Solar stocks fell broadly, with FLAT GLASS (06865) declining 7.24% to HK$10.76, XINYI SOLAR (00968) dropping 6.13% to HK$3.37, XINYI GLASS (00868) falling 5.38% to HK$8.61, and XINTE ENERGY (01799) decreasing 4.18% to HK$7.8 as of press time.

On the news front, Document No. 136 issued at the beginning of the year triggered an installation rush, with new solar capacity additions doubling year-over-year and raising industry expectations for full-year installations. However, the installation rush concluded at the end of May, with June, July, and August installations continuously hitting new lows and month-over-month declines expanding.

Guosen Securities noted that future profitability of solar companies will primarily depend on the pace of capacity clearance and solar installation demand following the marketization of grid electricity prices. Nanhua Futures indicated that for polysilicon, from a timing perspective, the market has already factored in the September solar reserve platform's failure to materialize, though rumors suggest the platform may launch in mid-October, warranting close attention to solar conferences and market developments.

Additionally, as November approaches, the market will gradually enter the concentrated cancellation period for November polysilicon warehouse receipts as stipulated by the Guangzhou Futures Exchange. If buyers lack the willingness to take delivery at that time, the PS2511 contract may face significant position-closing pressure.