Galaxy Securities: Signs of improvement in the fundamentals of the photovoltaic industry are frequent, and the industry is expected to emerge from the bottom of the cycle ahead of schedule.

Galaxy Securities has released a research report stating that the overall market has been sluggish at the beginning of the year. After January 9, the solar energy index has seen a wave of independent upward trends, with the latest excess return reaching 7% compared to the Shanghai and Shenzhen 300 index. However, the valuation (12X) is still at a low point, with the 10-year percentile at 5.3% and a high safety margin.

In the recent period, signs of improvement in the fundamentals are frequent, with N-type acceleration substitution, suggesting that the industry is expected to emerge from the bottom of the cycle ahead of schedule in 24H1. It is recommended to closely monitor the stabilizing and rising trend of prices, as well as the progress of new technology substitution.