[SMM PV] Policy Dividend Period Has Ended, Market Officially Enters New Phase of "Supply-Demand Determines Price"

On May 14, Hong Kong-listed PV stocks fell collectively. Among them, CECEP Solar Energy (00182.HK) plunged over 7%, Flat Glass (06865.HK) dropped over 5% to hit a new periodic low, GCL New Energy (00451.HK) fell 3%, Xinyi Glass (00868.HK) declined over 2%, Xinte Energy (01799.HK) and Xinyi Solar (00968.HK) each fell 1.9%, and Fuyao Glass (03606.HK) slipped 1.4%.

Looking back at the previous PV market trends, export tax rebates have long been a key profit support for PV enterprises, while industry self-disciplined production cuts served as an important lever for stabilizing product prices across the industry chain. Entering 2026, as the two major policy supports — export tax rebates and industry-coordinated production controls for price stabilization — have gradually been withdrawn, the policy floor effect has weakened. Going forward, the pricing of the entire PV industry chain will be increasingly driven by the market's own supply-demand pattern.