JPMorgan released a research report indicating that solar wafer and cell prices increased significantly in December 2025, primarily due to rising costs of key materials, including polysilicon and silver paste, with the trend also partially driven by anti-internal competition policies. Following the establishment of a polysilicon industry consolidation platform in early December 2025, the bank anticipates that policy-driven industry consolidation will occur in 2026. It assigned "Overweight" ratings to GCL TECH (03800) and Daqo New (DQ.US).
The H-share price of GOLDWIND (02208) and the A-share price of Goldwind Science&Technology Co.,Ltd. (002202.SZ) rose by 17% and 18% respectively in early January 2026 (from December 31, 2025, to January 6, 2026), while the Hang Seng China Enterprises Index gained 4% and the Shenzhen Component Index increased by 3% over the same period. Based on communications with investors, this rally may be attributed to market expectations regarding the value realization of its 4.14% stake in LandSpace, which currently has an IPO plan. Since December 31, 2025, Goldwind's market capitalization has increased by approximately RMB 14 billion.
According to the bank's calculations, this implies a valuation multiple for LandSpace reaching 88 times its 2024 fiscal year price-to-book ratio, assuming no holding company discount is applied at the Goldwind level. In the upstream wind power sector, the bank advises investors to shift their focus to Oriental Cable (603606.SH).
Siyuan Electric (002028.SZ) signed a three-year energy storage cooperation memorandum of understanding with Contemporary Amperex Technology Co., Limited (03750), with a total scale of 50GWh. The bank believes this cooperation demonstrates Siyuan Electric's ambition to develop its energy storage system business, with its total production capacity, once fully built, capable of supporting annual revenue of approximately RMB 20 billion.
Based on preliminary estimates, the bank expects this 50GWh cooperation could contribute an upside of more than 10% to Siyuan Electric's market consensus earnings forecasts for the 2027 to 2028 fiscal years.