[SMM PV] China's PV Continues "Anti-Involution"

Published: Apr 29, 2026 11:47

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Huachuang Securities noted that ex-China space PV catalysts continued to emerge, while China's PV sector continued its "anti-involution" efforts. SpaceX plans to procure approximately 1 trillion won worth of PV polysilicon from a subsidiary of South Korea's OCI within 3-5 years. In China, polysilicon price declines narrowed. AIKO initiated the conversion of 11 GW BC cell capacity. It is expected that China's main PV industry chain will undergo capacity rationalization based on the technological capabilities of each segment, with the upstream polysilicon segment emphasizing energy consumption control and the downstream cell and module segment emphasizing conversion efficiency.

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