Investment Rating - The industry investment rating is Attractive [4]. Core Insights - Solar glass prices have dropped below cash cost levels, with reported prices in June for 2.0mm products at Rmb12-12.5/sqm and actual executed prices ranging from Rmb10.8-11/sqm, indicating industry-wide losses at cash levels [2][7]. - The rebound in solar glass prices in March and April led to the initiation of 11.3kt/d new capacities and the resumption of one 850/t line in the past three months, with the industry operating capacity at approximately 100kt/d, supporting around 54GW monthly production [7]. Summary by Sections Price Trends - Solar glass prices rebounded in March and April to Rmb14-14.5/sqm due to better-than-expected demand, but have since fallen to Rmb12-12.5/sqm in June, with actual prices for smaller players even lower [2][7]. Production Capacity - Approximately 97% of the operating capacity commenced production in 2021 and later, making it difficult to suspend production quickly. There are still around 10kt/d of smaller lines that may exit the market first due to higher costs [3]. Market Dynamics - The lower profit margins are expected to trigger production line blockages or suspensions, with companies like CNBM, Flat Glass, IRICO, and Almaden planning maintenance in the near term [3].

Investment Rating - The industry view for China Utilities is rated as Attractive [3] Core Insights - The report highlights a stable pricing environment for solar products, with polysilicon prices averaging Rmb35/kg, remaining flat week-over-week, while granular polysilicon prices decreased by 1.4% week-over-week [5] - The report notes a downward trend in prices for N-type wafers and TOPCon cells, with decreases of up to 3.1% week-over-week [5] - Year-over-year price changes show significant declines across various solar products, with polysilicon prices down 10.3%, and TOPCon bifacial modules down 20.9% [2][5] Summary by Sections Price Summary - Polysilicon prices averaged Rmb35/kg, with a weekly average of Rmb19.00/kg for polysilicon in USD terms [2] - Wafer prices for 182mm and 210mm were Rmb0.93 and Rmb1.27 respectively, with a year-over-year decline of 15.5% and 23.0% [2] - The average price for TOPCon bifacial modules was Rmb0.68, reflecting a year-over-year decrease of 20.9% [2] Price Changes - The report indicates that solar-grade EVA resin prices decreased by 11.3% year-over-year, while POE resin prices remained stable [2][5] - The price of solar films showed a year-over-year decline of 15.0% for transparent EVA film and 27.3% for POE film [2] Company Ratings - CGN Power Co., Ltd is rated Overweight with a price of HK$2.73 as of June 18, 2025 [59] - China Gas Holdings is rated Equal-weight with a price of HK$7.60 [59] - LONGi Green Energy Technology Co Ltd is rated Overweight with a price of Rmb14.59 [59]

Core Insights - A group of companies under the name "Aixu Solar Technology" has obtained a patent for a solar cell technology, which includes a solar cell, battery components, and photovoltaic systems [1] Company Summaries - Zhejiang Aixu Solar Technology Co., Ltd. was established in 2016, located in Jinhua City, with a registered capital of 5691.89 million RMB. The company has invested in 10 enterprises and participated in 122 bidding projects, holding 1821 patent records and 60 administrative licenses [2] - Zhuhai Fushan Aixu Solar Technology Co., Ltd. was founded in 2021, based in Zhuhai City, with a registered capital of 4500 million RMB. The company has participated in 89 bidding projects, holds 981 patent records, and has 314 administrative licenses [2] - Tianjin Aixu Solar Technology Co., Ltd. was established in 2018, located in Tianjin City, with a registered capital of 1300 million RMB. The company has invested in 1 enterprise, participated in 22 bidding projects, holds 1142 patent records, and has 153 administrative licenses [2] - Guangdong Aixu Technology Co., Ltd. was founded in 2009, based in Foshan City, with a registered capital of 2823.47 million RMB. The company has invested in 1 enterprise, participated in 8 bidding projects, holds 1715 patent records, and has 44 administrative licenses [3] - Chuzhou Aixu Solar Technology Co., Ltd. was established in 2024, located in Chuzhou City, with a registered capital of 500 million RMB. The company has participated in 2 bidding projects, holds 133 patent records, and has 3 administrative licenses [3] - Shenzhen Aixu Digital Energy Technology Co., Ltd. was founded in 2022, based in Shenzhen City, with a registered capital of 650 million RMB. The company has invested in 2 enterprises, participated in 1 bidding project, holds 436 patent records, and has 8 administrative licenses [3] - Shandong Aixu Solar Technology Co., Ltd. was established in 2023, located in Jinan City, with a registered capital of 4500 million RMB. The company has participated in 21 bidding projects, holds 116 patent records, and has 15 administrative licenses [4]

Core Viewpoint - Mitsubishi plans to invest $3.9 billion in the U.S. solar energy sector [1] Company Summary - The investment by Mitsubishi signifies a strong commitment to expanding its footprint in the renewable energy market, particularly in solar energy [1] Industry Summary - The U.S. solar energy sector is experiencing significant growth, attracting substantial investments from major companies like Mitsubishi, indicating a positive trend towards renewable energy adoption [1]

