In the first two months of 2026, selling prices for several solar photovoltaic module technologies in Europe increased, reflecting stable market confidence in the European solar sector. This is a key conclusion from the latest pv.index report on European solar procurement trends by sun.store, which covers data up to February 2026. Among them, the average prices for TOPCon and single-sided TOPCon modules rose by 10% and 9% month-on-month, respectively, while prices for all-black modules and back-contact modules increased by 8% and 7% from January to February. This marks the first time since sun.store began tracking price data for these technology types that the average price for all four has exceeded 0.10 euros/Wp (0.12 USD/Wp). Single-sided TOPCon was the most expensive module type, with an average price of 0.109 euros/Wp. This is the first time since April 2025 that prices for these modules have surpassed 0.10 euros/Wp. Double-sided TOPCon and all-black modules crossed the 0.10 euros/Wp threshold later. The only module type that did not see a price increase was single-sided PERC modules, with prices remaining stable at 0.077 euros/Wp.

While prices in the photovoltaic industry chain have recovered, the industry is also clearly aware that the current phase of supply-demand imbalance has not yet been fully resolved. How to consolidate the results of anti-internal competition and shift the industry from price competition to high-quality development has become a key focus for energy sector representatives this year. Representatives from leading photovoltaic companies have mentioned measures related to countering "internal competition" in their relevant proposals.

JPMorgan Chase published a research report stating that the anti-internal competition actions in the photovoltaic sector have encountered an expected negative turn, with polysilicon spot prices falling from over 50 yuan per kilogram in February to 48 yuan in early March. The bank attributes this to an unclear definition of "production cost" in the Price Law, leading some producers to reduce inventory at lower prices due to cash flow pressures. JPMorgan believes that regardless of the policy path, it will promote industry consolidation, differing only in the timing.

Hong Kong-listed stocks involved in the photovoltaic industry chain include: FLAT GLASS (06865), XINYI SOLAR (00968), Xinte Energy (01799), and GCL Technology (03800).