Economic Context - The U.S. economy is experiencing volatility due to aggressive tariffs, a weakening job market, persistent inflation, and rising fiscal deficits [1] - Investors are anticipating a Federal Reserve interest rate cut of 0.25% as indicated by Fed Chair Jerome Powell [1] Impact on Clean Energy Sector - The expected rate cut is viewed as a necessary measure to stimulate economic activity and alleviate consumer purchasing power pressure, which should benefit capital-intensive industries like clean energy [2] - Clean energy companies are highly sensitive to interest rates due to the significant upfront investments required for infrastructure such as solar farms and wind turbines [3] Benefits of Rate Cut for Clean Energy - A reduction in interest rates typically lowers financing costs for debt-funded clean energy projects, enhancing the economic viability of solar and wind initiatives [4] - This can lead to increased valuations for clean energy companies and the ETFs that hold them [4] Clean Energy ETFs Performance - Several U.S.-focused clean energy ETFs have shown positive performance since Powell's speech, indicating strong market interest [5] - iShares Global Clean Energy ETF (ICLN) has approximately $1.60 billion in assets, with a 1.5% increase since August 22, and a significant U.S. holding of 28.95% [6][7] - First Trust Nasdaq Clean Edge Green Energy ETF (QCLN) has a total net asset of approximately $470.2 million and has gained 4.3% since August 22 [8] - ALPS Clean Energy ETF (ACES) has a total net asset of approximately $98.4 million, with a 1.7% increase since August 22 [9][10] - Invesco WilderHill Clean Energy ETF (PBW) has a total net asset of approximately $401.7 million and has rallied 3.8% since August 22 [11][12] - SPDR S&P Kensho Clean Power ETF (CNRG) has approximately $159.8 million in assets and has risen 6.6% since August 22 [13] Conclusion - The anticipated Federal Reserve rate cut could create a more favorable financing environment for clean energy companies, potentially enhancing the performance of the highlighted ETFs [14]

Core Viewpoint - JinkoSolar plans to sell up to 300,156,075 A shares of its subsidiary Jiangxi Jinko to raise funds for business operations, aiming to strengthen cash flows and enhance shareholder value [1][2]. Group 1: Share Sale Details - The sale will be conducted through an inquiry transfer and placement, with the purchase price set at no less than 70% of the average trading price of Jiangxi Jinko's A shares over the 20 trading days prior to September 12, 2025 [1]. - The completion of the sale is contingent on market conditions [1]. Group 2: Ownership Structure - JinkoSolar currently holds approximately 58.59% equity interest in Jiangxi Jinko, which is expected to decrease to about 55.59% following the sale [3]. Group 3: Company Overview - JinkoSolar is recognized as one of the largest and most innovative solar module manufacturers globally, with a diverse customer base across multiple countries [4]. - The company operates over 10 production facilities and has more than 20 overseas subsidiaries, indicating a strong international presence [5].

Core Insights - JinkoSolar reported significant business highlights for the first half of 2025, emphasizing its position as a leading solar module manufacturer globally [1][2]. Business Performance - Total module shipments reached 41.8 GW, with over 60% directed to overseas markets [9]. - JinkoSolar became the first module manufacturer to deliver a cumulative total of 350 GW of solar modules by June 30, 2025 [9]. Efficiency and Technology - The company achieved new records in cell and module efficiencies, with 182 N-type high-efficiency TOPCon cells reaching a full-area laboratory conversion efficiency of 27.02% and N-type TOPCon modules achieving a maximum efficiency of 25.58% [9]. - Mass-produced efficiency for TOPCon cells exceeded 26.5%, with high-efficiency series reaching 27.1% [9]. - By June 30, 2025, JinkoSolar upgraded its existing TOPCon capacity to over 20 GW of high-efficiency capacity [9]. Production Capacity and Future Outlook - For the third quarter of 2025, JinkoSolar expects module shipments to be between 20.0 GW and 23.0 GW [4]. - The company estimates full-year module shipments for 2025 to be in the range of 85.0 GW to 100.0 GW [4]. - By the end of 2025, JinkoSolar anticipates its annual production capacity to reach 120.0 GW for mono wafers, 95.0 GW for solar cells, and 130.0 GW for solar modules [5]. Global Presence - JinkoSolar operates over 10 production facilities and has more than 20 overseas subsidiaries across various countries, including Japan, South Korea, and the United States [7].

