GCL TECH (03800) saw its stock rise more than 4% in early trading, adding 3.47% to HKD 0.745 with a turnover of HKD 124 million.

Market reports indicate that eight major polysilicon leaders gathered in Shanghai on August 6, signing an "Anti-Internal Competition Initiative" and collectively pledging: all product prices must not fall below full production costs, with companies monitoring and reporting each other; additionally, strict new energy consumption standards will be enforced, with proactive elimination of high-energy, outdated capacity. The total capacity of these firms is estimated at approximately 285 million tons, accounting for over 80% of the industry's share.

According to a research note from Galaxy Futures, as polysilicon futures prices rise to the full cost level of manufacturers, the hedging enthusiasm of polysilicon enterprises will increase significantly, thereby placing greater hedging pressure on the December contract. The base for the near-month contract is essentially set, and under the framework of producers selling no lower than cost, medium-term inventory could be gradually cleared if the near-month futures price falls below 37,000 yuan per ton. In the short term, polysilicon producers are resolute in pushing prices higher.