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<Research>JPM Views GOLDWIND Stock Price Rally Due to Landspace as Overdoing
JPMorgan has released a report predicting that policy-driven industry consolidation will occur in 2026 with the establishment of a polysilicon industry consolidation platform in ea...
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<Research>JPM Views GOLDWIND Stock Price Rally Due to Landspace as Overdoing
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JPMorgan has released a report predicting that policy-driven industry consolidation will occur in 2026 with the establishment of a polysilicon industry consolidation platform in early December 2025. The broker has given an Overweight rating to GCL TECH (03800.HK)  +0.010 (+1.075%)    Short selling $30.38M; Ratio 37.213%   and DAQO New Energy (DQ.US)      .

GOLDWIND (02208.HK)  -0.500 (-3.551%)    Short selling $95.53M; Ratio 68.222%   and its A-shares (002202.SZ)  +0.210 (+0.875%)   rose by 17% and 18% respectively from December 31, 2025, to January 6, 2026, while the HSCEI and the SZCOMP Index increased by 4% and 3% respectively.

Related News UBS Raises TP of GOLDWIND (02208.HK) to HKD26.9 with 'Buy' Rating
According to JPMorgan's communications with investors, this rally might be a result of market expectations of the value release of GOLDWIND's 4.14% stake in Landspace, which currently has an IPO plan.

From JPMorgan's perspective, however, GOLDWIND's rally due to Landspace might be overdone. Since December 31, 2025, GOLDWIND's market value has soared by around RMB14 billion, which, based on the broker's calculations, implies a valuation multiple of 88 times the FY24 P/B ratio for Landspace (assuming no group discount at the GOLDWIND level). JPMorgan's suggestion is that investors should shift towards ORIENT WIRES & CABLES (603606.SH)  -2.640 (-4.340%)   for the upstream wind power sector.

Regarding the three-year energy storage cooperation memorandum of understanding signed between SIEYUAN ELEC (002028.SZ)  -0.090 (-0.043%)   and CATL (03750.HK)  -5.000 (-0.791%)    Short selling $249.40M; Ratio 56.628%   with a total scale of 50GWh, JPMorgan believes this cooperation demonstrates SIEYUAN ELEC's ambition to develop its energy storage system business. The total capacity could support annual revenue of around RMB20 billion once fully constructed.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

Related News HSBC Research Lowers TP for GCL Tech (03800.HK) to HKD1.6, Maintains 'Buy' Rating

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