[PV: Italy Adds 1.44 GW of Solar in Q1 2026 as C&I Segment Drives Growth]

The PV industry is currently facing the cyclical bottom characteristics of difficult surplus supply exit and slowing demand growth. However, it is worth noting that the PV sector has significantly underperformed other new energy sub-sectors. While stocks in energy storage, cells, and many other areas have repeatedly hit record highs, PV stock prices remain near the bottom, similar to year-end 2023. This means that once the industry passes the inflection point of market exit, stock prices will have significant upside potential. From the perspective of the industry chain, all four major segments—polysilicon, wafers, solar cells, and modules—are at low price levels, and valuation suppression across the entire industry chain has been quite sufficient, providing ample room for expectation gaps for a subsequent reversal.

On June 11, a journalist from Shell Finance learned that the "Energy Efficiency Limits and Energy Efficiency Grades for Crystalline Silicon PV Modules and Inverters" has entered the final approval stage before release, and is expected to be officially released soon. Previously, several mandatory standards, including those on module safety, nameplate labeling, and polysilicon energy consumption limits, have been implemented or released for public comment. From end-user modules to upstream polysilicon, the technical and energy consumption thresholds at each link of the industry chain continue to rise. Against the backdrop of the industry as a whole not yet turning a profit and top-tier players still facing profitability pressure, this supply-side adjustment, driven by standard upgrades, is becoming a major force reshaping the competitive landscape of the PV industry.

India's Reliance Industries has officially put its HJT modules into production, with the first batch of 200 MW delivered. The module power reaches 720 W and has obtained India's BIS certification. Energy conversion efficiency has increased by 10%, while the degradation rate has decreased by 25%. Reliance Industries plans to subsequently expand production to 10 GW/year, marking the entry of its advanced PV manufacturing capabilities into a phase of substantial implementation.