CITIC Securities' research report highlighted that on September 17, the National Standards Commission issued a draft for public comment concerning the newly revised energy consumption standards for polycrystalline silicon. The revised standards have lowered the comprehensive energy consumption benchmarks for polycrystalline silicon grades 1, 2, and 3 (corresponding to advanced benchmarks, new or renovated/expanded production capacities, and existing production capacities, respectively) from the previous 5, 6, and 7.5 kgce/kg to 5, 5.5, and 6.4 kgce/kg, marking a reduction of 30%-40%. Given the introduction of more stringent energy consumption criteria alongside the simultaneous enforcement of measures such as pricing above cost, capacity acquisition and consolidation, it is anticipated that the photovoltaic industry will witness a gradual implementation of 'anti-involution' policies, leading to a projected rebound in the profitability of the industrial chain. CITIC Securities recommends keeping a close watch on opportunities for strategic positioning at the low point in the photovoltaic sector, with a particular focus on leading companies within each segment and top-tier enterprises driving technological advancements.