Solar stocks in Hong Kong experienced a collective downturn. As of press time, TRIUMPH NEW EN (01108) fell 3.94% to HKD 4.15, XINTE ENERGY (01799) dropped 3.14% to HKD 8.03, XINYI ENERGY (03868) declined 3.88% to HKD 1.24, FLAT GLASS (06865) slid 2.77% to HKD 11.93, and XINYI SOLAR (00968) dipped 2.72% to HKD 3.57.

The decline follows remarks by Tongwei Group Chairman Liu Hanyuan, who advocated for a "silicon material reserve" strategy. Liu emphasized the need for industry consensus on avoiding overcapacity and antitrust concerns, while maintaining some redundant capacity to adapt to demand fluctuations. He asserted that such reserves would not violate antitrust regulations and should not deter upstream consolidation.

Nomura's research report noted that while mid-term industry self-discipline could sustain high utilization rates, boost price recovery, and improve profitability, short-term challenges persist. Elevated inventory levels and seasonal weakness in downstream demand continue to pressure product prices. The report forecasts November polysilicon output to drop by 20,000 MT month-on-month to 120,000 MT, wafer production to decrease 5% MoM to 57GW, and battery output to decline 2% MoM to 57GW.