[SMM PV] Guizhou 18MW PV Project Installation Engineering Bid Opening

On May 12, all four major PV module leaders had sold majority or full equity stakes in their US factories. Jinko Solar announced the sale of 75.1% equity in its US 2GW module factory for $191.5 million. At this point, the US capacity assets of all four major PV module leaders—Jinko, TrinaSolar, JA Solar Technology, and LONGi—had been fully disposed of, primarily in response to the provision in the US One Big Beautiful Bill Act (OBBBA) that foreign ownership must not exceed 25% to qualify for IRA tax credits.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 34-36.1 yuan/kg. Polysilicon prices were relatively stable overall, with extremely limited order signing in the market. Some crystal pulling plants showed low-price purchase willingness, but top-tier manufacturers still held the floor above 35 yuan. With cost setting imminent, manufacturers had a strong wait-and-see sentiment. Wafer: Market 18X wafer prices were 0.9-0.93 yuan/piece, 210RN wafer prices were 1.00-1.03 yuan/piece, and 210N wafer prices were 1.2-1.23 yuan/piece. Recently, a top-tier enterprise completed bulk transactions of 210R wafers at 1.02 yuan/piece. Currently, except for 210N, the other two sizes had already accepted the previous round of price increases, and subsequent trends would depend on downstream cell price movements.

According to an SMM survey, a second-tier wafer enterprise has mortgaged its Inner Mongolia base to a domestic PV equipment manufacturer, involving approximately 45GW of annual wafer capacity. In addition, the enterprise currently retains approximately 28GW of annual wafer capacity at its Yunnan base. Recently, numerous reports have emerged about wafer enterprises planning to exit the market, with sources of varying reliability. Overall, the pace of market-driven capacity rationalization in the PV industry is accelerating.