Core Viewpoint - The recent sharp decline in the stock price of Canadian Solar (阿特斯) highlights the fragility of market sentiment in the photovoltaic sector, exacerbated by rumors regarding industry challenges and the failure of key initiatives [1][2]. Group 1: Stock Performance - On November 12, Canadian Solar's stock price dropped by 14.33%, closing at 20.56 yuan, with a trading volume exceeding 58 billion yuan [1]. - The stock experienced a significant rise from a low of 12.3 yuan on October 29 to a peak of 24.28 yuan on November 11, nearly doubling in value within ten trading days [1]. - Following the initial drop, the stock continued to decline by 1.51% on November 13 before recovering slightly [1]. Group 2: Market Sentiment and Rumors - A rumor regarding the failure of a multi-crystalline silicon storage platform, deemed crucial for combating internal competition in the photovoltaic industry, triggered panic selling across the sector [1][2]. - The rumor was perceived as credible due to its association with statements from executives of leading companies, which heightened market anxiety [2]. - The swift reaction of investors to sell off positions reflects a tendency to prioritize risk avoidance in uncertain market conditions [2]. Group 3: Industry Challenges - The photovoltaic industry is currently facing severe overcapacity and price wars, leading to a challenging environment across all segments, including multi-crystalline silicon, wafers, cells, and modules [3]. - Trade protectionism in overseas markets has further complicated the industry's growth prospects, increasing uncertainty [3]. - The resolution of these issues will require time, with industry consolidation and restructuring being essential for recovery [3]. Group 4: Future Outlook - The future trajectory of the photovoltaic sector will depend on improvements in fundamental conditions, such as capacity reduction, price stabilization, and the introduction of new technologies [3]. - Despite current challenges, the photovoltaic industry remains a critical component of the renewable energy landscape [3].

Core Insights - The energy storage business has become the core driver of profit growth for the company, Arctech (688472.SH) [1][4] - The company has signed contracts worth $3.1 billion (approximately 22.04 billion RMB) as of October 31, 2025, providing solid support for future performance growth [1] Group 1: Energy Storage Business Growth - Arctech's energy storage revenue share is expected to increase to 21.09% in 2024, despite a decline in net profit due to falling photovoltaic module prices [1][5] - The company achieved a 32% year-on-year increase in large-scale energy storage shipments, reaching 5.8 GWh in the first three quarters of 2025, with a record high of 2.7 GWh in Q3, marking a 50% year-on-year growth [2][5] - CSIQ, the parent company, anticipates energy storage system shipments to reach between 14 GWh and 17 GWh in 2026, with a significant capacity expansion planned [3] Group 2: Financial Performance - In Q3 2025, CSIQ reported a revenue of $1.5 billion (approximately 10.68 billion RMB) with a gross margin of 17.2%, maintaining stable operations [2] - The company’s revenue for 2024 was 46.165 billion RMB, a 10.03% decline year-on-year, with a net profit of 2.247 billion RMB, down 22.6% [4] - Despite the challenges in the photovoltaic industry, Arctech's profitability remains among the top in the sector, with a significant lead over peers [5] Group 3: Market Performance - The stock price of Arctech has nearly doubled in the past six months, rising from 9.54 RMB per share on May 14 to 18.62 RMB per share on November 18 [5]

