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

JP Morgan published a report stating that the space solar energy boom is sweeping through China's solar and wind energy sectors, with the market anticipating that the space-related solar manufacturing industry could expand by 200 gigawatts, driving related stocks to outperform the market by 21% to 166% since November 2025. According to the bank's estimates, the total target market size for space solar energy is expected to be enormous by 2030, approximately three times that of the total target market size (TAM) for ground solar energy in 2025.

However, its feasibility is highly questioned. Among the many stocks that have risen in China, most are not involved in gallium arsenide (the currently mainstream space solar technology), but rather in P-type heterojunction and perovskite technologies that may have potential for space applications. Alternatively, this opportunity may be related to the U.S. developing ground manufacturing to alleviate power restrictions brought about by AIDC.

The bank rated GCL TECH (03800.HK) as "Overweight." The ratings for GOLDWIND (002202.SZ) A shares and MYSE (601615.SH) were downgraded to "Underweight." In the portfolio, the bank prefers GOLDWIND (02208.HK) H shares over GOLDWIND A shares, and Sungrow Power Supply (300274.SZ) over Maiwei Co., Ltd. (300751.SZ)