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Highlights from the Brokerage morning meeting: Demand improved in the first quarter, and performance recovery in the Electrical Utilities New energy Fund industry is expected.
In today's Brokerage morning meeting, Sinolink believes that the core logic of incremental policies is becoming clearer; China Securities Co.,Ltd. noted that the current expectations for Fuel Cell Energy vehicles in the Sector are relatively weak, and there might be an upward inflection point in sales during the peak season in May-June; HTSC suggested that the demand is improving in the first quarter, and the performance recovery of Electrical Utilities New energy industry is expected.
China Great Wall: In March, the solar Industry in China showed signs of stabilization and recovery, with the Power Inverter expected to recover first.
After a year of adjustment in the Industry, 2024 may mark the bottom of profitability. The Power Inverter is expected to recover first due to technological barriers, and the supply-demand rebalancing will optimize the competitive landscape.
Pacific Securities: The Quote for The Pacific Industry Chain in the photovoltaic sector is accelerating downward.
With the end of inventory preparation, the Quote in the photovoltaic Industry Chain is accelerating to loosen, due to significant price drops in the downstream market and an increased shipping intention from some leading Polysilicon manufacturers, the price of Block Orders for Polysilicon is rapidly declining, approaching mainstream cash costs.
[Brokerage Focus] CITIC SEC: The USA's tariffs on China have sharply increased, but photovoltaic exports have already become desensitized.
Based on Jinwu Financial News | CITIC SEC stated that the USA's "reciprocal tariffs" are fierce but lack endurance. Meanwhile, China's photovoltaic industry has become desensitized to high tariffs such as the "double anti," 301, and 201 over the long term. It mainly achieves indirect exports to the USA through overseas bases in Southeast Asia. Although the impact of the "tariff war" has caused the costs of Chinese photovoltaic manufacturers' overseas production capacity to rise and squeezed profits further, they may still have a relative advantage compared to the high manufacturing costs in the USA. The process of bringing photovoltaic manufacturing back to the USA is full of uncertainty and is unlikely to change the predicament of dependency on imported photovoltaic products in the medium term.
National Energy Administration: In March, the National Energy Administration issued 0.174 billion green certificates, a year-on-year increase of 9.39 times.
In March 2025, a total of 0.118 billion green certificates were traded nationwide, among which 21.87 million were for China Green Electricity Investment Of Tianjin. From January to March 2025, a total of 0.2 billion green certificates were traded nationwide, with 60.44 million of them for China Green Electricity Investment Of Tianjin.
Jibang Consulting: In March, the prices in the Industry Chain of photovoltaic showed an upward trend, and the pace of domestic photovoltaic project signing, construction, and production has slowed down.
Jibang Consulting stated that in March 2025, driven by multiple factors such as the increasing demand for installation due to the approaching policy window, industry self-discipline in production reductions, and the continuous optimization of the supply-demand pattern, the prices across the Industry Chain of the photovoltaic sector are showing an overall upward trend.
