[CITIC Securities: The photovoltaic industry shifts to a new stage of high-quality development] On October 20, CITIC Securities pointed out that on October 16, the Ministry of Commerce and the Ministry of Science and Technology solicited opinions on the revision of the "China's Export Prohibited and Restricted Technology Catalog", which included the core technologies and key equipment of the three links of photovoltaic polysilicon, silicon wafers, and batteries. On the same day, the Ministry of Industry and Information Technology released the "Photovoltaic Manufacturing Industry Standard Conditions (2026 Edition)" for comments, fully shifting to the N-type and tightening efficiency and energy consumption thresholds. The two policies are one external and one internal. Externally, the expansion of overseas production capacity is delayed, and internally, the exit of backward and excess production capacity is accelerated. CITIC Securities believes that the photovoltaic industry is shifting from homogeneous price competition to a new stage of high-quality development centered on technology and energy consumption. On the policy side, by improving technical indicators and implementing export restrictions, the survival space of inefficient production capacity is reduced. Advanced production capacity with efficiency and cost advantages is expected to benefit significantly.