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中国光伏：追踪盈利拐点-9 月多晶硅、玻璃价格超预期，但下游库存积压或致逆转-China Solar_ Tracking profitability inflection_ Sep Poly_Glass price above expectation, but likely to be reversed as downstream inventory piles up
2025-09-29 02:06
29 September 2025 | 7:24AM CST Equity Research CHINA SOLAR: TRACKING PROFITABILITY INFLECTION Sep Poly/Glass price above expectation, but likely to be reversed as downstream inventory piles up Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in Sep MTD: Jacqueline Du +852-2978-1783 | jacqueline.du@gs.com Goldman Sachs (Asia) L.L.C. c ...