According to the Intelligent Finance and Economics App, photovoltaic stocks have risen again. As of press time, Flat Glass (06865) had risen 6.58% to HKD 11.34, GCL Tech (03800) had risen 6.42% to HKD 1.16, Xinyi Solar (00968) had risen 4.03% to HKD 3.61, and Xinte Energy (01799) had risen 3.98% to HKD 7.84.
On the news front, on July 9th, the Ministry of Industry and Information Technology publicly solicited opinions on the "Photovoltaic Manufacturing Industry Normative Conditions (2024 Edition)" and the "Photovoltaic Manufacturing Industry Normative Announcement Management Measures (2024 Edition)" (draft for comments). It is understood that many data revisions have been made relative to the 2021 edition. For example, the 2021 edition mentioned that "the minimum capital ratio for newly-built and expanded polycrystalline silicon manufacturing projects is 30%, and the minimum capital ratio for other newly-built and expanded photovoltaic manufacturing projects is 20%." The draft for comments deleted the capital ratio requirement for newly-built and expanded polycrystalline silicon manufacturing projects and increased the minimum capital ratio for newly-built and expanded photovoltaic manufacturing projects to 30%.
Everbright Securities released a research report stating that the "Photovoltaic Manufacturing Industry Normative Conditions" have been revised again, with the minimum capital ratio for newly-built and expanded photovoltaic manufacturing projects raised to 30%, and the average photoelectric conversion efficiency requirement for newly-built and expanded N-type monocrystalline silicon cell projects is not less than 26%. The revision aims to further guide photovoltaic companies to reduce investment in photovoltaic manufacturing projects that only expand production capacity, and further improve the relevant requirements for project technology and energy consumption management. Against the backdrop of the continuous decline in photovoltaic product prices, companies in the main industrial chain at all links are facing severe operating pressure, and leading companies with cost and technological advantages are expected to occupy a leading position in the industry's capacity-clearing process.