Big News in Photovoltaics! Multiple concept stocks have hit their daily limit. On March 25, 2025, the latest impacts from the surge in solar installations have led to a continuous rise in supply chain prices. Recent data indicates that the spot price for mainstream distributed solar components has surged to 0.8 yuan/W, a remarkable increase of over 33% compared to the low of 0.6 yuan/W at the end of 2024. The price for Longi Green Energy’s Hi-MOX10 anti-dust components has reached between 0.85 yuan/W and 0.9 yuan/W, marking a two-year high. Huatai Securities believes that the recovery in both domestic and international demand, industry self-discipline, and supply-side policies are likely to catalyze this market trend.
According to information from InfoLink Consulting, there has been a consistent price increase across various downstream products in the supply chain. With significant policy changes set to occur on April 30 and May 31, the industry is experiencing a rush to install solar systems. This has created a tight supply chain, with some downstream distributors reporting very limited stock of components, especially larger-sized modules that are largely sold out and require pre-orders to secure.
As reported on March 25 by Securities China, InfoLink Consulting noted that the prices for silicon wafers have been climbing steadily due to the strong demand from the “430” and “531” installation deadlines, alongside price increases in the battery segment. While there have been a few high-priced orders at around 0.78 yuan/W to 0.8 yuan/W, there have yet to be large volume transactions.
According to the latest data from InfoLink, the spot price for mainstream distributed components has risen to 0.8 yuan/W, reflecting a staggering increase of over 33% from the low of 0.6 yuan/W at the end of 2024. Additionally, Longi Green Energy’s Hi-MOX10 anti-dust components have reached a record high between 0.85 yuan/W and 0.9 yuan/W.
Prices for upstream N-type battery cells, silicon wafers, inverters, adhesive films, EVA, and photovoltaic glass have also seen varying degrees of increase. The average price of 182*210mm TOPCon battery cells has risen for five consecutive weeks, with an increase of 0.05 yuan/W. G12RN silicon wafers have experienced two price hikes this March, totaling 0.1 yuan/W. Additionally, the price of photovoltaic-grade EVA has increased by 248.57 yuan per ton over the past two weeks.
Furthermore, InfoLink reports that the price of silicon materials is also expected to rise, with forecasts suggesting that March prices will settle between 39,000 yuan/ton and 42,000 yuan/ton. Due to domestic policy influences, there is a surge in installations, particularly in the distributed market, leading to a significant increase in orders from March to April.
Key dates to note are April 30 and May 31. In January of this year, two new policies for distributed photovoltaics were announced: the Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation and the Notice on Deepening the Market-Oriented Reform of New Energy Power Generation Pricing to Promote High-Quality Development of New Energy. According to the management measures, projects completed and connected to the grid by April 30 that are under 20 MW can still sell power at full capacity. Projects connected after this date will only be able to use self-generated power or sell a portion of their output.
The 136th notice stipulates that starting May 31, 2025, all newly added distributed photovoltaic projects must transact through the electricity spot market, marking a significant transition for new projects entering the market.
In addition to these policies, the recovery of international markets is also driving price increases in the supply chain. Europe, in particular, has seen a reduction in inventory levels and a surge of new projects in Eastern European countries, making the European market for 2025 appear promising. The photovoltaic procurement confidence index has soared.
Huatai Securities anticipates that the recovery in both domestic and international demand, along with industry self-regulation and supply-side policies, will collectively stimulate market activity, with photovoltaic sector valuations currently at a low point, awaiting the implementation of supply-side policies.
Additionally, a recent announcement from the photovoltaic giant Trina Solar has garnered attention in the industry. On March 23, Trina Solar announced that its National Key Laboratory for Photovoltaic Science and Technology has achieved a breakthrough with a newly developed 210 large-size perovskite/silicon tandem solar cell module (with an area of 3.1 m²) that has received certification from TÜV SÜD, reaching a peak power of 808W. This marks the world’s first industrial-standard photovoltaic module to surpass the 800W threshold, setting a new world record and representing a significant advancement in perovskite/silicon tandem technology.
As of March 25, several photovoltaic concept stocks, including LanShi Heavy Equipment and WangZi New Materials, have reached their daily limit in the secondary market.
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