Solar_ Prices Stabilized near Year-end

Jefferies Equity Research December 16, 2024 Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 13 - 17 of this report. Jefferies Solar glass (SG): Per SCI, 3.2/2.0mm prices stayed RMB19.0-19.5/11.5-12.0 per m2. SG production capacity stayed at 94,890t/d. Inventory days decreased by 1.88% WoW to 34.87d. Per SCI, SG GPM in Nov'24 plunged by 14.02 pct MoM to -19.46%, with SG price retreat on sluggish demand and natural gas price ...