On February 1, the Shanghai Composite Index fell 064%, the Shenzhen Component Index rose 034%, and the GEM index rose 1%. On the disk, the photovoltaic equipment industry sector rose 127%；*In terms of the daily limit, Aiko shares, Oujing Technology, etc., Maiwei shares, King Kong PV, etc., all have different degrees**. 
Zhongyuan ** said that judging from the annual performance forecast of photovoltaic that has been disclosed, on the one hand, the demand for photovoltaic market at home and abroad is very strong, and all links benefit from the growth of market shipments; On the other hand, due to the large expansion of production in each link, the overall performance of the sector is expected to show a downward trend, and the specific subdivisions are clearly differentiated. In particular, the profitability of the main industrial chain such as silicon wafers, cells, and modules is under pressure, and the profitability of auxiliary materials is better than that of main materials. This round of photovoltaic sector adjustment is huge, and the market trend and the continuous compression of valuation fully reflect factors such as overcapacity, slowdown in installed capacity growth, and redemption. The downturn in photovoltaic products has led to losses in the fourth quarter of silicon wafers, cells, modules, adhesive films and other links, and the liquidation of backward production capacity will accelerate. Considering the supply of new capacity and the exit of backward production capacity, it is expected that the industry will still be in the process of reshuffling, and it will take time for supply and demand to improve. Maintain the industry's "stronger than the market" investment rating, and in the medium term, it is recommended to focus on the leading companies of integrated photovoltaic module factories, photovoltaic glass, inverters, TOPCon and HJT battery equipment. Shanxi ** said that the current photovoltaic installed demand continues to be high, the industrial chain is basically fully stabilized, and the market is currently expecting poor performance in 23Q4 and 24Q1 quarters of the plate target, and is playing the inflection point of 24Q2 performance recovery in advance. The transition from p-type to n-type is the general trend. Key recommendations: Aiko shares, LONGi green energy, Dike shares, Follett, Yonghe Intelligent Control, and actively pay attention to: Jingshan Light Machine, Foster, Tongling shares, Polymerization shares, Jinfu Technology, Bofei Electric, Shichuang Energy, Kuangshun Materials. 
Article**: Oriental Wealth Research Center).