For the recently registered Beijing Guanghe Qiancheng Technology Co., Ltd., the association pointed out: " It marks the official landing of the long-brewing'polysilicon capacity integration and acquisition platform 'in the photovoltaic industry." It
is revealed in the article that the platform intends to adopt the innovative mode of "walking on two legs" and implement the dual-track mode of "debt-bearing acquisition + flexible utilization of production capacity", aiming at promoting the development of the platform through the mechanism of marketization and legalization. Referring to the successful experience of Japan's cement industry and China's electrolytic aluminum industry in resolving the mismatch between supply and demand in history, through the path of "government guidance + industry coordination + market-oriented mergers and acquisitions", and taking the source link of the industrial chain as the starting point, this paper explores and rectifies the problem of "involution" vicious competition in the whole industry.
China Photovoltaic Industry Association deeply studied and implemented the spirit of the Central Economic Work Conference, deeply analyzed the current development situation of the industry, systematically deployed the next stage of work, and concentrated on helping the industry continue to rebound.
According to the data from the National Energy Administration, in the first 10 months of this year, the newly installed capacity of PV in China reached 252.87GW, an increase of more than 39.48% over the same period last year; the monitoring of China Photovoltaic Industry Association found that the spot price of silicon materials rose from 35,400 yuan/ton to 53,600 yuan/ton, and the average bidding price of modules rose steadily.. According to the latest statistics from the National Bureau of Statistics, in November this year, "
Dilemma and Breakthrough: The "involution" competition of photovoltaic involution deep governance logic
, which has been frequently mentioned in the economic field in recent years, is now placed at the core of the reform by the Central Economic Work Conference. The essence of "involution" is the distortion of market order and resource allocation efficiency, and the key to governance is to build a unified market, eliminate local protection, and let the market return to fair competition.
For the photovoltaic industry, "involution" means a serious imbalance between supply and demand and price stampede. In order to compete for market share, enterprises fall into a vicious circle of low prices, which leads to the erosion of the profit margin of the whole industry and endangers the foundation of long-term innovation of the industry. The root of the
problem lies in the imbalance between supply and demand, which requires more efforts to boost demand from the demand side and promote the dynamic balance between supply and demand at a higher level. Over the past year, the photovoltaic industry has launched a fundamental self-help and innovation to solve the dilemma. Under the leadership of China Photovoltaic Industry Association, an information monitoring and pulling mechanism covering the whole industry chain has been established.
Theory and Practice: From Price Repair to Pattern Reshaping
Through self-discipline adjustment in the past year, China Photovoltaic Industry Association has established a transparent mechanism for industrial chain information to make enterprises'independent decision-making feedback to the market faster and more scientific, essentially helping enterprises overcome market failure through more transparent data. The industry will be pulled from the "Nash equilibrium" of disorderly competition to the "Pareto improvement" of mutually beneficial cooperation.
In-depth study, implementation and implementation of the Party Central Committee's decision-making plan of "thoroughly rectifying the" involution "competition" and "building a unified national market", and further understanding the boundary between "effective market" and "promising government" from the top-level design, China Photovoltaic Industry Association is under the guidance of top-level design combination boxing. In order to reshape a market economy environment of "high quality, high price and benign competition", the focus of enterprise competition should return from the simple marginal cost game to the original track of creating real social value through technological innovation, management efficiency and business model.
After obtaining the real information of the market and industry provided by China Photovoltaic Industry Association, the leading enterprises in the industry took the lead in reducing the start-up rate spontaneously and rationally according to the real information of the market. This spontaneous behavior based on information transparency was quickly transmitted to the market terminal. With the gradual rise of product prices, the self-discipline efforts of enterprises in the photovoltaic industry began to achieve substantial results. According to the statistics of China Photovoltaic Industry Association, during the period from January 2025 to November 2025, 140 tender projects (with a total capacity of 116.69 GW) and 109 bid-winning projects (136) were tracked.
The recovery of market confidence is also intuitively reflected in the data curve. Taking the silicon material sector as an example, the average transaction price of N-type re-feeding has risen from 35400 yuan/ton in early July to 5. The average capacity utilization rate of silicon wafer sector has been maintained at 38.7%, and that of battery sector has been maintained at about 45.7%. The component link is maintained at 48. In the interpretation of PPI data in November, it is clearly pointed out that "the effect of comprehensive rectification of" involution "competition is obvious", among which "the manufacturing price of photovoltaic equipment and components decreases year on year.. It has been narrowing for several consecutive months. On November 13,
2025, CCTV News Channel specially broadcasted that the self-discipline of China's photovoltaic industry has achieved positive results. In view of the imbalance between supply and demand and the "involution" competition in China's photovoltaic industry, enterprises in the industry have worked hand in hand for more than a year to actively promote self-discipline, with remarkable results.