Core Insights - Trina Solar has recently announced significant overseas energy storage contracts, totaling 2.66 GWh, indicating a strong entry into the energy storage market by major photovoltaic manufacturers [1] - Longi Green Energy's acquisition of the energy storage company Jingkong Energy marks a pivotal moment as the top photovoltaic manufacturers collectively enter the energy storage sector [1][3] - The energy storage market is becoming increasingly competitive, with different strategies being adopted by various companies, highlighting a shift from traditional photovoltaic manufacturing to integrated energy solutions [7] Company Strategies - Longi Green Energy has been hesitant about entering the energy storage market but has now taken a significant step by acquiring Jingkong Energy, which will enhance its capabilities in the energy storage sector [3][6] - Canadian Solar has been proactive in the energy storage market, achieving 4.5 billion yuan in revenue from energy storage in the first half of the year, accounting for 21.04% of its total revenue, with a gross margin of 31.42% [4] - Trina Solar aims to become a leader in the energy storage industry, with plans to achieve over 100 billion yuan in sales within the next 5-8 years, and has already established significant production capacity [5] Market Dynamics - The energy storage industry is experiencing intense competition, with companies focusing on technology, production capacity, and market channels [6][7] - Longi Green Energy's late entry into the energy storage market has led it to pursue acquisitions as a more cost-effective strategy compared to building its own production capacity [6] - The collective shift of photovoltaic companies into the energy storage market is driven by the need to address the intermittency of solar power generation and to enhance profitability through integrated energy solutions [7]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 88.764 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 2.921 billion yuan [1] - A total of 224 stocks saw net inflows, while 369 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 218 stocks rose, with two stocks, Longxun Co. and Guangyun Technology, hitting the daily limit [1] - The newly listed stock C Hengkong closed with a remarkable increase of 310.61% [1] Fund Flow Analysis - Among the 224 stocks with net inflows, 13 stocks had inflows exceeding 100 million yuan, with C Hengkong leading at 899.819 million yuan [2] - Other notable inflows included Dongxin Co. and Kingsoft Office, with net inflows of 411.638 million yuan and 293.334 million yuan, respectively [2] Continuous Fund Flow - There are 48 stocks that have seen continuous net inflows for more than three trading days, with Weigao Orthopedics leading at nine consecutive days of inflow [2] - Conversely, 171 stocks have experienced continuous outflows, with Zhixiang Jintai leading at 16 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - C Hengkong: 899.819 million yuan, 39.62% inflow rate, 310.61% increase, 81.36% turnover rate [2] - Dongxin Co.: 411.638 million yuan, 7.98% inflow rate, 12.75% increase, 10.91% turnover rate [2] - Kingsoft Office: 293.334 million yuan, 10.75% inflow rate, 1.68% increase, 1.84% turnover rate [2] Notable Outflows - The stocks with the highest net outflows include: - Aters: 623 million yuan, 7.91% decrease [1] - Baiwei Storage: 508 million yuan [1] - Rongbai Technology: 397 million yuan [1]

Group 1 - The company announced the acquisition of a total of 34,300 shares of Canadian Solar Inc. for approximately $1 million on November 18, 2025, excluding transaction costs [1] - Following a previous announcement regarding the sale of Robinhood shares, the company further sold a total of 11,300 shares of Robinhood for approximately $1.3 million on the same date, excluding transaction costs [1]

Group 1 - The company, Brainhole Technology (02203), announced the purchase of 34,300 shares of Canadian Solar Inc. for approximately $1 million on November 18, 2025, excluding transaction costs [1] - On the same date, the company sold 11,300 shares of Robinhood for approximately $1.3 million, also excluding transaction costs [1]

13 November 2025 | 10:23PM EST Equity Research Canadian Solar Inc. (CSIQ) Earlier deliveries drive 3Q25 beat and weak 4Q25 guidance; 2026 guidance introduced; Sell CSIQ 12m Price Target: $17.00 Price: $28.62 Downside: 40.6% CSIQ's 3Q25 results beat expectations driven by accelerated storage deliveries, as module shipments were in line with guidance. Additionally, gross margins also exceeded guidance, driven by the incremental storage volumes, and opex decreased by 10% yoy due to ongoing cost reductions. How ...

