China’s annual political season that kicks off next week has always been a closely watched event for people trying to determine where national priorities will lie in the year ahead. The country’s solar manufacturing sector is one group that will be watching the event, known as the “Two Sessions,” with special attention, looking for signs of how Beijing plans to further support the sector mired in cutthroat competition that has resulted in a sea of red ink.
中国下周揭幕的一年一度政治季，向来是外界判断国家优先事项走向的重要窗口。对于深陷恶性竞争、普遍亏损的中国太阳能制造业而言，这场被称为「两会」的盛会更是关注焦点：企业希望从中捕捉北京将如何进一步支撑该产业的讯号。
Adding to the anticipation this year is the expected unveiling of China’s 15th Five Year Plan, which will run from 2026 to 2030, and is expected to include specific discussion on how Beijing will tackle the solar sector’s overheated competition. The anticipation – and resulting current uncertainty surrounding a nascent rebound for the sector – were present throughout the latest earnings report released on Thursday by Daqo New Energy Corp. (DQ.US; 688303.SH), a leading solar materials supplier.
今年之所以更添期待，是因为外界预期北京将公布2026年至2030年的「十五五」规划，并可能就如何治理光伏产业过热竞争作出更具体的论述。这份期待以及围绕产业初现回升但仍不确定的氛围，贯穿了大全新能源（DQ.US；688303.SH）周四发布的最新业绩报告。
The company’s report for the final quarter of 2025 showed the sector that manufactures polysilicon, a key ingredient in solar cells, continued to stabilize at the end of last year after showing signs of bottoming out in the third quarter. Reflecting that, Daqo reported a second consecutive quarter of year-on-year revenue growth, ending a difficult period of 10 straight quarters of sharp contraction.
公司公布的2025年第四季度数据显示，生产太阳能电池关键原料多晶硅的产业，在去年底延续了第三季度出现触底迹象后的稳定态势。反映在业绩上，大全新能源连续第二个季度录得收入按年增长，结束此前连续10个季度大幅收缩的艰难时期。