Many mid-level executives of solar companies also mentioned to the reporter that, after Spring Festival, production volumes of each company increased significantly and delivery speed was also relatively fast. In the fourth quarter of last year, the German market rebounded massively. Installation volume in December alone reached over 1GW, so inventory of many photovoltaic module enterprises has dropped significantly by around January this year, leading to an increase in current photovoltaic shipments. Analyst Chen Long from Minsheng Securities pointed out that the industry's overall inventory has dropped dramatically to below 7.3GW, the lowest since the first quarter of 2011. In the third quarter of 2011, the industry's inventory was at 10GW. The existing operating rate of domestic first-tier manufacturers remains at about 90%, higher than the 70% in the fourth quarter of last year. The operating rate of second-tier manufacturers has also risen from 40% in the fourth quarter of last year to a high of 70% now. Reporters learned from large companies such as Suntech Power and Jinko Solar that production lines are basically fully loaded. Worth noting is that battery module prices have also increased during this phase. Currently, the price of polycrystalline silicon battery modules is around $0.8/W, while monocrystalline silicon battery modules are priced at approximately $0.95/W. These two products have increased by 5%~10% from their lowest point last year. However, all parties maintain a cautious attitude towards the current explosive market conditions. The rebound momentum in February may just be a temporary phenomenon. If policies of various countries are fully implemented, photovoltaic product prices might still decrease this year because investors will inevitably press for lower prices in pursuit of higher returns. "The global photovoltaic module capacity has reached about 50GW. If the market continues to grow while subsidies in various countries decline, many small and medium-sized enterprises will return, competing for markets originally belonging to large enterprises with lower costs, cheaper prices, and faster delivery methods," Mr. Liang said. Content.