Hong Kong Stock Volatility | Photovoltaic stocks collectively decline, silver paste price increase pushes up component prices, institutions say Q1 order visibility remains limited

CITIC Securities Finance APP learned that photovoltaic stocks are collectively declining. As of the time of writing, Xinyi Solar (00968) fell 4.18% to HKD 3.44; Xinte Energy (01799) dropped 3.35% to HKD 7.22; Flat Glass (06865) decreased 2.94% to HKD 11.24; JunDa Shares (02865) declined 1.83% to HKD 39.64.

On the news front, in recent years, silver prices have been gradually rising. The increase in silver prices directly drives up the cost of silver paste, which in turn affects the cost of solar cells and modules. According to Galaxy Futures’ analysis on January 30, by the end of January 2026, based on the new silver paste prices, the fully loaded cost of solar cells has increased to over 0.5 yuan/W, a month-on-month increase of about 0.1 yuan/W, and the fully loaded cost of modules has already exceeded 0.9 yuan/W. Notably, since February 2026, silver prices have experienced significant volatility, which has caused the prices of solar cells and modules to decline in real time.

Huaxin Securities analysis states that the execution volume of domestic ground project orders is gradually decreasing, with limited visibility for new orders; the pace of overseas shipments has reversed and strengthened due to the impact of export tax rebates. It is expected that in the first quarter of 2026, shipments will mainly come from overseas markets. Against the backdrop of weak seasonal demand and the recent market atmosphere of rising component prices, procurement attitudes are becoming more cautious, and order visibility for the first quarter of 2026 remains limited.