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<Research>BofAS Downgrades XINYI SOLAR/ FLAT GLASS to Underperform
Driven by news of production cuts and anti-involution policies, shares of solar glass companies have surged by about 30% since the end of June, according to a research report by Bo...
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<Research>BofAS Downgrades XINYI SOLAR/ FLAT GLASS to Underperform
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Driven by news of production cuts and anti-involution policies, shares of solar glass companies have surged by about 30% since the end of June, according to a research report by BofA Securities.

Over the past two weeks, however, the price of 2mm solar glass has continued to fall to RMB 10.5-10.8 per square meter, a level at which the entire industry is operating at a loss.

In BofA Securities' opinion, even if demand returns to normal in 2026, potential oversupply will continue to weigh on profit margins. It will be difficult to change the oversupply situation unless there is a forced production cut similar to the supply-side reforms of 2016-17.

Given the high valuations, BofA Securities lowered its target price for XINYI SOLAR (00968.HK)  +0.090 (+3.180%)    Short selling $38.80M; Ratio 21.316%   by 12% to HKD2.3, and for FLAT GLASS (06865.HK)  +0.290 (+2.915%)    Short selling $5.65M; Ratio 8.282%   by 42% to HKD7, with both stocks downgraded to Underperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-21 12:25.)

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