Flash | 24 Aug 2025 17:06:33 ET │ 14 pages Trina Solar (688599.SS) Loss Reported for 2Q25; Prefer Polysilicon Makers on Potential Gains from Anti-involution Policy CITI'S TAKE Trina reported Rmb2,918m net loss in 1H25 (vs. Rmb526m net profits in 1H24), including Rmb1,598m net loss in 2Q25 – not a surprise in view of low solar module market price during the period. Its operating cash inflow was Rmb1,843m in 1H25, comprising Rmb2,679m in 2Q25. Regarding the anti-involution policy, the company stated that ever ...

Deutsche Bank Research Economics Date How to make sense of the seeming divergence between China's economic fundamentals and financial markets? We make three observations: (1) the recent economic slowdown is caused by the government's "anti-involution" policy, which may be positive for corporate profits, and also implies a "policy put" should growth slows further; China Macro 25 August 2025 What's driving the risk-on sentiment? We've been frequently asked lately why the Chinese onshore market suddenly turned ...