CI-GCL @EC2602A

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

GCL Technology Holds Stake in Guanghe Qiancheng, Seen as Polysilicon Industry Integration Platform

JPMorgan Maintains Overweight Rating on GCL Technology with Positive Outlook on Future Profitability

Equity Structure of Guanghe Qiancheng Revealed, Exploring Collaborative Opportunities in Polysilicon Industry

GCL Technology Establishes Partnership to Acquire Shares in Inner Mongolia Xin Yuan Silicon Materials

GCL Technology Completes 1.353 Billion Share Subscription Exercise

Significant Increase in Hua Tian International Holdings Shares, Significant Decrease in GCL Technology Holdings Shares

GCL Technology Achieves Profitability Turnaround in Photovoltaic Materials Business

Stock Increase in Hantang International Construction: 356 Million Shares

GCL Technology Completes Issuance of 1.353 Billion Shares

HSX Connect and SZX Connect Holding Records Show Largest Increase for HSFE Fund, Largest Decrease for GCL Technology

HKEX Disclosure Easy Shows Agricultural Bank of China's Holding Increase the Most

Northeast Securities First Coverage of GCL Technology with Buy Rating and Target Price

HKEX Discloses Holding Records of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect: GCL Tech Sees Largest Increase in Shares Held, Weimob Sees Largest Increase in Holding Ratio

Guosen Securities Predicts a Significant Profit Increase for GCL Technology in 2025Q3

HKEX Discloses: CSGC Shares Held and Shandong Molong Holding Ratio Increased Most

PPS INT'L

CU VENTURE INV

OPTIMA AUTO

ADICON HOLDINGS

DA SEN HLDGS

SHINELONG

SUMMI

EDVANCE INTL

OKURA HOLDINGS

CHUAN HOLDING

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JP Morgan released a research report, pointing out that the mainland photovoltaic industry is driven by optimistic sentiment, suggesting attention to companies with strong profit growth prospects, such as NBO, Daqo Energy, and GCL TECH. Last year, the procurement volume of offshore wind power units in the mainland reached 8.42 gigawatts, with MYSE and Goldwind's stock prices rising significantly. The report holds a cautious attitude towards the gas sector due to weak growth in industrial gas consumption and limited improvement in profit margins, with Kunlun Energy being the industry's top choice

AASTOCKS

Penghua SSE STAR New Energy ETF

Mingyang Electric

E Fund CSI Green Power ETF

ChinaAMC Green Electricity ETF

Bosera CSI All Share Electric Utilities ETF

Daqo Energy

Goldwind

GCLSI

GOLDWIND

GCL TECH

GF CSI All Share Power Public Service ETF

MYSE

"Big Banks" JP Morgan: The mainland photovoltaic industry is driven by optimistic sentiment; stock selection should focus on profit growth prospects; be cautious about the gas sector

HSBC Research pointed out that GCL TECH is the largest manufacturer of next-generation space solar cells. It is expected that by 2030, the market size of space solar panels will reach USD 20 billion, increasing to USD 64 billion by 2035. Although market development is influenced by technological and economic conditions, GCL TECH's performance in the space solar field is optimistic, providing a better risk-return ratio

According to "The Big Bank" research, GCL TECH is the largest manufacturer of next-generation space solar cells

DBS Bank has downgraded GCL TECH's investment rating to "Hold," with a target price reduced from RMB 1.65 to RMB 1.12. Although the company has a technological advantage in granular silicon production and production costs continue to decline, industry consolidation has become unclear due to policy intervention. Recent acquisition prices have been relatively high, increasing uncertainty. Despite the strong resilience of solar module prices, analysts believe that market consolidation will take longer and rely on government policy support. The company acquired a 42.5% stake in Inner Mongolia Xinyuan Silicon Material Technology for RMB 2 billion, with the transaction valuation being relatively high and limited short-term financial impact

DBS downgraded GCL TECH to "Hold" with a target price reduced to HKD 1.12

DBS Bank Downgrades GCL Technology to Hold from Buy, Price Target is HK$1.12

marketscreener

DBS Bank Downgrades GCL Technology to Hold from Buy, Price Target is HK$1.12

GCL Technology Holdings Ltd. has announced an HK$800 million equity investment to increase its stake in a non-wholly owned subsidiary. The funds, raised from recent share subscriptions, will be used for the acquisition, which is based on the assumption that the appraised assets are available for transaction under current market conditions. A Limited Partnership was also established to facilitate this acquisition.

Reuters

GCL Global

GCL Technology Boosts Subsidiary Stake with HK$800 Million Equity Investment

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UNISOUND(09678) fell 11.29%, with a trading turnover 81.4 Million HKD, and a year-to-date fell 24.6%. NANJING PANDA(00553) fell 9.19%, with a trading turnover 579.1 Million HKD, and a year-to-date rose 28.4%. XINTE ENERGY(01799) fell 8.48%, with a trading turnover 48.0 Million HKD, and a year-to-date fell 7.5%.

