J P M O R G A N Global Markets Strategy 18 December 2025 Metals Weekly Silver bells are ringing Global Commodities Research Gregory C. Shearer (44-20) 7134-8161 gregory.c.shearer@jpmorgan.com J.P. Morgan Securities plc Jason Hunter (1-212) 270-0034 jason.x.hunter@jpmorgan.com J.P. Morgan Securities LLC Ali A. Ibrahim (44-20) 3493-6438 ali.ibrahim@jpmorgan.com J.P. Morgan Securities plc Ananyashree Gupta (91-22) 6157 3627 ananyashree.gupta@jpmchase.com J.P. Morgan India Private Limited See page 11 for analys ...

Core Insights - Whales have adopted a bullish stance on First Solar, with 40% of trades being bullish and 40% bearish, indicating mixed sentiment among investors [1] - The major market movers are focusing on a price range between $110.0 and $340.0 for First Solar over the last three months [2] - The trading volume and open interest metrics reveal significant liquidity and investor interest in First Solar's options, particularly within the specified strike price range [3] Options Trading Overview - A total of 35 trades were detected for First Solar, with 11 puts amounting to $868,069 and 24 calls totaling $1,349,224 [1] - The largest options trades include a mix of bullish and bearish sentiments, with notable trades at strike prices of $240.00 and $280.00 [7] - The current trading volume for First Solar is 2,053,059, with the stock price at $282.01, reflecting a decrease of -0.91% [13] Company Profile - First Solar is the world's largest thin-film solar module manufacturer, specializing in the design and manufacture of solar photovoltaic panels and systems for utility-scale projects [8] - The company utilizes cadmium telluride technology to convert sunlight into electricity and has production facilities in Vietnam, Malaysia, the United States, and India [8] Analyst Insights - Analysts have set an average target price of $285.0 for First Solar, with one expert maintaining an Overweight rating [10][11]

OREM, Utah, Dec. 23, 2025 (GLOBE NEWSWIRE) -- SunPower Inc. (herein “SunPower,” the “Company,” or Nasdaq: “SPWR”), a solar technology, services, and installation Company, today announced that its Q3’25 10Q report is posted on the SEC website as of December 19, 2025. SunPower CEO, T.J. Rodgers said, “The filed SPWR 10Q report for Q3’25 has only one meaningful difference compared to the 10Q draft report we created and sent to our auditors on November 5, 2025 – $1.1 million in added bad-debt reserves requested ...

This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Dive Brief: Highly leveraged solar-only installers may struggle after federal tax credits for customer-owned residential systems expire on Dec. 31, but independent home energy installation businesses have proven surprisingly resilient over the years and will adjust to the new normal more readily than assumed, Enphase Chief Marketing Officer Marco Krapels told Utili ...

Daqo New Energy ( DQ ) was perhaps an interesting bet a few years ago when the real push for solar started and China was in the forefront of production here. The large productionMy name is Andres Veurink and I have been in the financial markets for over a decade at this point, spending the majority of that in a hedge fund here in Rotterdam, working my way up as an analyst. My work relfect rigourious standards as I myself have a very high standard as to what I invest my money in. My preferred sectors to foll ...

Summary of China Renewable Energy Conference Call Industry Overview - The conference call focused on the **China Renewable Energy** sector, specifically the solar energy market in China. Key Points Solar Capacity Forecasts - The forecast for **PRC solar installation** in 2025 has been slightly raised to **290GW** from **280GW** based on ongoing projects, while the forecast for **2026** has been lowered to **220GW**, representing a **24% year-over-year decline** from **250GW** [1][2] - Major Independent Power Producers (IPPs) like **China Huaneng Group** and **National Energy Investment Group** are cautious about solar capacity additions during the **15th 5-year period (2026-2030)** due to profitability issues from recent projects [1] Profitability Concerns - Recent solar projects have been less profitable due to **tariff cuts** and high **depreciation expenses** from installations made in **2022-2023** when module prices were elevated [1][2] - The average on-grid tariff has decreased significantly, impacting the financial viability of new installations [2] Market Dynamics - The solar sector is noted for its **cooperative attitude** among enterprises, which is seen as a positive aspect amidst market challenges [1] - There is a potential negative impact on **Energy Storage System (ESS)** demand due to the anticipated reduction in solar installations in **2026** [2] Module Pricing and Production - **China's solar module export value** decreased by **16.8% year-over-year** to **US$21,873 million** in the first 11 months of 2025, with a slight recovery in November showing an **18% year-over-year increase** [3] - The **module production volume** is expected to decline further, with a projected drop of **10.9% year-over-year** in December due to a lack of domestic installation rush [6] Inverter Market - **China's inverter export value** increased by **26% year-over-year** in November, with significant demand from regions like **Oceania** and **Europe** [7] Company-Specific Insights Preferred Companies - The report expresses a preference for companies involved in **Energy Storage Systems (ESS)** and **polysilicon production**, specifically naming **Sungrow**, **Deye**, **Tongwei**, and **GCL** as favorable investment opportunities [1] Valuation and Risks - **Ginlong Technologies** has a target price of **Rmb55.00** per share based on a DCF valuation, with a WACC of **10.1%** [19] - **Ningbo Deye Technology** has a target price of **Rmb102.0** per share, with a WACC of **8.4%** [21] - **Sungrow Power Supply** has a target price of **Rmb240.00**, with a WACC of **7.0%** [23] - **Tongwei** has a target price of **Rmb30.00** per share, with a WACC of **9.2%** [25] Risks - Key risks for these companies include lower-than-expected solar installations, increased competition, and potential trade tariffs against Chinese products [20][22][24][26] Conclusion - The solar energy market in China is facing challenges with profitability and installation forecasts, but there are still opportunities in specific segments like ESS and polysilicon production. The cautious outlook from major IPPs indicates a need for strategic investment in the sector.

