Throughout the Spring Festival period, the photovoltaic industry witnessed inventory accumulation across multiple segments, though expectations are high for a post-holiday rebound. Specifically, the price of silicon wafers held steady, while the volume of low-priced orders dwindled. In February, silicon wafer production experienced a month-on-month decline of over 3%, slightly exceeding initial forecasts and resulting in a persistent buildup of inventories among manufacturers. It is projected that, following the holiday, as battery companies restart their operations, silicon wafers will transition into a destocking phase. During the same month, the global production schedule for battery cells by Chinese companies within the sampled group dropped by 11% month-on-month, with a 12% decrease domestically. Downstream procurement activities (reflecting willingness to purchase) remained subdued during the Spring Festival, leading to sluggish domestic transactions and a scarcity of orders. With the April tax refund policy window on the horizon, it is anticipated that the inventory situation for battery cells will show signs of improvement post-holiday.