--- title: "JPM Upgrades XINYI SOLAR and FLAT GLASS to Overweight, Turns More Bullish on Sector Outlook" type: "News" locale: "en" url: "https://longbridge.com/en/news/294482096.md" description: "JPMorgan upgraded Xinyi Solar and Flat Glass to Overweight, citing improved supply-demand outlook for photovoltaic glass due to production suspensions and expected demand recovery in H2 2026. While maintaining an Overweight rating on GCL Tech, JPM lowered target prices and earnings forecasts for all three companies, reflecting near-term losses but long-term optimism on industry consolidation." datetime: "2026-07-31T08:51:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294482096.md) - [en](https://longbridge.com/en/news/294482096.md) - [zh-HK](https://longbridge.com/zh-HK/news/294482096.md) generator: "portal-rs" --- # JPM Upgrades XINYI SOLAR and FLAT GLASS to Overweight, Turns More Bullish on Sector Outlook China's photovoltaic sector has dived by an average of about 30% YTD, with valuations of some stocks approaching historical trough levels, JPMorgan said in a research report. The broker has now turned selectively optimistic on the industry, expecting photovoltaic demand to recover in 2H26 on seasonal factors. Compounded with production suspension arrangements, the supply-demand outlook for photovoltaic glass was expected to improve. The broker upgraded XINYI SOLAR (00968.HK) 0.000 (0.000%) Short selling $48.48M; Ratio 35.819% and FLAT GLASS (06865.HK) +0.110 (+1.608%) Short selling $1.69M; Ratio 4.474% from Neutral to Overweight, expecting XINYI SOLAR and FLAT GLASS to garner more market share if industry consolidation materializes. Meanwhile, it maintained the Overweight rating on GCL TECH (03800.HK) -0.010 (-1.613%) Short selling $23.37M; Ratio 24.297% . The TP for XINYI SOLAR was cut from HKD3.1 to HKD2.8, while the TP for FLAT GLASS H shares was lowered from HKD9.8 to HKD8.8. The TP for GCL TECH was reduced from HKD1.4 to HKD1.1. JPM forecast that FLAT GLASS will log a loss in 2026 and lowered its 2027-28 earnings forecasts by 1-9%. It also expected GCL TECH to keep recording losses this year and cut its 2027-28 earnings forecasts by 3-5%. The broker reduced its earnings forecasts for XINYI SOLAR for 2026-28 by 1-71%. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-31 16:25.) ### Related Stocks - [06865.HK](https://longbridge.com/en/quote/06865.HK.md) - [03800.HK](https://longbridge.com/en/quote/03800.HK.md) - [00968.HK](https://longbridge.com/en/quote/00968.HK.md) - [601865.CN](https://longbridge.com/en/quote/601865.CN.md) - [002506.CN](https://longbridge.com/en/quote/002506.CN.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [Xinyi Solar names Lam Chi Kwong financial controller, company secretary after Chu retirement](https://longbridge.com/en/news/295916749.md) - [Xinyi Solar files list of directors, board committee members with disclosure responsibilities](https://longbridge.com/en/news/295916979.md) - [HTSC Trims XINYI SOLAR TP to HKD2.84, Downgrades Stock to Overweight](https://longbridge.com/en/news/294759910.md) - [FLAT GLASS Expects Interim Loss of RMB300 million-400 million](https://longbridge.com/en/news/292595514.md) - [Flat Glass Group files HKEX next-day disclosure return reporting share repurchase at HKD 6.41 each](https://longbridge.com/en/news/291470687.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**