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The price of photovoltaic products continued to rise. Silicon wafers and battery chips finally rose under the leadership of silicon materials. The decline in silicon materials and the slight decline in component prices indicate that the fundamentals of the industry have not changed. The short-term rush is This round of upward momentum, but because the national policies are complex and changeable and not optimistic, the annual demand is difficult to see rapid growth, and overcapacity is still serious, so we believe that this round of price increases is difficult to sustain in the long run. Inventories are lower than in 2011, but may remain high in the short term. The international PV situation is still complicated and volatile. The Spanish government has suspended subsidies, the British government has cut by one-third, and the German government is still in heated discussions. The double-reverse investigation has not yet announced the results, and it is difficult to be optimistic as a whole. Under the impetus of short-term rush orders, destocking accelerated, and the operating rate of large factories also increased. However, due to the recent bad weather in Europe, heavy snow caused delays in system installation schedule and slowed inventory destocking. If there is a big change in the overseas market including Germany, and the pre-emptive market ends early, the inventory may continue to remain high. Germany's new installations in 2012 may see a significant decline: Germany's PV subsidy policy has changed, and is currently discussing whether to reduce subsidies and reset installation ceilings in advance. The market has already predicted that Germany's new installed capacity will decline in 2012, but if the policy adjustment plan exceeds expectations (such as setting a 1GW installation limit or even canceling subsidies), it will have a greater impact on the entire industry. Nowadays, with the decline in component prices, the cost of photovoltaic power generation in some parts of Germany is close to the user side parity, which is undoubtedly beneficial to the long-term development of the industry. However, the variability of policies and the lack of credit capacity at this stage are the reasons why it is difficult to continue to grow at a high speed in the short term. From the super-expected installed data in December 2011, credit does not seem to be a problem, but we believe that this is the investment of industrial capital in other regions such as Germany and Asia, which is attracted by higher yields. Change, falling yields will weaken this attraction in the short term. If the policy's change expectations are not eliminated, it will continue to trigger a wave of rushing, and leave a period of weakness after the tide retreat until the system cost drops to the point where the project's rate of return is once again satisfied with the capital. Companies that focus on internal strength are more optimistic. At present, the demand for high-efficiency battery chips is booming, and the price recovery is fast. Major companies such as Jingao and Yanhui have indicated that they should vigorously develop battery chips and components. In the period of market downturn, all enterprises pay more attention to cash management, and it is more far-sighted to increase research and development efforts to do internal work. We believe that the photovoltaic industry is still a manufacturing industry. Cost, R&D and management are the most important factors. The long-term price of enterprises is also reflected in this. Therefore, at this stage, we can be optimistic about companies with excellent cost control and strengthening R&D and management. When the market is warming up in the future, the competitive advantage will become more apparent. For A-share PV companies, we still believe that the valuation is not attractive in the short term. If the policy is volatile, then the leading enterprises can make periodic investment, and the overall attention should be paid to the risks.