Government Policy & Regulations - The US President's negative stance on solar and wind energy is noted, but the impact on investment is questioned [1] - Federal funding directly for renewable energy projects accounts for less than 5% of total projects [2] - Tax credits for the renewable energy industry are available through the end of 2030 [3] - Section 232 investigation into wind turbines and their components is underway, potentially impacting the sector [10] - Potential Section 232 tariffs on polysilicon could also affect the solar industry [10] - The Inflation Reduction Act provides more consistent long-term policy support [9] Tariffs & Manufacturing - Tariffs have been impacting the solar sector since 2012 [4] - Solar models are already three times more expensive in the US than in the rest of the world due to existing tariffs [6] - Tariffs are driving manufacturing to move to the US [6][9] - Domestic manufacturing provides an advantage when it comes to tariffs [7] - The tariff strategy is working by encouraging domestic manufacturers to increase supply [9] Company Highlights & Investment Picks - First Solar benefits from nearshoring and anti-China policies [6][8][11] - Sunrun, a residential solar company, is favored as it is not subject to federal approvals and also engages in energy storage [11] - Bloom Energy, focused on fuel cells for data centers, is also highlighted [11]

Core Viewpoint - Canadian Solar's stock experienced a significant decline due to disappointing earnings and negative comments from President Trump regarding the solar sector [1][5]. Financial Performance - In Q2, Canadian Solar's revenue grew by only 3.9%, with an adjusted net loss per share of $0.53, both figures missing analyst expectations despite year-over-year improvements [2]. - The company reported solar module shipments at the higher end of guidance and gross margin exceeding expectations, but this was largely due to one-time accounting gains and a surge in orders from China [3]. Future Outlook - CEO Shawn Qu indicated a forecasted slowdown in demand, expecting Q3 revenue to be around $1.4 billion, down from $1.73 billion in Q2, with gross margin normalizing to 15% [4]. - The company is facing challenges due to the current political climate, which is perceived as hostile towards solar and wind projects, necessitating strategic navigation of these headwinds [7]. Market Context - The solar sector is underperforming, with broader concerns about the administration's stance on renewable energy projects impacting investor sentiment [7]. - Only 23% of Canadian Solar's development pipeline is based in North America, suggesting potential for growth through diversification away from the U.S. market [8].

Financial Data and Key Metrics Changes - In Q2 2025, the company delivered 7.9 gigawatts of modules and 2.2 gigawatt hours of storage, with total revenue of $1.7 billion, impacted by project sales delays [7][8][32] - Gross margin was 29.8%, exceeding guidance, driven by a higher mix of North American module shipments [8][32] - Net income attributable to shareholders was $7 million, resulting in a net loss of $0.08 per diluted share due to preferred shareholder accounting [8][34] Business Line Data and Key Metrics Changes - CSI Solar achieved module shipments of 7.9 gigawatts and energy storage deliveries of 2.2 gigawatt hours, with revenue reaching $1.7 billion and gross margin expanding to 22.3% [16][17] - Recurrent Energy generated $106 million in revenue, with a gross margin of 32.4%, but faced an operating loss of $74 million due to elevated operating expenses [25][26] Market Data and Key Metrics Changes - The company reported a contracted backlog of $3 billion as of June 30, 2025, with a total pipeline of 27 gigawatts of solar and 80 gigawatt hours of storage globally [21][27] - The U.S. market remains a focus, with ongoing commitments to domestic manufacturing and project development [12][30] Company Strategy and Industry Competition - The company is committed to sustainability, having reduced greenhouse gas emissions and waste intensities significantly [13] - The long-term outlook for the solar industry remains strong, driven by rising electricity demand from AI and cryptocurrency applications [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted challenges from the One Big Beautiful Bill Act, affecting both supply and demand in the U.S. market [9][10] - Despite near-term uncertainties, the company believes in the potential for new opportunities arising from industry challenges [11] Other Important Information - The company is expanding its battery storage capacity from 10 gigawatt hours to 24 gigawatt hours by the end of 2026 [21] - The company has received multiple design awards for its residential energy storage system, indicating strong market recognition [23] Q&A Session Summary Question: Impact of PERC write-down on margins - The company wrote off $46 million related to PERC equipment, significantly impacting margins [41] Question: Safe harboring strategy - The company is familiar with safe harboring strategies and expects to achieve a strong pipeline of projects in the U.S. [44][45] Question: Compliance with OBBA - The company confirmed compliance with OBBA requirements and has plans to maintain compliance in future years [51][52] Question: Upstream supply chain strategies - The company is actively monitoring the supply chain and believes polysilicon should not be a national security concern [56] Question: Storage backlog and cancellations - The company clarified that while some projects were pushed to the second half due to tariffs, the overall pipeline value increased [87][88] Question: Current storage margins - The company is targeting 20% margins for storage solutions, despite normalization pressures [90]

