[Citic Securities: with silicon prices bottoming out, photovoltaic industry production will gradually increase]-- Citic Securities Research report pointed out that recently, the price of solar-grade silicon has dropped to less than 70 yuan / kg, a month-on-month drop of more than 20%. The price of silicon is showing a rapid downward trend. Accordingly, the price of the photovoltaic industry chain has also declined, in which the photovoltaic module has been reduced to nearly 1.4 yuan / W, improving the economy of the photovoltaic power station. We tend to think that the silicon price is bottoming out quickly, and with the bottoming out of the silicon price, the elimination of inventory in the industrial chain and the improvement of installed demand, the industry scheduling will gradually increase. In the short term, we recommend that we pay attention to the auxiliary materials and inverters whose prices have bottomed out and the start-up of installation has brought about an increase in shipments; in the medium to long term, we suggest that we should pay attention to the investment opportunities brought about by overseas markets and technological progress.