Hong Kong Stock Concept Tracking | 12% increase! What signals did the joint price increase of the Big Four in the photovoltaic silicon wafer sector release? (with concept shares)

The Zhitong Finance App learned that important news has come from the photovoltaic industry chain. On the afternoon of December 25, according to market news, four leading silicon wafer companies jointly raised their prices. 183N silicon wafers reported 1.4 yuan/sheet, 210RN reported 1.5 yuan/sheet, and 210N reported 1.7 yuan/piece, with an average increase of 12%. Some reporters have confirmed the news from several silicon wafer manufacturers. The industry generally believes that the sharp increase in upstream silicon prices (the price of mainstream new orders exceeds 65,000 yuan/ton) is the core driving force behind this price increase.

According to data from industry consulting agency InfoLink, the average price increase of each type of silicon wafer was between 3.3% and 9.8% this week. The agency pointed out that while most silicon wafer companies still have room for further price increases, the willingness to ship is clearly low at this stage, and the market generally adopts a strategy of controlling goods. Overall, as self-regulation issues continue to expand, it is not ruled out that silicon wafer prices will maintain a strong trend in the short term. InfoLink data does not yet reflect the latest price adjustments on December 25.

Furthermore, as the core raw material for silicon wafer production, the price trend of polysilicon directly determines the production cost of silicon wafers. According to the data, most polysilicon companies have now raised the price of the new order to more than 65,000 yuan/ton, an increase of more than 20% compared to the previous actual transaction price. Although the market is temporarily in a “priceless” standoff, silicon companies are extremely willing to raise prices. Judging from the cost structure, silicon accounts for 48% of silicon wafer production costs, which is the most critical factor affecting silicon wafer pricing. Large fluctuations in upstream raw material prices directly affect the profit margins of silicon wafer companies. The current collective price increase by silicon wafer companies is essentially an inevitable result of downward transmission of cost pressure in the industrial chain. It is also an active adjustment of silicon wafer companies to cope with rising costs and repair profits.

It is worth noting that the current increase in silicon wafer prices is also compounded by the dual support of industry supply contraction and policy guidance. Since 2025, the “anti-internal roll” process in the photovoltaic industry has continued to advance, and polysilicon companies have taken the initiative to cut production autonomously, leading to the first year-on-year decline in polysilicon production since 2013. The year-on-year decline in January-October production reached 29.6%. At the same time, the PV storage platform, which was jointly initiated by 10 leading companies including Tongwei and GCL, was officially launched to guide industry prices back to a reasonable range through market-based means, providing policy-level support for stabilizing the prices of silicon materials and silicon wafers. Under the dual effects of supply contraction and cost support, the bargaining power of silicon wafer companies has increased markedly, and some companies have even adopted commodity control strategies, further boosting the upward price trend.

Some industry insiders say that this is not the first time that the price of silicon wafers has risen since this round of reversal, but the four biggest silicon wafers have jointly raised prices, and the price increase is quite significant, reflecting “industry self-discipline” in the anti-roll process. This is an active price increase. The purpose is to improve the profitability of the silicon wafer industry.

In terms of the photovoltaic industry chain, CICC released a research report saying that the main photovoltaic industry chain gradually bottomed out or even improved in the second half of 2025 with the help of anti-internal affairs, but improvements in financial statements slowed down marketability. Therefore, continuous promotion of anti-domestic sales is imperative, and module surplus prices may be the core. Although industry demand gradually weakens in 2026, supply-side backlash and leading enterprise alpha will help some companies turn losses into profits. Installed energy storage will increase consumption capacity, and PV demand is expected to recover in the mid to late 15th Five-Year Plan period. Due to prominent photovoltaic consumption problems, it has forced the marketization of domestic electricity and the development of regulated power sources, and energy storage resonates with the domestic and international economy.

China Galaxy Securities released a research report saying that early policies continued to be introduced to comprehensively rectify and counter internal affairs in terms of “regulating price behavior” and “orderly withdrawal of backward production capacity.” Photovoltaics is one of the key “anti-domestic” industries in China. Policy relief or technology iteration is expected to accelerate supply clearance, silicon materials will lead to profit recovery, and the entire industry is expected to reverse losses in 2026. 26Q2 may see the light of day.

Related concept stocks:

GCL Technology (03800): In December, BOC International released a research report stating that it is optimistic that GCL Technology (03800) has a clear profit advantage in granular silicon, that low electricity consumption is in line with policy guidelines. The industry's “anti-internal circulation” is driving up polysilicon prices. If production capacity storage can be implemented, it will drive the price to rise further, with a target price of HK$1.54. The bank gave the Mainland's new energy and utilities industry a leading rating. After the policy promoted a round of rush to install in the first half of 2025, the bank expects the peak installed season in the mainland to be mild throughout the year compared to previous years, but it maintains the forecast that total installed capacity for the whole year will reach a record high.

TCL Central (002129.SZ): Large silicon wafer faucet, N type accounts for a high proportion, has strong operating rate control and price conductivity, or is the first to benefit from price increases.

Jinyang New Energy (01121): According to public information, in September 2024, Jinyang New Energy established a joint venture with Juneng Electric Power (Junshi Energy) and Longji Green Energy to upgrade four PERC production lines at Longji's Xi'an Aerospace Industrial Base to HBC production lines. In addition, Jinyang New Energy disclosed in April 2025 that Fujian Jinshi (Junshi Energy) and Yiwu Jingao plan to set up a joint venture to upgrade 4GW PERC production capacity to HBC production capacity. Jinyang New Energy will provide the joint venture with the right to use patented HBC battery technology.

Xinte Energy (01799): Xinte Energy announced that on September 12, 2025, the company, the testing company, Tianchi Energy, and the target company Xinjiang Silicon-based New Materials Innovation Center Co., Ltd. signed a capital increase agreement. Based on this, Tianchi Energy agreed to increase the capital of the target company by RMB 35 million with monetary capital as the registered capital of the target company. After the capital increase is completed, the Group and Tianchi Energy will respectively hold about 61% and 39% of the target company's shares, and the target company will continue to be a subsidiary of the company and its financial statements will continue to be consolidated into the group's comprehensive financial statements.