SG-GCL @EC2611A

Goldman Sachs Upgrades GCL Technology to Buy

Credit Agricole CIB cuts GCL Technology's earnings forecast and target price

GCL Technology Reports Narrowed Loss to 2.87 Billion Yuan in 2025

GCL Technology Reports 2025 Earnings, Breakthroughs in PV Silicon Materials and Perovskite Technology

GCL TECH released FY2025 Q3 earnings on March 30, 2026 (BJT), with actual revenue of HKD 4.75 B and EPS of HKD -0.0201

GCL TECH released FY2025 9 Months Earnings on March 30 (BJT), actual revenue HKD 10.96 B, actual EPS HKD -0.0889

GCL Technology Reports Narrowed Net Loss in 2025 and Plans Overseas Expansion in 2026

GCL TECH released FY2025 earnings on March 30 After-Market (BJT), actual revenue HKD 15.77 B (forecast HKD 16.13 B), actual EPS HKD -0.1088 (forecast HKD -0.0677)

GCL TECH released FY2025 Q4 earnings on March 30 After-Market (BJT), actual revenue HKD 4.832 B, actual EPS HKD -0.0205

GCL TECH to release FY2025 earnings on March 30 After-Market (BJT), forecast revenue HKD 16.52 B, EPS HKD -0.0689

GCL Technology Terminates Convertible Bond Issuance Agreement

GCL Technology and GCL System Integration Sign Sales Agreement for 2026 Silicon Wafers and Materials

JPMorgan: Space Solar Market Has Great Potential, Upgrades GCL Technology Rating

Perovskite Photovoltaic Industry Moves towards Mass Production

CNOOC Solar 拟 issue HKD1.17 billion convertible bonds

DBS downgrades GCL Technology's rating to hold

DBS Downgrades GCL Technology to Hold from Buy

JPMorgan expects policy-driven consolidation in solar industry in 2026, gives 增持 ratings to GCL Technology and 大全新能源

Agricultural Bank of China sees largest increase in holding volume, Southern Hang Seng Tech sees largest percentage increase in holdings

Fitch Rates GCL Technology Holdings' ESG Grade as 2

ASIA TELE-NET

WAI CHUN GROUP

SILKWAVE INC

SHEUNG YUE GP

POLYFAIR HLDGS

BGMC International

CEC INT'L HOLD

RONGZHONG FIN

ECHO INT HOLD

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A Goldman Sachs report indicates that if the Middle East conflict continues, high-income nations will leverage their purchasing power to secure energy, leaving low-income countries like Bangladesh and Pakistan at risk of supply disruptions and manufacturing shutdowns. High import costs are driving a global shift toward localized energy, leading to a structurally bullish outlook for solar power. Meanwhile, some nations in South and Southeast Asia, lacking the capability to rapidly deploy renewable energy, are reverting to coal, which is expected to receive sustained demand support over the coming years

- The ongoing Middle East conflict is reshaping the global energy landscape, favoring solar energy and coal as major beneficiaries.  
- High-income countries are leveraging their purchasing power to secure energy resources, while low-income nations like Bangladesh and Pakistan risk energy shortages due to rising import costs and competition.  
- The transition to localized energy sources is accelerating, with increased adoption of solar energy expected in the long term, but many South and Southeast Asian countries are reverting to coal amid difficulties in deploying renewable sources, sustaining global coal demand.

Wallstreetcn

China Coal Energy

Daqo New Energy

CSEC/China Shenhua

YANCOAL AUS

Jinko Solar

Huatai-PB CSI Photovoltaic Industry ETF

GCLSI

SHCI

Shanxi Coking Coal

YANKUANG ENERGY

Penghua SSE STAR New Energy ETF

JHSCIC

JA SOLAR

Sungrow Power Supply

Aiko Solar

Range Global Coal Index ETF

Lu′an EED

HONGYUAN

CSI Solar

Guotai CSI Photovoltaic Industry ETF

GCL TECH

TRINA SOLAR

CHINA SHENHUA

Jinkosolar

Goldman Sachs: Three Key Revelations from the Middle East Energy Shock—Structurally Bullish on Solar, Strengthened Coal Demand, and Developing Countries Under Pressure

