CITIC Securities PV Investment Strategy for 2025: It is expected that the industry chain volume and

CITIC Securities Research Report stated that with the volume, price and profit of the photovoltaic industry chain hitting the bottom, the demand side is expected to gradually recover and grow steadily, and the supply side is expected to benefit from the implementation of potential reform policies through administrative constraints, self-disciplined production restrictions and market-based clearance, and the industry is expected to usher in a fundamental recovery. In the short term, it is expected that with the arrival of the peak season at the end of the first quarter of 2025, the volume and profit of the industry chain are expected to rebound; in the medium term, with the accelerated substantial clearance of backward production capacity, the photovoltaic supply side is expected to be gradually restructured in the second half of 2025, and leading manufacturers with advantages in technology, cost, capital and global solution service capabilities are expected to take the lead in leading the industry reversal.