ab Global Research 26 November 2025 China Economic Perspectives China by the Numbers (November 2025) Our guide to Chinese monthly data What the numbers are, what they mean and the outlook going forward. October growth slowed across the board Property activities deteriorated further in October, with floor space of sales and new starts declining more from the September and Q3 average levels. The YoY weakness of major FAI sectors extended further, including manufacturing (-7% YoY), infrastructure (- 12% YoY) a ...

Core Insights - ReNew Energy Global Plc reported an 84% year-over-year increase in net profit for the first half of fiscal year 2026, with total income reaching INR 79,715 million (US$ 898 million) compared to INR 54,713 million (US$ 616 million) in the same period last year [1][5]. Financial Performance - Total income for Q2 FY26 was INR 38,557 million (US$ 434 million), up from INR 29,887 million (US$ 337 million) in Q2 FY25 [5]. - Net profit for Q2 FY26 was INR 4,675 million (US$ 53 million), slightly down from INR 4,939 million (US$ 56 million) in Q2 FY25 [5]. - Adjusted EBITDA for H1 FY26 was INR 53,459 million (US$ 602 million), compared to INR 43,188 million (US$ 486 million) for H1 FY25 [5]. - Revenue from power sales for H1 FY26 was INR 51,548 million (US$ 581 million), compared to INR 48,342 million (US$ 545 million) for H1 FY25 [5]. Operational Highlights - The company's portfolio consisted of approximately 18.5 GW (+1.1 GW BESS) as of September 30, 2025, an increase from ~15.6 GW a year earlier [5]. - Commissioned capacity increased by 12.8% year-over-year to ~11.4 GW (+150 MWh BESS) as of September 30, 2025, with an additional 212 MW commissioned in October 2025 [5]. - The company expects to complete the construction of 1.6 to 2.4 GW by the end of fiscal year 2026 [4]. Manufacturing and Sales - External sales from solar module and cell manufacturing contributed INR 23,351 million (US$ 263 million) to total income for H1 FY26 [5]. - The company anticipates that external sales from solar module and cell manufacturing will contribute INR 10-12 billion to Adjusted EBITDA for FY26 [4]. Future Outlook - The company continues to expect net gains in asset sales as part of its capital recycling strategy, including INR 1-2 billion related to asset sales in the Adjusted EBITDA guidance [4].

Core Insights - The U.S. photovoltaic (PV) industry is experiencing growth driven by increased electricity demand from artificial intelligence (AI) applications, indicating ongoing development potential [1][9][17] Group 1: Industry Growth and Projections - The U.S. solar industry is expected to add nearly 50 GW of new installations in 2024, representing a 21% increase from 2023 [8] - By 2025, the U.S. is projected to achieve self-sufficiency in solar module production and new installations, although significant import demand for battery cells will persist [11][12] - Solar power is anticipated to contribute 66% of new electricity generation in 2024, marking the highest share since 2018 [8][9] Group 2: Supply Chain and Import Dynamics - The U.S. solar supply chain is primarily focused on downstream activities, with significant growth in module manufacturing capacity expected to rise from 14.5 GW in 2023 to 42.1 GW in 2024 [11] - Despite the increase in domestic module production, the U.S. will still rely on imports for battery cells, with a projected shortfall of approximately 37 GW in battery capacity by 2025 [12] - In 2024, over 80% of U.S. solar module imports are expected to come from Southeast Asia, with significant contributions from Vietnam, Thailand, Malaysia, and Cambodia [15][16] Group 3: Challenges and Future Outlook - The demand for electricity in the U.S. is projected to grow from 4,300 TWh in 2024 to 4,600 TWh by 2030, driven by new data centers, factories, and residential developments [9] - The U.S. Department of Commerce is set to finalize anti-dumping and countervailing duties on solar products from Southeast Asia, which may impact import dynamics and pricing [16][17] - The reliance on imports for battery cells is expected to shift towards countries like Laos and Indonesia due to the imposition of tariffs on products from certain Southeast Asian nations [16][17]