Goldman Sachs raised the target price for GCL TECH to 1.3 yuan, upgrading the rating from "Neutral" to "Buy." The report pointed out that although the stock price has fallen 28% since early February, the market has underestimated its long-term production growth potential. It is expected that the accelerated adoption of granular silicon downstream will improve the company's production and profit outlook, and the current stock price pullback provides an attractive entry point

AASTOCKS

Goldman Sachs raises GCL TECH's target price to 1.3 yuan and upgrades its rating to "Buy"

Société Générale Securities released a research report, indicating that GCL TECH's revenue is expected to grow by 39.4% to RMB 8.69 billion in the second half of 2025, with an improved gross margin of 23.4%. The net loss is expected to narrow to RMB 1.09 billion, in line with expectations. Although the earnings forecasts for 2026 and 2027 have been lowered, and the target price has been adjusted from HKD 1.90 to HKD 1.80, the "outperform" rating has been reaffirmed

"Big Banks" - Societe Generale: GCL TECH's gross margin improved in the second half of last year, reiterating the "Outperform" rating

HSBC Global Research has lowered the target price for GCL TECH to HKD 1.6, maintaining a "Buy" rating. The report points out that GCL TECH has a cost advantage during the industry's downturn cycle, and its competitive advantage is becoming increasingly evident. Despite the decline in polysilicon prices, GCL TECH's total costs are close to breakeven, allowing it to maintain cash profitability. HSBC Research has also lowered its earnings forecasts for 2026 and 2027, to 51% and 27%, respectively

The Big Bank Research downgraded GCL TECH's target price to 1.6 yuan and maintained a "Buy" rating

GCL TECH announced its 2025 annual performance, with revenue of RMB 14.425 billion, a year-on-year decrease of 4.5%; gross profit was RMB 1.336 billion, an improvement from a gross loss of RMB 2.51 billion in the previous year. The loss narrowed from RMB 4.75 billion to RMB 2.868 billion, with a loss per share of 0.0996 yuan, and no final dividend was declared. Adjusted EBITDA was approximately RMB 2.8 billion, significantly turning positive compared to a loss of RMB 1.4 billion in 2024

"GCL TECH" narrowed its annual loss to RMB 2.868 billion, with adjusted EBITDA turning positive

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Reuters

GCLET

GCL NEWENERGY

Fisr Trust Nasdaq Clean Edge Smart Grid Infra

CATL

China Southern CSI SEEE CARBON NEUTRAL ETF

China Southern CSI New Energy ETF

Bosera CSI All Share Electric Utilities ETF

GF CSI All Share Power Public Service ETF

ChinaAMC Green Electricity ETF

E Fund CSI Green Power ETF

Investors bet Iran war will boost Chinese renewables demand

RAYS

600438

The main contract for polysilicon on the Guangqi Exchange hit the limit down, reported at 35,095 yuan/ton, with a current decline of 9%

Invesco Solar ETF

Global X Solar ETF

Tongwei Co.,Ltd

SOXX

560780

159516

562590

On March 19, the main contract for polysilicon at the Guangzhou Futures Exchange fell below 40,000 yuan/ton, closing at 38,550 yuan/ton, a decrease of 5.77%. This price is seen as the cash cost line for some companies in the polysilicon industry, indicating market pressure on high-cost production capacity. Spot market data shows that the average transaction price for N-type polysilicon feedstock is 43,200 yuan/ton, a month-on-month decline of 4.42%. Since entering March, the price of polysilicon feedstock has cumulatively dropped over 20%

iShares Semiconductor ETF

VanEck Semiconductor ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

SPDR S&P Semicon

The price of polysilicon futures has fallen below 40,000 yuan/ton

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JP Morgan's research report points out that the mainland solar industry has seen a negative turn against internal competition, with the spot price of polysilicon falling from over 50 yuan per kilogram in February to 48 yuan in early March. Due to the unclear definition of production costs in the Price Law, some manufacturers are depleting inventory at low prices under cash flow pressure. In terms of policy, the mainland's National Two Sessions has prioritized fair competition, which may curb overcapacity through capacity control and price enforcement. It is expected that polysilicon prices can stabilize in the medium term at 47 to 50 yuan per kilogram, but prices may further decline in the short term. The firm prefers Daqo Energy and GCL TECH

