According to the Huatai Securities Research Report, on July 22, the specific rules of the three mandatory national standards “Energy Consumption Limits for Silicon Polysilicon and Germanium Products”, “Energy Efficiency Limits and Energy Efficiency Levels for Crystalline Silicon Photovoltaic Modules and Inverters”, and “Energy Consumption Limits per Silicon Single Crystal Product” were revealed and will be implemented on January 1, 2027. In terms of energy efficiency ratings, the energy consumption rating requirements for silicon materials have exceeded expectations, and the requirements for level 3 standards have been tightened compared to the draft solicitation of comments on September 16, 2025. The issuance of mandatory national standards means that the rigid entry threshold for the four main chains of silicon, silicon wafers, batteries, and components will be raised. Huatai Securities reiterated its optimism that the year-on-year pressure on the PV demand side will ease in the second half of 2026, and that mandatory national standard measures will accelerate supply-side clearance in 2027. They are optimistic: silicon leaders that have stocks of efficient production capacity and still meet standards under the “contraction circle” of energy consumption requirements. Battery modules with stronger technical properties in the main chain, and the auxiliary materials chain are expected to take the lead in improving profits.

According to the Huatai Securities Research Report, on July 22, the specific rules of the three mandatory national standards “Energy Consumption Limits for Silicon Polysilicon and Germanium Products”, “Energy Efficiency Limits and Energy Efficiency Levels for Crystalline Silicon Photovoltaic Modules and Inverters”, and “Energy Consumption Limits per Silicon Single Crystal Product” were revealed and will be implemented on January 1, 2027. In terms of energy efficiency ratings, the energy consumption rating requirements for silicon materials have exceeded expectations, and the requirements for level 3 standards have been tightened compared to the draft solicitation of comments on September 16, 2025. The issuance of mandatory national standards means that the rigid entry threshold for the four main chains of silicon, silicon wafers, batteries, and components will be raised. Huatai Securities reiterated its optimism that the year-on-year pressure on the PV demand side will ease in the second half of 2026, and that mandatory national standard measures will accelerate supply-side clearance in 2027. They are optimistic: silicon leaders that have stocks of efficient production capacity and still meet standards under the “contraction circle” of energy consumption requirements. Battery modules with stronger technical properties in the main chain, and the auxiliary materials chain are expected to take the lead in improving profits.