没有走不出的周期

Core Viewpoint - The article discusses the challenges and cyclical nature of the solar energy industry, highlighting the current unfavorable conditions and investor hesitance due to external uncertainties, particularly related to U.S. policies [2][3][4]. Industry Summary - The solar industry is currently at a cyclical low, with unclear signs of recovery, leading to a competitive and challenging environment [2]. - Orders from upstream automation equipment manufacturers remain weak, indicating a prolonged period of low demand [2]. - Investor sentiment is cautious, with many choosing to hold onto their capital rather than risk losses amid external uncertainties [4][5]. Market Performance - Recent market activity shows a significant decline in trading volume, reflecting investor indecision and a challenging market environment [5]. - The banking sector has seen a notable rise in stock prices, contrasting with the struggles faced by the solar industry, which has experienced significant declines over the past few years [6][7]. Historical Context - A comparison of returns from the banking sector and the solar industry from 2019 to the present shows that both sectors have had similar performance, despite the solar sector's recent struggles [8]. - Historical data indicates that sectors previously considered "ugly ducklings," such as banking, can eventually outperform more popular sectors, suggesting potential for recovery in currently underperforming sectors like solar [9][10]. Long-term Investment Perspective - The article emphasizes the cyclical nature of markets, suggesting that periods of underperformance can be followed by recovery, as seen in other markets [11][12]. - It highlights the importance of investing in fundamentally strong companies that can endure through cycles, as well as the significance of purchasing at favorable prices to mitigate long-term risks [19][20].