradually recovering above the cost line, with related Hong Kong stocks including GCL TECH and XINTE ENERGY
On the evening of October 28, 2025, CCTV2's finance channel specifically reported on the photovoltaic industry in the program "Economic Half Hour": The industrial practice of high-quality development from price competition to innovation in photovoltaics. Zhu Gongshan, Chairman of GCL TECH, and Zhong Baoshen, Chairman of LONGi Green Energy, were interviewed. Zhu Gongshan stated that 17 companies have basically signed, and the establishment of the consortium is expected to be completed within the year.
According to Zhitong Finance APP, China's photovoltaic installed capacity has achieved leapfrog growth. In 2024, the national newly added installed capacity is expected to increase by about 45% year-on-year, nearly 20 times higher than in 2015, marking that photovoltaics have transitioned from a supplementary energy source to a main incremental force.
Zhongtai Securities' research report believes that the "14th Five-Year Plan" takes green transformation as a core goal and clearly proposes to consolidate and expand the advantages of the wind and photovoltaic industries.
Since the end of June 2025, the national level has intensively introduced "anti-involution" policies. Six departments jointly held a symposium on the photovoltaic industry to deploy the regulation of competitive order, promoting the industry to shift from low-price disorderly competition to healthy and sustainable development. The optimization of both supply and demand sides brings substantial benefits to the industry.
On the technical level, the photovoltaic industry is undergoing profound changes. In 2025, China will officially say goodbye to the P-type era, with the market share of N-type monocrystalline silicon technology expected to exceed 96.9%. The three major technology routes of TOPCon, HJT, and BC are advancing together, continuously driving improvements in battery efficiency and reductions in cost per kilowatt-hour.
After experiencing adjustments, the industry's fundamentals are showing an upward trend. The "anti-involution" policy is expected to promote the optimization of the competitive landscape and assist in profit recovery.
Shenwan Hongyuan released a research report stating that the current market's core focus on photovoltaic supply-side reform is on the establishment of a joint platform. This joint platform, which brings together 17 major companies, starts from the most prominent contradiction in the supply side, the polysilicon segment, effectively curbing the industry's disorderly expansion through mechanisms such as capacity coordination, quality grading, and self-discipline in production reduction. Since the promotion of "anti-involution," the number of participating entities has continued to expand, and the effect of product price recovery has been significant. In the third quarter of 2025, the polysilicon industry began to raise prices under the regulatory requirement of "selling not lower than cost," gradually recovering above the comprehensive cost line.
Related Hong Kong stocks in the photovoltaic industry chain:
GCL TECH (03800), XINTE ENERGY (01799), Flat Glass Group (06865), Xinyi Solar (00968), Fuyao Glass (03606), and CAISSE New Energy (01108)
