According to CLSA's research report, the solar industry not only saw dull investment sentiment in 2Q25 but also logged a decline in the average selling price of PV products, which the broker believes were due to market expectations of weak demand in 2H and sluggish progress in potential supply-side reforms.While viewing the authorities' opposition to the prevalent disorderly competition in the industry as a positive signal, CLSA maintained a cautious view on PV demand. It is still waiting for more catalysts or policy measures from the supply side to stimulate industry recovery.Related NewsUBS: 10-20% Output Cuts by Solar Glass Makers ReasonableIn CLSA's estimate, future policies introduced by the authorities will involve key areas such as energy consumption control, conversion efficiency, and production quotas. Within the industry, it expects GCL TECH (03800.HK) +0.070 (+6.667%) Short selling $136.37M; Ratio 10.749% , XINYI SOLAR (00968.HK) +0.130 (+4.727%) Short selling $111.74M; Ratio 20.052% , and FLAT GLASS (06865.HK) +0.260 (+2.653%) Short selling $23.51M; Ratio 14.059% to be potential beneficiaries, all rated as Outperform.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-04 16:25.)