产业链价格持续博弈，行业深度整合后强者恒强

Investment Rating - The report indicates that the investment rating for the photovoltaic industry is currently at a bottom level, with expectations for recovery in profitability for leading companies as terminal demand gradually releases [4]. Core Insights - The photovoltaic industry is experiencing weak overall terminal demand both domestically and for exports, leading to cautious production plans among manufacturers to avoid inventory accumulation [2] - There is a clear competitive landscape in the silicon material and photovoltaic glass sectors, with leading companies showing significant advantages in terms of cost, profitability, financial status, and cash flow [3] - The report emphasizes that leading companies are expected to remain strong regardless of the industry's low point or subsequent price rebounds [3] Summary by Sections Industry Demand and Supply - The report notes that the supply of silicon materials has become more abundant following maintenance, while the operating rate of silicon wafers has decreased, leading to a mismatch in supply and demand [2] - Manufacturers are reducing prices to compete for orders due to limited demand, resulting in increased inventory levels and pressure on pricing [2] Competitive Landscape - The competitive dynamics in the silicon material and photovoltaic glass sectors are well-defined, with top companies poised to outperform others due to their comprehensive competitive advantages [3] - The report highlights that only leading companies in the photovoltaic glass sector can achieve positive profitability at current price levels [3] Investment Recommendations - The report recommends focusing on leading companies within the photovoltaic industry, specifically highlighting New Special Energy (1799 HK) and GCL-Poly Energy (3800 HK) in the silicon material sector, as well as Flat Glass Group (6865 HK) and Xinyi Solar (0968 HK) in the photovoltaic glass sector [4]