Group 1 - Mitsubishi plans to invest $3.9 billion in the U.S. solar energy sector [1]

Core Insights - The research team has developed a new technology that enhances the stability and efficiency of perovskite solar cells, achieving comparable outdoor performance to commercial silicon solar cells [1][4]. Group 1: Technological Advancements - The newly developed "gas-phase assisted surface reconstruction" technology allows for in-situ restructuring of perovskite surfaces, effectively isolating defect-rich surface units and suppressing irreversible ion migration [4]. - The power conversion efficiency of the 0.16 square centimeter cell and the 785 square centimeter module reached 25.3% and 19.6%, respectively [4]. Group 2: Market Implications - The research indicates that the expected T80 lifespan of the module can reach 2478 cycles, equivalent to over 6.7 years of operation in a 25°C environment, suggesting an outdoor lifespan exceeding 25 years [4]. - This innovation marks a significant step towards the commercialization of perovskite solar cells, addressing their previous limitations in longevity compared to silicon solar cells [3][4].

Core Insights - Eastern Europe is emerging as a new engine for solar energy growth in Europe, with the solar capacity growth rate in nine Eastern European countries being twice the European average over the past five years [1][2] - By the end of 2024, the total installed solar capacity in Poland, Hungary, Romania, Czech Republic, Bulgaria, Lithuania, Estonia, Slovakia, and Latvia is expected to reach approximately 46 GW, accounting for about 13% of Europe's total capacity of 361 GW, a significant increase from 9 GW in 2019 [1] - The solar power generation in these nine countries has surged from 9 TWh in 2019 to 42 TWh in 2024, nearly a fivefold increase, while the overall solar generation in Europe doubled from 153 TWh to 361 TWh during the same period [1] Industry Growth - The share of solar energy in the overall electricity structure of Eastern Europe has risen from 2% in 2019 to over 10% in 2024, surpassing the European average of 7% [1] - At least six Eastern European countries are expected to achieve over 20% of their electricity from solar energy during peak summer months in 2024, with Lithuania, Hungary, and Estonia exceeding one-third of public electricity supply from solar [1] Carbon Emission Reduction - The growth trend in solar energy is anticipated to continue, playing a crucial role in the energy transition in Europe and significantly reducing carbon emissions [2] - Poland, as the largest carbon emitter in Eastern Europe, has seen its solar power generation increase nearly twentyfold since 2019, contributing to a 26% reduction in coal power generation and a decrease of 220,000 tons in CO2 emissions [2] - By 2024, Eastern Europe's overall carbon emissions from the energy sector are projected to decrease by 26% compared to 2019, reaching 163 million tons [2]

Group 1 - The core point of the article is that Norway's national oil company has commenced operations at its first solar power plant in Denmark [1] Group 2 - The solar power plant marks a significant step for the company in diversifying its energy portfolio [1] - This initiative aligns with the industry's broader trend towards renewable energy sources [1]

Core Viewpoint - The pesticide stock Hongyang has experienced significant price increases and market activity due to supply disruptions and rising prices of chlorantraniliprole, driven by an explosion incident at Youdao Chemical [1][3][7]. Group 1: Stock Performance - Hongyang's stock opened with a surge, achieving a two-day limit up and later stabilizing at a 2.66% increase, with a total market value of 12.03 billion yuan [1]. - The stock has seen a cumulative increase of over 81% since hitting a low of 5.42 yuan per share on February 26 [1]. Group 2: Price Trends and Market Dynamics - Following the explosion at Youdao Chemical, there is heightened investor interest in chlorantraniliprole and its key intermediate K amine [3]. - The price of chlorantraniliprole has risen, with Hongyang announcing a price adjustment to 300,000 yuan per ton for its 97% chlorantraniliprole products, limiting supply [7]. - The market reference price for chlorantraniliprole was around 225,000 yuan per ton in late May [7]. Group 3: Industry Outlook - The explosion incident may lead to a global supply gap of 3,000 to 4,000 tons, representing 30%-40% of annual demand, which is expected to support price increases [7]. - The overall pesticide industry has been in a prolonged downturn, but the recent events may provide a recovery impetus, particularly for companies with differentiated growth strategies [11]. Group 4: Company Recovery and Risk Mitigation - Hongyang has successfully resolved two significant historical issues: the clearance of 2.884 billion yuan in occupied funds and the conversion of a 30 million yuan problematic prepayment into a legitimate ethanol procurement contract [11]. - The resolution of these issues has alleviated risk concerns, positioning Hongyang for potential recovery amid the current price increase trends in the industry [11].

Market Overview - The three major U.S. stock indices opened lower, with the Dow Jones down 0.4%, the S&P 500 down 0.35%, and the Nasdaq down 0.38% [1] Solar Industry Impact - Solar stocks experienced significant declines, with SolarEdge Technologies (SEDG.O) dropping over 30% and First Solar (FSLR.O) falling over 20% [1] - The U.S. Senate aims to end tax credits for wind and solar energy by 2028, contributing to the downturn in solar stocks [1]