Latest Developments in The PV Industry Chain in May 2026: Prices Stabilize And Construction Activity Rebounds

1. Core Price Trends

Sector	Product Spec	CNY Price	USD Price	Monthly Trend	Remarks
Polysilicon	N-type dense material	35.5–36.5 CNY/kg	5.22–5.37 USD/kg	Stable	Close to cash cost, low-price stock cleared
Wafer	N-type 182mm	1.0 CNY/pc	0.147 USD/pc	Stable	Mainstream size steady
Solar Cell	TOPCon Cell	0.85–0.88 CNY/W	0.125–0.129 USD/W	Stable	N-type penetration rising
Module	Centralized TOPCon Module	0.71 CNY/W	0.104 USD/W	Stable	Distributed modules have premium

2. Operating Rate & Production Status

2.1 Monthly-on-Month Operating Changes

Segment	MoM Change	Current Operating Rate	Features
PV Module	+7%	65%–70%	Driven by overseas orders
Silicon Wafer	+3%~6.5%	60%–65%	Priority restart for N-type capacity
Solar Cell	+3%~6.5%	58%–63%	TOPCon full production, BC capacity expanding
Polysilicon	+3%~6.5%	55%–60%	Leading firms stable output

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2.2 Capacity Pattern (Q2 2026)

Polysilicon: Annual capacity over 3.5 million tons, annual demand 1.2 million tons, CR5 exceeds 70%.

Silicon Wafer: Total capacity above 1000GW, two leading enterprises occupy over 50% market share.

Solar Cell: Total capacity over 950GW, N-type proportion reaches 45%.

PV Module: Total capacity over 1100GW, global annual demand around 650GW, top brands take over 60% market share.

3. Core Industry Driving Forces

3.1 Domestic Policy Support (To be implemented in June)

New distributed PV grid-connected policy cancels 80% transformer load rate limit, adopts green/yellow/red zone management to greatly release domestic installation demand.

Relevant departments strengthen industry regulation, phase out backward production lines, optimize supply structure and curb vicious price competition.

3.2 Stable Overseas Market Demand

Europe keeps strong energy transition demand, expected annual installation reaches 180GW in 2026.

Southeast Asia & Central Asia become major export destinations with favorable tariff policies.

Large-scale ground power station projects are actively launched in Middle East and Latin America.

3.3 Accelerated Technological Upgrade

N-type products gradually replace traditional P-type products; TOPCon, BC and HJT technologies continue to improve conversion efficiency.

Industrial cost reduction progresses via wafer thinning, silver-saving technology and large-size module popularization.

PV-storage integration becomes mainstream configuration, boosting energy storage market development.

4. Profit & Competition Landscape

Leading integrated PV enterprises narrow losses continuously with gross profit margin rebounding to 5%-8%.

Small and medium-sized manufacturers face operational pressure, backward high-cost capacities keep phasing out.

Industry competition shifts from simple price war to technology, channel and comprehensive solution competition.

Major manufacturers accelerate overseas factory layout to avoid international trade barriers.

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5. Market Outlook(For reference only)

Short term (1-3 months): Product prices will fluctuate at low levels, the whole industry focuses on inventory digestion and steady production recovery.

Mid-long term (6-12 months): Domestic distributed PV demand will erupt with policy implementation; global photovoltaic installation volume keeps growing, industrial profit space will recover steadily, and leading enterprises will further consolidate market advantages.

Information Sources

Price & operating rate data: InfoLink, TrendForce (May 2026)

Capacity & export statistics: China Photovoltaic Industry Association (CPIA)

Policy & industry research: Specialized securities institutional industry reports (May 2026)

Standard exchange rate: Official real-time exchange rate as of May 18, 2026