September 1, 2025 11:07 PM GMT Global Solar China's Anti-Involution: Implications for the Global Solar Value Chain We think the consolidation of China's main solar value chain will be achieved in a more commercial and market-oriented way, with moderate government guidance. We believe the recovery pace will largely hinge on the progress of the polysilicon industry consolidation. We do not expect a substantial price recovery and profitability turnaround along the value chain in the medium term amid the lacklu ...