Orrön Energy AB (“Orrön Energy” or “the Company”) is pleased to announce that it has entered into an agreement with Gülermak Renewables Deutschland Holding GmbH (“Gülermak”), 100% subsidiary of Gülermak Renewables Ltd to sell three solar energy development projects in Germany, with a combined estimated installed capacity of 234 MW, for a total consideration of up to MEUR 14. The consideration paid at closing for the first project is expected to be MEUR 0.7, with the remaining consideration contingent on dev ...

Core Insights - T1 Energy has signed a three-year contract with Treaty Oak Clean Energy to supply a minimum of 900MW of solar modules using domestic solar cells from T1's upcoming G2_Austin solar cell fabrication facility [1][2] Group 1: Agreement Details - The agreement ensures Treaty Oak receives high-performance, silicon-based solar modules that comply with new federal regulations regarding foreign content [2] - T1's strategy focuses on providing a traceable and reliable solar supply chain, with its Texas facility utilizing high-efficiency TOPCon technology [2][3] Group 2: Domestic Content and Production - T1 aims to increase the domestic content of its solar modules, expecting to exceed 60% domestic content with the first phase of G2_Austin production starting by the end of 2026 [3] - The company plans to develop G2_Austin in two phases totaling 5.3GW, complementing its existing 5GW G1_Dallas solar module facility [5] Group 3: Strategic Importance - The partnership enhances Treaty Oak's ability to deliver competitively priced, regulatory-compliant renewable energy at scale, reinforcing its commitment to sourcing technology that meets high standards of traceability and domestic content [4][5] - T1's Chairman and CEO emphasized the importance of building an integrated U.S. polysilicon solar supply chain, aligning with the growing demand for domestically produced solar modules [4]

We recently published 10 Firms Stealing the Show on Wall Street. Sunrun Inc. (NASDAQ:RUN) is one of the best performers on Thursday. Sunrun grew its share prices by 6.21 percent to close at $18.14 apiece as investors took heart from an investment firm’s bullish outlook for next year despite headwinds from government policies. In a market report, RBC Capital reaffirmed its “outperform” rating and $22 price target on Sunrun Inc. (NASDAQ:RUN) on the belief that the latter is set to benefit from the expirat ...

Core Insights - Solar Alliance Energy Inc. has appointed Erik Melang as the new Sales Director, aiming for growth in 2026 [2][3] - The integration of Melang's previous brands under Solar Alliance enhances the company's presence in the Southeastern United States [3][4] - The company emphasizes its commitment to providing technical and financial solutions to maximize customer energy cost savings [4][6] Company Strategy - Solar Alliance focuses on delivering commercial and industrial (C&I) solar and storage solutions that reduce operating costs and enhance energy reliability [6] - The company aims to build, own, and operate its own solar assets while generating stable revenue through the sale and installation of solar projects [7] Leadership and Expertise - Erik Melang brings extensive experience in the commercial solar industry, having developed numerous projects in the Southeast and holding an MBA and NABCEP Associate certification [5] - His previous collaborations with Solar Alliance include significant projects, such as a CAD $1.5 million rooftop solar PV system for PK USA and a CAD $423,576 system for Precision Part Systems [4] Market Position - The appointment of Melang is expected to strengthen Solar Alliance's ability to structure high-end projects that meet investor return thresholds [4][6] - The company is positioned to help decision-makers transition from project feasibility to execution with clarity on returns and timelines [6]