Daqo Energy

"Big Banks" JP Morgan: The negative turning point in the mainland photovoltaic industry against involution has appeared as expected, and regulatory authorities help stabilize mid-term prices

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JP Morgan's report points out that the space solar energy boom is rising in China's new energy sector, with an expected expansion of related manufacturing by 200 gigawatts. Related stocks have risen by 21% since November 2025. The market size of space solar energy is expected to be three times that of ground solar energy in 2025 by 2030, but its feasibility is in doubt. GCL TECH's rating has been upgraded to "Buy," while GOLDWIND and MYSE's ratings have been downgraded to "Sell."

Goldwind

GOLDWIND

MYSE

"Big Banks" JP Morgan: The space solar energy craze sweeps through China's new energy sector, GCL TECH rating "Overweight"

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GCL Group is reportedly considering issuing US dollar bonds. (Bloomberg)

Yinhua MSCI China A ETF

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HSBC's research report points out that the market in the Year of the Horse will focus on five major themes: solar energy and hydrogen energy, the 14th Five-Year Plan, power grids, and green fuels. Defensive industries still hold value, and nuclear energy is worth attention. The report mentions that specific equipment manufacturers in the solar energy supply chain and hydrogen producers will benefit from new demand. The target price for CIMC ENRIC has been raised to HKD 12.5, maintaining a "Buy" rating, while GCL TECH, HPEC, and CKI HOLDINGS have also been given "Buy" ratings

CIMC ENRIC

CKI HOLDINGS

HPEC

HSBC Research: Stock Selection in the Year of the Horse Focuses on Five Major Themes, Urges Buy on CIMC ENRIC, GCL TECH, CKI HOLDINGS, etc

Chinese energy company GCL is advancing the Knjaževac solar power plant project in eastern Serbia, one of the largest in the country. The Municipal Council has initiated a detailed regulation plan, with public discussions held in early February. Central Europe Energy Company, primarily owned by GCL, has signed a grid connection contract for the plant, which will have a capacity of 136 MW and an estimated investment of EUR 200 million. The plan will cover 267 hectares and is expected to be completed within 12 months, including a strategic environmental assessment.

Blank Green ENERGY NEWS

Chinese GCL takes another step in solar power project in Serbia

Elon Musk's SpaceX is exploring partnerships with Chinese solar suppliers for space-based data centers powered by solar energy, sparking a surge in solar stock prices. Companies like Jinko Solar and GCL Technology have acknowledged discussions, but analysts caution against overhyping the technology, which is still in early stages. Musk envisions significant solar panel production and satellite deployment, while China's solar capacity continues to grow. However, experts predict that demand for space-based photovoltaics may not materialize until after 2030, emphasizing the need for reliable manufacturing and technology maturation.

SCMP

How Elon Musk’s space-based AI vision sparked a Chinese solar stock frenzy

SG-GCL @EC2611A(28384.HK)

SG-GCL @EC2611A Stock Performance Chart

Goldman Sachs: Three Key Revelations from the Middle East Energy Shock—Structurally Bullish on Solar, Strengthened Coal Demand, and Developing Countries Under Pressure

Goldman Sachs raises GCL TECH's target price to 1.3 yuan and upgrades its rating to "Buy"

"Big Banks" - Societe Generale: GCL TECH's gross margin improved in the second half of last year, reiterating the "Outperform" rating

The Big Bank Research downgraded GCL TECH's target price to 1.6 yuan and maintained a "Buy" rating

"GCL TECH" narrowed its annual loss to RMB 2.868 billion, with adjusted EBITDA turning positive