The demand for photovoltaic (PV) modules weakened in May, with leading manufacturers cutting production by over 10%. Meanwhile, second- and third-tier manufacturers resorted to price reductions and inventory liquidation strategies. The peak of domestic inventory restocking is nearing its conclusion, and overseas market demand is experiencing fluctuations. Specifically, European market prices remain unstable, India's import demand has declined, and while the United States has witnessed an uptick in imports spurred by exemption policies, DDP prices have surged.