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| HSI1 | 25,884.43 | +25.55 | 328.18B |
| HSCEI1 | 8,612.15 | -32.56 | 103.63B |
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2026-07-31 16:37:01 China's photovoltaic sector has dived by an average of about 30% YTD, with valuations of some stocks approaching historical troughs, JPMorgan said in a research report. The broker has now turned selectively optimistic on the industry, expecting photovoltaic demand to recover in 2H26 on seasonal factors. Compounded with production suspension arrangements, the supply-demand outlook for photovoltaic glass was expected to improve. The broker upgraded XINYI SOLAR (00968.HK) and FLAT GLASS (06865.HK) from Neutral to Overweight, expecting XINYI SOLAR and FLAT GLASS to garner more market share in case of industry consolidation. Meanwhile, it maintained the Overweight rating on GCL TECH (03800.HK). The TP for XINYI SOLAR was cut from HKD3.1 to HKD2.8, while the TP for FLAT GLASS H shares was lowered from HKD9.8 to HKD8.8. The TP for GCL TECH was reduced from HKD1.4 to HKD1.1. JPM forecast that FLAT GLASS will log a loss in 2026 and lowered its 2027-28 earnings forecasts by 1-9%. It also expected GCL TECH to keep recording losses in 2026 and cut its 2027-28 earnings forecasts by 3-5%. The broker reduced its earnings forecasts for XINYI SOLAR for 2026-28 by 1-71%. ~ AASTOCKS Financial News Website: www.aastocks.com | |