According to a research report by CICC, the photovoltaic (PV) industry is exhibiting subtle signs of recovery, with a promising spring revival on the horizon. Recently, PV prices have witnessed a rebound, primarily attributed to the depletion of silicon wafer and battery inventories following several months of destocking. Amidst the current off-season lull in industry demand, downstream demand is anticipated to gradually pick up post-Spring Festival, driven by pre-festival restocking requirements that will ripple through the supply chain. As the industry continues its destocking efforts, prices across the entire supply chain are expected to climb above cash cost levels. However, substantial further price increases will hinge critically on a notable reduction in inventories, particularly for polysilicon. Estimates suggest that polysilicon inventories may dwindle to less than one month's supply between the fourth quarter of 2025 and the first half of 2026, a period when polysilicon prices are forecasted to escalate further. Furthermore, emerging technologies within the PV sector, including BC, copper paste, and superposed grids, are demonstrating remarkable resilience and potential.