China Renewables Key trends into 2Q; post 1Q model updates

研报英文原文证据摘录

China Renewables Key trends into 2Q; post 1Q model updates

J P M O R G A N Asia Pacific Equity Research

15 May 2026

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China Renewables

Key trends into 2Q; post 1Q model updates

We update our models post 1Q results. Within upstream wind, we continue to prefer Head of APAC Utilities &

turbine exports and offshore wind themes and maintain our OW rating on Renewables | Sustainable Investing

Goldwind-H and Orient Cables. We like Sungrow and Deye, on the back of strong Alan Hon AC

ESS demand and AIDC ESS theme. We remain selective on solar manufacturers (852) 2800-8573

and prefer players with cost leadership and attractive valuations; thus, we like GCL alan.hon@jpmorgan.com

Tech and Daqo. On renewable power producers, we prefer CGN Power (for Daqi Jiao

improving tariff regimes) and Yangtze Power (stable tariff and defensive yield (852) 2800-8595

play). daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Upstream wind: Turbine exports to EM and China’s off-shore development

remain the bright spots within China's upstream wind companies, where we like

GW-H and Orient Cable, both OW-rated. However, we maintain our UW rating on Figure 1: China’s offshore wind grid

Mingyang on its weak execution track record in recent years. connection from 2022 to 2027E

GW

Solar and ESS: Sungrow remains our preferred pick within this space. We see 14.0

more positive catalysts emerging from AIDC ESS attachment development into 12.010.0