Core Viewpoint - The strategic cooperation agreement between Haibo Sichuang Technology Co., Ltd. and CATL aims to secure a supply of no less than 200 GWh of battery cells from 2026 to 2028, laying a solid foundation for the expansion of the company's energy storage business [1][3] Group 1 - The agreement was signed by key executives from both companies, establishing a long-term collaborative mechanism [3] - The cooperation period extends from January 1, 2026, to December 31, 2035, with annual updates on cooperation goals [3] - The partnership will explore innovative business models, including the establishment of an energy storage project industry fund and a comprehensive management platform [3] Group 2 - This collaboration is a critical step for Haibo Sichuang in building a diversified energy industry ecosystem [3] - The agreement aims to strengthen the long-term strategic partnership and enhance competitive advantages through resource integration [3] - Both companies will work together to tackle key industry challenges and contribute to global energy transition efforts [3]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.53%, closing at 1354.04 points, with a total trading volume of 3.958 billion shares and a turnover of 176.274 billion yuan, resulting in an average turnover rate of 2.07% [1] - Among the tradable stocks on the STAR Market, 243 stocks closed higher, with 6 stocks hitting the daily limit up, including Rongbai Technology, Tengjing Technology, and Borui Data [1][2] - A total of 344 stocks closed lower, with 1 stock experiencing a decline of over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had a turnover rate exceeding 20%, 19 stocks had a turnover rate between 10% and 20%, and 43 stocks had a turnover rate between 5% and 10% [1] - The highest turnover rate was recorded by Kangpeng Technology at 29.90%, closing down by 7.76%, with a trading volume of 834 million yuan [1][3] - Other notable stocks with high turnover rates include Weidao Nano (21.36% turnover rate, up 3.30%) and Pinggao Co. (18.76% turnover rate, up 11.61%) [1][3] Sector Performance - In terms of sector performance, the electronics sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 20 stocks, followed by the power equipment and computer sectors with 15 and 8 stocks, respectively [2] - Stocks with significant net inflows of capital included Xinyuan Technology, Rongbai Technology, and Tengjing Technology, with net inflows of 465 million yuan, 355 million yuan, and 196 million yuan, respectively [2] Leverage Fund Movements - A total of 44 stocks recently received net purchases from leveraged funds, with notable increases in financing balances for Baiwei Storage, Huasheng Lithium, and Wukuang New Energy, increasing by 292 million yuan, 259 million yuan, and 192 million yuan, respectively [2] - Conversely, stocks like Guodun Quantum, Xinyuan Technology, and Canxin Technology saw significant reductions in financing balances, decreasing by 221 million yuan, 111 million yuan, and 6.74391 million yuan, respectively [2]

Core Insights - The article highlights that China's energy storage industry has entered a "great maritime era," with significant growth in both industrial and capital aspects [2][3]. - Chinese energy storage companies have signed overseas orders totaling nearly 250 GWh for 2024-2025, which is 3.07 times the new installed capacity expected in the overseas market for 2024 [2]. - The export volume of energy storage batteries from China reached 45.6 GWh in the first half of the year, a year-on-year increase of 174.6%, accounting for 35.9% of the total battery exports [2]. - The capital market has seen a surge, with companies like Sungrow Power achieving a market capitalization increase of 178.82% since the beginning of 2025 [2]. Industry Analysis - The 24潮产业研究院 (TTIR) emphasizes that only companies with global layout capabilities, strong financial health, and significant brand influence will thrive in the energy storage sector [3]. - A ranking of the top 10 Chinese energy storage companies based on global competitiveness was introduced, focusing on dimensions such as overseas revenue generation, profitability, and financial health [3][4]. Financial Performance - The top 10 global energy storage giants reported a 13.86% increase in revenue and a 35.52% increase in net profit for the first three quarters of 2025 [4]. - Key financial metrics for these companies include: - Total assets of 1,386.41 billion RMB, up 19.04% year-on-year [5]. - Total liabilities of 857.20 billion RMB, up 15.22% year-on-year [5]. - Net profit of 70.56 billion RMB, reflecting a 35.52% increase [10]. - Customer prepayments increased by 50.54% [4]. Competitive Landscape - Notable companies such as CATL and Sungrow Power have shown strong performance, with CATL's operating cash flow being 806.60 billion RMB, significantly higher than its peers [6][13]. - However, there are disparities among the giants, with some like Arctech experiencing a decline in both revenue and net profit [6][10]. - The ranking of companies based on various financial metrics reveals that CATL leads in several categories, including total assets and net cash flow from operating activities [8][13]. Key Rankings - The top 10 global energy storage companies based on revenue for the first three quarters of 2025 are: 1. CATL: 2830.72 million RMB, up 9.28% 2. Sungrow Power: 664.02 million RMB, up 32.95% 3. EVE Energy: 450.02 million RMB, up 32.17% 4. Arctech: 312.7 million RMB, down 8.51% [8]. - Prepayment rankings show CATL leading with 406.78 million RMB, a 79.58% increase [9]. - In terms of net profit, CATL again leads with 490.34 million RMB, a 36.20% increase [10].