Citibank: Solar product prices relatively stable this week, expected limited decline in polysilicon prices, focusing on policies against internal competition.

Citi released a research report stating that this week the prices of photovoltaic products are relatively stable, with cost levels possibly providing support, although the price of photovoltaic glass products has been reduced by 2-3%, primarily due to inventory pressure and weak demand. As of December 4th, the average inventory period of photovoltaic companies has increased from 15 days at the end of September to 31.1 days, more than twice that of the end of September. Due to the lack of peak installation period at the end of this year, the demand for installations by CECEP Solar Energy in China is low. In addition to the recovery of polycrystalline silicon capacity, the monthly demand for most modules is expected to decrease in December due to planned production cuts. Citi predicts limited downward space for polycrystalline silicon prices, mainly due to support from cost levels. In the Chinese photovoltaic sector, they have a more positive view of inverter manufacturers such as Sungrow Power Supply and DAHUA, which benefit from the high demand growth of energy storage systems; meanwhile, polycrystalline silicon manufacturers also benefit from the expected anti-overcapacity measures to be introduced in 2026, aimed at alleviating overcapacity issues.