Photovoltaic Concept Stocks Rebound

This morning, photovoltaic (PV) concept stocks rebounded, with the PV equipment sector surging. Stocks such as Jiejia Wei Chuang and Haiyou New Materials saw significant gains. Additionally, sectors like BC batteries, silicon energy, and POE films also rose.

The rebound in PV concept stocks was primarily driven by the following catalysts:

On the evening of July 31, Jiejia Wei Chuang disclosed its interim earnings forecast, projecting a net profit attributable to shareholders of 1.7 billion to 1.96 billion yuan for the first half of 2025, a year-on-year increase of 38.65%–59.85%. Adjusted net profit is expected to be 1.549 billion to 1.809 billion yuan, up 31.37%–53.41% year-on-year. The performance improvement was attributed to the continuous conversion of orders into revenue during the reporting period.

On August 1, the Ministry of Industry and Information Technology (MIIT) website announced that the MIIT Office issued the Notice on the 2025 Special Energy Conservation Supervision Task List for the Polysilicon Industry.

On July 31, the Silicon Branch of the China Nonferrous Metals Industry Association reported that silicon wafer prices continued to rise this week, with average prices increasing by approximately 0.1 yuan per piece across specifications. Among them, the average transaction price for N-type G10L monocrystalline silicon wafers (182*183.75mm/130μm) was 1.2 yuan per piece, up 9.09% week-on-week; N-type G12R monocrystalline silicon wafers (182*210mm/130μm) averaged 1.35 yuan per piece, up 8% week-on-week; and N-type G12 monocrystalline silicon wafers (210*210mm/130μm) averaged 1.55 yuan per piece, up 7.64% week-on-week. The main reasons for the continued price increase were rising raw material costs driving up production expenses and increased downstream procurement orders.

Currently, among the various PV sub-sectors, the BC battery sector is favored by multiple institutions.

Kaiyuan Securities noted that major manufacturers have largely suspended domestic TOPCon expansion plans, with ongoing capacity projects now focusing on BC technology. The industry’s new/retrofitted XBC capacity plans total nearly 90GW, driving growth in equipment demand. Silver paste, a core auxiliary material for PV cells, faces higher requirements and greater consumption in BC technology due to its back-electrode design. Coupled with persistently high silver prices, the industry urgently seeks cost reductions. BC manufacturers are accelerating efforts to reduce or eliminate silver usage, with solutions like silver-coated copper, high-copper paste, and pure copper paste already entering production line testing phases.