Photovoltaic stocks experienced a collective decline. At the time of writing, XINYI SOLAR (00968) fell 4.18% to HK$3.44; XINTE ENERGY (01799) dropped 3.35% to HK$7.22; FLAT GLASS (06865) decreased 2.94% to HK$11.24; and DRINDA (02865) was down 1.83% to HK$39.64. The recent downward trend is linked to the gradual increase in silver prices in recent years. Rising silver prices directly elevate the cost of silver paste, a key material, which is subsequently passed on to the cell and module manufacturing stages. According to an analysis by Galaxy Futures on January 30, by the end of January 2026, based on the new price of silver paste, the fully allocated cost of cells had risen to over 0.5 yuan/W, an increase of approximately 0.1 yuan/W compared to the previous period. The fully allocated cost of modules had already exceeded 0.9 yuan/W. Notably, since February 2026, silver prices have experienced significant volatility. Consequently, the prices of cells and modules have also decreased in real-time. Huaxin Securities analysis indicates that the volume of executed orders for domestic ground-mounted projects is gradually declining, with limited visibility for new orders. Conversely, overseas market procurement momentum has strengthened due to the impact of export tax rebates. It is anticipated that shipments in the first quarter of 2026 will be primarily driven by the overseas market. Against the backdrop of seasonally weak demand and the recent market atmosphere of rising module prices, procurement attitudes have become more cautious. Order visibility for the first quarter of 2026 remains notably insufficient.