智通财经网·2025-10-09 03:01Core Viewpoint - Morgan Stanley has identified three key short positions in the energy sector: Canadian Solar (CSIQ.US), ChargePoint (CHPT.US), and Gibson Energy (GBNXY.US), due to the underperformance of the S&P 500 energy sector, which has only risen by 4.47% year-to-date, ranking ninth among eleven major sectors [1]. Group 1: Canadian Solar (CSIQ.US) - Year-to-date performance: +29.8% [1] - Morgan Stanley rating: Underweight [1] - Short rationale: Rising prices of solar raw materials, such as polysilicon, may pressure Canadian Solar's gross margins, especially as the cost increase outpaces the price rise of solar modules. Additionally, potential non-compliance with the "Inflation Reduction Act" regarding "foreign entities of concern" could risk halting its U.S. manufacturing operations [1]. Group 2: ChargePoint (CHPT.US) - Year-to-date performance: -46.2% [2] - Morgan Stanley rating: Underweight [2] - Short rationale: Although ChargePoint may see a temporary improvement in performance due to pre-purchase demand driven by the gradual withdrawal of U.S. electric vehicle subsidies, there is no clear path for revenue and margin recovery in the current demand environment [2]. Group 3: Gibson Energy (GBNXY.US) - Year-to-date performance: +2.6% [3] - Morgan Stanley rating: Underweight [3] - Short rationale: Gibson Energy's marketing business faces challenges due to narrowing price spreads and limited storage opportunities, which continue to drag on performance. The forecast for Q3 2025 indicates only modest improvements across its business segments, with expected performance nearing the lower end of the $20 million to $40 million guidance range [3].