Solar stocks saw broad declines today. As of press time, XINYI GLASS (00868) fell 5.44% to HK$8.51, XINYI SOLAR (00968) dropped 3.98% to HK$3.14, XINTE ENERGY (01799) declined 2.96% to HK$7.20, and FLAT GLASS (06865) slipped 2.63% to HK$10.01.

Industry data shows that China's PV module output in November 2025 decreased by 2.43% month-on-month. A research report noted that domestic installations in December fell short of corporate expectations, while rising module prices triggered resistance among downstream buyers, leading to an increase in domestic inventory levels. Overseas demand also weakened significantly due to seasonal factors and fading export tax rebate effects, prompting companies to reduce production plans.

Industry consultancy InfoLink highlighted that despite significant production cuts in the cell segment, weak end-demand remains unresolved. Some cell manufacturers may further reduce output amid market volatility. Market sentiment remains cautious this week, with price trends pending the outcome of upstream-downstream negotiations. Short-term cell prices are expected to stabilize.