A recent research report by CITIC Securities highlights the pivotal role of photovoltaic conductive pastes in the metallization process of solar cells, which directly influences cell efficiency. Currently, silver paste is the dominant choice; however, the surge in silver paste consumption driven by N-type technology advancements and the escalating silver prices necessitates a pressing need to curtail the cost of silver paste. Consequently, the industrialization of innovative photovoltaic pastes, including silver-coated copper, electroplated copper, and high-copper/pure-copper pastes, is gathering momentum. By 2030, the market size for these new pastes is projected to exceed RMB 15 billion, exhibiting a Compound Annual Growth Rate (CAGR) of approximately 60%. Furthermore, copper paste is anticipated to achieve mass production by the fourth quarter of 2025. CITIC Securities recommends investing in leading enterprises that possess advanced technology and substantial scale.