China rushed solar installations in 5M25, reaching 198 gigawatts, HSBC Global Research issued a research report saying. As of 9 July, the average selling price of solar glass dropped by 17% MoM/ 31% YoY, reflecting weak fundamentals. However, recent central government policies calling for production cuts may drive industry consolidation, supporting mid-term prices and explaining the recent rebound in the share prices of XINYI SOLAR (00968.HK) +0.010 (+0.341%) Short selling $42.77M; Ratio 25.470% and FLAT GLASS (06865.HK) -0.020 (-0.199%) Short selling $4.40M; Ratio 14.675% .Related NewsPing An Securities: Anti-involution Mkt Condition at Stage of 'Forecast-catalyzed'; Focus on PV/ Construction Materials/ Steel/ Some Light Industry & Textiles SectorsHSBC Global Research expected XINYI SOLAR's 1H25 net profit to decline by 67% YoY, while FLAT GLASS' 2Q25 net profit to drop by 71% YoY but surge by 1.04x QoQ. Therefore, the broker cut its target price for XINYI SOLAR from $4.4 to $4.2, and dropped its target price for FLAT GLASS' H-share from $14.3 to $13.8. HSBC Global Research also reduced its target price for its A-share FLAT(601865.SH) -0.040 (-0.246%) from RMB24.5 to RMB22.6, all of which rated at Buy. Meanwhile, the broker rated XINYI ENERGY (03868.HK) -0.010 (-0.775%) at Hold, and added its target price from $0.9 to $1.3.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-16 12:25.) (A Shares quote is delayed for at least 15 mins.)Related NewsDaiwa Reiterates Ratings at Underperform on FLAT GLASS/ XINYI SOLAR