Solar stocks in Hong Kong continued their downward trend. At the time of writing, XINTE ENERGY (01799) fell 3.96% to HK$7.03, XINYI SOLAR (00968) dropped 3.33% to HK$2.9, FLAT GLASS (06865) declined 2.64% to HK$9.57, and FUYAO GLASS (03606) slid 1.73% to HK$65.2.

The solar industry association confirmed the establishment of a capacity reserve platform under the company "Guanghe Qiancheng." Market rumors suggest that major solar enterprises will inject approximately RMB 30 billion into the platform for capacity reserve operations.

According to Cinda Futures, after months of market speculation, the platform has finally materialized. Although the funding amount may fall short of the initially projected RMB 70 billion, it marks a substantial step in addressing industry overcapacity.

Dongzheng Futures noted that the gross margin for solar glass further contracted last week, currently standing at around -13.56%. With winter gas pricing taking effect, production costs have risen, while solar glass prices continue to decline, exacerbating industry losses.

Given weak downstream demand and a significant supply-demand imbalance, solar glass prices are expected to face further downward pressure in the near term.