The latest industry data shows that the average selling price (ASP) of photovoltaic (PV) glass products of leading companies has fallen below the production cost since November 2024, HSBC Global Research issued a research report saying. Weak product prices, higher costs and asset impairments brought short-term profit pressure on the PV glass industry, and it is believed that producers' earnings in 1Q25 will continue to be under pressure.Related NewsCCBI Lowers XINYI SOLAR (00968.HK) TP to $3.6; Solar Glass Profits May Rebound in 2Q25HSBC Global Research lowered its 2024-2026 profit forecasts for XINYI SOLAR (00968.HK) -0.010 (-0.311%) Short selling $22.53M; Ratio 31.321% by 20-67%. The broker also reduced its PV glass shipment forecasts by 2-13%, and raised its production cost forecasts by 3-4% for the same period. The broker cut its target price from $3.4 to $3.2, with rating at Hold as it remained cautious on the development of its polysilicon business.HSBC Global Research also dropped its 2024-2026 PV glass shipment forecasts for FLAT GLASS (06865.HK) -0.080 (-0.658%) Short selling $2.18M; Ratio 13.122% by 2-10%, and profit forecasts by 16-47%. The broker cut its target price from $16.4 to $15.5, with rating kept at Buy, as the stock is still its top pick in the long run when the industry turns around.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-01-09 12:25.)