In addition, as of November 30, 2025, 136 A-share listed companies (including 31 main industrial chains, 33 auxiliary materials, 28 equipment, 14 inverters, 30 photovoltaic power generation) and 2 Hong Kong-share listed companies. The total market value of photovoltaic enterprises gradually increased to 2,967.960 billion yuan, an increase of 39.57% compared with April. Among them, the market value of polysilicon enterprises increased significantly, reaching 28.399 billion yuan, an increase of 52% compared with April.
Recently, Beijing Guanghe Qiancheng Technology Co., Ltd. completed its registration, marking the official landing of the long-brewing "polysilicon capacity integration and acquisition platform" in the photovoltaic industry. This industrial governance innovation, which is jointly guided by relevant competent departments and initiated by several leading enterprises, is regarded as one of the keys to crack the vicious competition of photovoltaic "involution". The platform intends to adopt the innovative mode of "walking on two legs" and implement the dual-track mode of "debt-bearing acquisition + flexible utilization of production capacity", aiming at resolving the mismatch between supply and demand through the mechanism of marketization and legalization, referring to the successful experience of Japan's cement industry and China's electrolytic aluminium industry in history, and through the path of "government guidance + industry coordination + market-oriented mergers and acquisitions". It is of great strategic value to explore and rectify the vicious competition of "involution" in the whole industry by taking the source link of the industrial chain as the starting point. At the economic and financial level, the platform undertakes tens of billions of yuan of potential debt, which can help resolve the crisis between banks and suppliers, promote the price to return to a reasonable range, and restore the "hematopoietic" function of the whole industrial chain. At the industrial strategic level, it can reverse the dilemma of loss-making export and "internalization and externalization", and enterprises can continue to invest in R & D after making profits, so as to consolidate the global core competitiveness; At the level of institutional innovation, as a governance exploration under the combination of "effective market + promising government", if successful, it can provide a replicable model for other industries deeply involved in vicious competition.
Navigation and positioning: from local self-discipline to the whole country, a
single spark can start a prairie fire. The spark of self-discipline in the photovoltaic industry needs the east wind of macro-policy to start a prairie fire. The initial results of the photovoltaic industry coincide with the rapid development of the system construction of "involution" at the national level. The Central Economic Work Conference
in 2025 not only focused on "in-depth rectification", but also put forward a systematic governance path, including "formulating regulations for the construction of a unified national market" and "formulating and implementing plans for further deepening the reform of state-owned enterprises".
On the whole, although it is a continuation of the previous meeting of the Political Bureau of the Central Committee, there is no unexpected stimulus policy for the industry, but it explicitly mentions such issues as "anti-involution, price rebound", which is a further sublimation of the previous decision-making and deployment. As early as October this year, the newly revised Anti-Unfair Competition Law was formally implemented, which has targeted the "involution" competition and explicitly prohibited the compulsory low-price dumping of platforms, aiming at building the cornerstone of the rule of law in the unified national market.
At the same time, SASAC put forward new requirements for the development of state-owned enterprises in the "15th Five-Year Plan" period, emphasizing the need to "break the thinking pattern, get rid of path dependence" and achieve breakthrough development. The reform of state-owned enterprises is expected to play a "leading" and "stabilizer" role in stabilizing the market and leading innovation, which coincides with the market practice that the central state-owned enterprises take the lead in the rational recovery of component bidding prices in the photovoltaic industry.
Drawing a New Blueprint: From Cost Competition to Value Creation
The short-term stabilization of the PV industry is not the end point, but a new starting point for high-quality development. When looking forward to 2026, colleagues in the photovoltaic industry must also hope that enterprise competition will return to the source of value, from "price war" to "value war". The core driving force of
this transformation is innovation drive. As the Central Economic Work Conference has deployed, we should "adhere to innovation-driven, step up the cultivation and expansion of new momentum", and strengthen the dominant position of enterprises in innovation, so as to build a moat with differentiated technology. Another dimension of
value creation is to build a strong domestic market. The Central Economic Work Conference put this task at the top of the eight priorities for next year. For the photovoltaic industry, this means that the domestic demand market should not only pursue the "scale" of installed capacity, but also pay attention to the "quality" of integration with the new power system, as well as the diversified innovation of downstream application scenarios. From December 17 to 18,
2025, the ancient capital of Xi'an will hold the 2025 Annual Conference of Photovoltaic Industry sponsored by China Photovoltaic Industry Association, whose significance goes far beyond the industry inventory. It is believed that when the delegates enter the venue, the industrial ship behind them has calibrated its direction-from the "Red Sea" of disorderly expansion to the "Blue Sea" of innovation and value creation.
Let's stay until spring and enjoy the flowers together.
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