Guosheng Securities released a research report stating that China's newly installed photovoltaic capacity continues its "stable with an upward trend" momentum. From January to October, the cumulative installation reached 252.87 GW, a year-on-year increase of 39%. A policy-driven rush to install projects pushed the single-month installation in May to a high of 92.92 GW. From the supply side, the industry is expected to welcome a systemic "anti-internal competition" inflection point in 2025. Prices have risen nearly 50% from their July lows, and industry consolidation in the polysilicon sector has begun. The central price is forecasted to stabilize between 60-80 RMB/kg in 2026, with leading companies' profitability expected to see significant recovery. On the technological front, Back Contact (BC) technology achieves a premium in high-end distributed applications due to its unobstructed backside design. Perovskite technology officially enters its first year of GW-level mass production, and the trend towards silver reduction is accelerating. The main views of Guosheng Securities are as follows: Demand remains stable with an upward trend, and global structural growth opens new space. In 2025, China's newly installed photovoltaic capacity continues its "stable with an upward trend" momentum. From January to October, the cumulative installation reached 252.87 GW, a year-on-year increase of 39%. A policy-driven rush to install projects pushed the single-month installation in May to a high of 92.92 GW. Utility-scale and commercial & industrial distributed projects remain the main drivers, together accounting for 86% of the total. Based on this strong performance, the China Photovoltaic Industry Association has raised its full-year new installation forecast from 215-255 GW to 270-300 GW. In overseas markets, Asia, Africa, and Latin America have become the brightest spots, contributing the core incremental source of global PV growth. The global installation forecast has been concurrently raised to 570-630 GW. Looking ahead to 2026, domestic policies such as the "Distributed Management Measures" and Document No. 136 will guide the industry to shift from scale expansion to prioritizing efficiency. Overseas markets will present a pattern of "steady growth in mature markets and explosive growth in emerging markets"—growth rates in Europe and the US will slow, while the Middle East, Africa, Southeast Asia, and Latin America, driven by urgent energy transition needs, financing support, and low trade barriers, will become the core engines of global growth. Deep supply-side consolidation, technological iteration, and globalization build long-term competitiveness. The photovoltaic industry is welcoming a systemic "anti-internal competition" inflection point in 2025. Policies issued intensively from the central government to ministries aim to curb low-price competition, while significantly tightened energy consumption standards are accelerating the exit of high-cost capacity. The polysilicon segment was the first to bottom out and rebound, with prices rising nearly 50% from their July lows. Industry consolidation has commenced, and the central price is expected to stabilize between 60-80 RMB/kg in 2026, with leading companies' profitability poised for significant recovery. Technologically, BC technology leverages its unobstructed backside design to secure a premium in high-end distributed applications. Perovskite has officially entered its first year of GW-level mass production, and the push for silver reduction is accelerating. Concurrently, Chinese companies are accelerating their global layout. They are establishing "barrier-evading + local supply" capacity in Southeast Asia and deepening ties in the Middle East through "project + manufacturing" models, binding themselves to local energy transitions and forming a new pattern of full industrial chain expansion overseas. Driven by structural demand expansion, high-quality supply-side consolidation, and sustained technological leadership, the photovoltaic industry is advancing towards a new development stage centered on efficiency, the value of green electricity, and system compatibility. In 2026, against the backdrop of持续推进 anti-internal competition, focus on three major opportunities within the industry chain. Price core focus: GCL TECH (03800), Tongwei Co., Ltd. (600438.SH), Daqo New Energy Corp. (688303.SH), JA Technology Co., Ltd. (002459.SZ), Trina Solar Co., Ltd. (688599.SH), Jinko Solar Co., Ltd. (688223.SH), LONGi Green Energy Technology Co., Ltd. (601012.SH), TCL Zhonghuan (002129.SZ), Shuangliang Eco-Energy Systems Co., Ltd. (600481.SH), Flat Glass Group Co., Ltd. (601865.SH), Hangzhou First Applied Material Co., Ltd. (603806.SH), etc. New technologies bring valuation uplift opportunities: As industry profitability begins to recover, new technologies that reduce costs and improve efficiency are expected to achieve a breakthrough from 0 to 1. Core focus: Polytron Technologies, Inc. (688503.SH), DK Electronic Materials Co., Ltd (300842.SZ), Aiko Solar Energy Co., Ltd. (600732.SH), Dr. Laser (300776.SZ), Maxwell Technologies Co., Ltd. (300751.SZ), Risen Energy Co., Ltd. (300118.SZ), etc. Perovskite enters its first year of GW-level mass production, benefiting upstream material and equipment manufacturers first: Industrialization opportunities brought by GW-level perovskite deployment. Core focus: Jinjing Technology Co., Ltd. (600586.SH), Sinocrystal (002643.SZ), Sungrow Power Supply Co., Ltd. (300724.SZ), Dr. Laser (300776.SZ), Jingshan Light Industry Machinery Co., Ltd. (000821.SZ), Dlong Laser (688170.SH), Manz AG (301325.SZ), etc. Risk warnings include risks of domestic PV installation demand falling short of expectations, risks of overseas PV installation demand falling short of expectations, and risks of unfavorable price transmission along the PV industry chain.