Top Gainers & Losers

UNISOUND

NANJING PANDA

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Top 10 HK Stock Losers (1.9)

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JP Morgan holds a constructive view on the photovoltaic industry, despite the recent decline in the CSI Photovoltaic Industry Index. GCL TECH's stock price has fallen due to capacity quota pressures, but JP Morgan believes it can enhance market share and shareholder return on equity by purchasing quotas. The addition of Xinjiang GCL has alleviated concerns about impairment losses. JP Morgan maintains an overweight rating on Daqo New Energy and GCL TECH, with target prices of $38 and HKD 1.7, respectively

GCL NEWENERGY

JP Morgan holds a constructive view on the photovoltaic industry "anti-involution" and maintains a "Buy" rating on GCL TECH

The Hong Kong stock market's photovoltaic sector performed weakly, with GCL TECH continuing to drop by 6.19%, Flat Glass Group falling by 2%, and Xinyi Solar and New Energy falling by 1% to 1.1%. The polysilicon industry capacity integration platform, Guanghe Qiancheng, has not yet officially opened and is still in the preparation stage

The photovoltaic sector's AH shares are weak, with GCL TECH continuing to decline by 6%. It is reported that the polysilicon industry's capacity acquisition platform has not yet been put into operation

GCL TECH fell 10.56%; Xinyi Solar fell 5.87%, with a transaction volume of HKD 180 million; ASMPT fell 3.40%, with a transaction volume of HKD 170 million; Flat Glass Group fell 6.37%, with a transaction volume of HKD 77.51 million; Tianyue Advanced fell 2.06%, with a market value of HKD 24.1 billion

HK Stock Movers Tracker

Hong Kong Stock Movement: GCL TECH faces continuous reductions in holdings, stock price plummets by 10.56%, market confidence undermined

GCL Technology Holdings (SEHK:3800) has raised significant capital through a share issuance to Infini Global, enhancing its market position and expansion plans. The stock has risen nearly 39% year-to-date, indicating renewed investor confidence despite long-term negative returns. Currently trading at a price-to-sales ratio of 3.4x, GCL appears overvalued compared to industry peers. However, a discounted cash flow analysis suggests it may be undervalued by over 65%. Investors are advised to consider both perspectives before making decisions.

Simplywall

GCL Tech (SEHK:3800): Valuation Insights Following Major Share Issuance to Infini Global

Zhongtai Securities pointed out that the photovoltaic industry is advancing towards high-quality development under the dual drive of policy and technology. The newly added photovoltaic installed capacity nationwide in 2024 is expected to increase by about 45% year-on-year. At the national level, the "anti-involution" policy has been introduced to promote the industry from low-price competition to sustainable development, optimizing the supply-demand relationship. Technologically, the market share of N-type monocrystalline silicon technology will exceed 96.9%. The price of the polysilicon industry is gradually recovering above the cost line, with related Hong Kong stocks including GCL TECH and XINTE ENERGY

Zhitong

Hong Kong Stock Concept Tracking | Continued Progress Against Involution, Obvious Price and Profit Recovery in the Photovoltaic Industry (Including Concept Stocks)

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The Q3 2025 report shows that leading companies in the photovoltaic industry, such as LONGi and TRINA SOLAR, have achieved reduced losses, with a significant recovery in the silicon material segment. GCL TECH and Daqo Energy have successfully turned losses into profits, while Tongwei Co., Ltd. has reduced its losses. However, many companies in the overall industry are still in a state of loss, with significant performance differentiation. Experts point out that corporate self-discipline and demand-side stimulation are key to reversing the industry's predicament

Daqo New Energy

Tongwei Co.,Ltd

LONGi

TRINA SOLAR

Leading companies in the photovoltaic industry reduce losses, with the silicon material segment recovering first

GCL TECH (3800.HK) saw a synchronized surge in main capital during yesterday's trading session, with the closing price effectively breaking through the short-term support zone, leading to a rapid increase in sentiment across the entire photovoltaic industry chain. On the news front, GCL TECH officially announced the establishment of a new overseas factory project, coupled with the implementation of multi-channel technological iterations in the industry chain, significantly enhancing market expectations. The overseas expansion combined with the technological upgrade path is viewed as a new starting point for the company's core competitiveness, stimulating market capital to further increase growth expectations. Throughout the day, the main buying pressure was strong and consistent, with sector rotation driving GCL TECH to become a focal point of the market. From a technical perspective, the intraday momentum was relatively strong, and the trading volume significantly increased, validating the participation of main capital. Each time the price approached important resistance points during the session, divergent selling pressure increased, indicating relative caution among high-position chasing funds. Currently, the frequent events in the photovoltaic concept are highly attractive to short-term capital, making it an important battleground for quick in-and-out trading. In the medium to short term, attention should be paid to the global trade environment and the progress of overseas project realization. If marginal expectations fall short of market hopes, the diversion of sector hotspots may exacerbate the withdrawal pressure on individual stocks. It is recommended to closely monitor the continuous advancement of main capital and policy news, and to implement effective risk control for quick in-and-out trading

Technical Forecast

Morning Trend | GCL TECH's main force lifts, is there a rebound window stimulated by new photovoltaic news?

CI-GCL @EC2602A(16207.HK)

"Big Banks" JP Morgan: The mainland photovoltaic industry is driven by optimistic sentiment; stock selection should focus on profit growth prospects; be cautious about the gas sector

According to "The Big Bank" research, GCL TECH is the largest manufacturer of next-generation space solar cells

DBS downgraded GCL TECH to "Hold" with a target price reduced to HKD 1.12

DBS Bank Downgrades GCL Technology to Hold from Buy, Price Target is HK$1.12

GCL Technology Boosts Subsidiary Stake with HK$800 Million Equity Investment