Financial Performance - Q2 2025 - Total module shipments reached 7.9 GW[4] - Total storage shipments amounted to 2.2 GWh[4] - Revenue was $1.7 billion[4] - Gross margin stood at 29.8%[4] - Net income attributable to Canadian Solar Inc was $7 million[4] Segment Performance - CSI Solar's revenue was $1.59 billion[5], with a gross margin of 22.3%[20] - Recurrent Energy's revenue was $106 million[5], with a gross margin of 32.4%[35] Energy Storage - The contracted backlog for energy storage reached $3 billion as of June 30, 2025[21] - 2025 shipments guidance for Utility-Scale Battery Energy Storage is 7 – 9 GWh[21] Regional Shipment Breakdown - North America accounted for 36% of shipments[5] - Latin America accounted for 17% of shipments[5] - EMEA accounted for 2% of shipments[5] - China accounted for 30% of shipments[5] - Asia ex China accounted for 15% of shipments[5] Sustainability - The company achieved a 54% reduction in GHG emissions intensity from 2017 to 2024[13]

Core Insights - Canadian Solar Inc. reported financial results for Q2 2025, with revenue of $1.7 billion, a 42% increase sequentially and a 4% increase year-over-year, driven by higher sales of battery energy storage systems and solar modules [3][6][28] - The company experienced a gross margin of 29.8%, exceeding guidance, attributed to a higher mix of North America module shipments and robust storage volumes [4][11] - Despite challenges such as project sales delays and tariff headwinds, Canadian Solar remains focused on risk management and sustainable profitability [2][29] Financial Performance - Total module shipments recognized as revenue in Q2 2025 were 7.9 GW, a 14% increase quarter-over-quarter but a 4% decrease year-over-year [3][11] - Gross profit for Q2 2025 was $505 million, compared to $140 million in Q1 2025 and $282 million in Q2 2024, with gross margin increasing from 11.7% in Q1 2025 and 17.2% in Q2 2024 [4][6] - Operating expenses rose to $378 million, up from $195 million in Q1 2025, primarily due to impairment charges related to certain solar and storage assets [5][6] Business Segments - The company operates in two segments: CSI Solar, focusing on solar modules and battery energy storage manufacturing, and Recurrent Energy, which focuses on utility-scale solar power and battery energy storage project development [12][37] - As of June 30, 2025, the total global solar project development pipeline was approximately 27 GWp, with a battery energy storage project development pipeline of 80 GWh [13][20] Outlook and Guidance - For Q3 2025, Canadian Solar expects total revenue between $1.3 billion and $1.5 billion, with gross margin anticipated to be between 14% and 16% [27][29] - The company has narrowed its full-year module volume guidance to 25 GW to 27 GW, while maintaining its storage volume guidance [28][29] Recent Developments - Canadian Solar published its 2024 Sustainability Report, aligning its sustainability disclosures with global reporting standards [30] - The company announced the successful completion of large-scale fire testing for its SolBank 3.0 energy storage system, enhancing safety assurance for utility-scale deployments [32]

Q2 2025 Earnings Call August 20, 2025 G1_Dallas T1 Energy _ Q2 2025 Earnings Call Pictured: Production lines at G1_Dallas T1 Energy _ Q2 2025 Earnings Call Participants and Agenda Prepared Remarks Daniel Barcelo Chairman of the Board and Chief Executive Officer Jaime Gualy Chief Operating Officer Andy Munro Chief Legal & Policy Officer ▪ Corning supply agreement ▪ Policy overview ▪ T1's OBBB compliance road map Evan Calio Chief Financial Officer Q&A Jeff Spittel EVP, Investor Relations and Corporate Develop ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].