According to reports, GCL TECH (03800) has seen an increase of over 3%, with a rise of 3.01% to HKD 1.37 and a trading volume of HKD 877 million. Recently, polycrystalline silicon futures prices have rebounded, with the main contract for November 2025 rising for the third consecutive day. According to analysts at CITIC Futures, the draft opinion on energy consumption related to polycrystalline silicon has been released, and subsequent policies regarding inventory and other measures may gradually advance, leaving the market largely influenced by policy expectations. However, the implementation of these policies will take time. Should effective capacity control policies be introduced promptly with a clear path for capacity elimination, bullish sentiment in the market may further intensify. Reports suggest that relevant authorities may issue a document to strengthen control over solar capacity, which would include restrictions on operating rates across the entire industry chain and prohibit the addition of new capacity. Citi's research highlights that supply-side reforms under measures to avoid excessive competition will benefit the domestic solar industry. The firm has assigned a "Buy" rating to major domestic polycrystalline silicon manufacturers, including GCL TECH, expecting these companies to be the primary beneficiaries of the upcoming policies.