CITIC Securities: Expect the photovoltaic cell module industry’s "anti-involution" to potentially accelerate

CITIC Securities research report points out that, against the backdrop of a sharp rise in silver prices, leading manufacturers of photovoltaic cell modules are expected to accelerate the replacement of precious metal pastes, driving increased industry cost differentiation. Coupled with the ongoing upgrade of demand towards high-efficiency products, lagging capacities may face accelerated淘汰 pressure. At the same time, Aiko股份 has taken the lead in initiating the first move to combat internal competition in the photovoltaic industry’s intellectual property, with leading companies possessing core technologies and patent advantages expected to stand out. It is anticipated that the “anti-internal competition” trend in the photovoltaic cell module industry will accelerate, recommending leading manufacturers in modules, pastes, and equipment.