中国公司在德意志银行虚拟全球太阳能会议上的要点

Key highlights 2026 Virtual Deutsche Bank Global Solar & Clean Tech Conference was hosted on14 May. FiveChinese companies attended, including LONGi Green EnergyTechnology (601012.SS), GCL Technology (3800.HK), Hainan Drinda New Energy Across companies, management teams broadly pointed to a Chinese solar industrystill in a weak near-term phase, with demand softness in 1H26 (particularly in China)and ongoing oversupply and high inventories in polysilicon segment weighing onpricing. At the same time, there is a shared view that policy-driven anti-involution Differentiationis a clear strategy for many companies in the solar sector, with LONGifocusing on its high-efficiency BC modules and expanding into the EnergyStorage System (ESS) market.GCL Technologyis diversifying by leveraging itscost-effective granular silicon production and venturing into battery material valuechain. Meanwhile,Hainan Drindais carving out a niche in space solar applications, Among the stocks we cover,LONGi (601012.SS), as an integrated moduleproducer, is a near-term beneficiary of lower upstream costs. We have a SELL on Tongwei (600438.SS), as we see it as vulnerable to plunging polysilicon prices givenits high inventory level and a more leveraged balance sheet than peers. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank doesand seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm mayhave a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single 18 May 2026Alternative Energy LONGi Green Energy Tech (601012.SS; BUY) - Fireside Chat with Anais XiaoniWu, IR nViews on industry policy.Since 2H25, the Chinese government's anti-involution practices in the solar industry have led to meaningful changes,particularly in the polysilicon segment. However, the company has alsoobservedthat higher upstream prices were not well accepted bydownstream users, resulting in a decline in polysilicon prices again since2026. Currently, the company believes the pricing outlook for wafers, cells, nViews on solar demand.The company expects global solar demand in2026 to be lower YoY. China, the largest market, may see a demand declineto 200-250GW in 2026 (versus 317GW in 2025), affected by: 1) gridconstraints; and 2) many local provinces being in the process of setting 15thFive-year Plan targets in 2026. The company expects European demand tobe stable, in the range of negative 10% to positive 10% growth. Other nUS business updates.To comply with regulatory requirements (OBBA),LONGi has lowered its equity stake in its module company to below 20%.The company remains cautious about its business in the United States. nBC products.In terms of module power, LONGi’s mainstream BC productsare rated at 650-660W, and the company aims to achieve 670-680W in thesecond half of 2026. The company believes BC products can maintain a10% price premium over TopCon in 2026. The company’s full-year moduleshipment target is 80GW, with BC products potentially accounting for over55% of the total volume. The company expects its overall module business nESS business.LONGi entered the Energy Storage System (ESS) businessin early 2026 and launched ESS products in April 2026. For 2026, thecompany targets an ESS shipment of 6GWh. The company expects China’sESS installation demand to maintain a growth of over 50% year-on-year in GCL Technology (3800.HK; BUY) - Discussion with Junjie Zhu, IRProduction cost.The company believes its granular silicon product has nestablished a strong cost advantage over rod silicon. As of 4Q25, thecompany achieved a unit cash cost of RMB24/kg, which was aroundRMB10/kg below rod silicon. nViews on industry policy.The company is still waiting for further policyclarity on anti-involution measures for the solar industry. If higher energyefficiency standards are imposed, the company expects this could helpaccelerate the phase-out of small and inefficient capacities and promote nViews on solar demand and industry cycle.The company believes long-term renewable power demand remains supported by AI-driven electricityconsumption, energy transition, and increasing solar-storage penetrationglobally. The company expects industry recovery to depend on anti- nNew business opportunities.In light of the near-term industry downturn 18 May 2026Alternative Energy for the solar sector, the company is actively exploring opportunities in othernew energy-related industries for growth. Cathode materials and Silicon- Hainan Drinda (2865.HK; BUY) - Discussion with Sharon Xu, IRViews on overseas market.The company sees robust export demand for nsolar cells, shipping to key markets such as India and Turkey. For Drinda, itsexport proportion rose from 50% in FY25 to 70% in 1Q26. The overseasmodule price premium is expected to remain at RMB0.02/W versus the nCapacity and shipment.The company's curren