First Solar and Enphase Energy both rose over four percentage points, with U.S. solar stocks strengthening following policy and demand expectations; Plug Power rose slightly, and hydrogen energy followed a bit; however, Sige New Energy fell almost two percentage points, while Hong Kong energy storage stocks are actually in a pullback.

Both are new energy sectors: U.S. solar stocks are rising, while Hong Kong energy storage stocks are falling. Is this divergence between Hong Kong and U.S. markets due to differing paces in subsidy and demand expectations across the two markets, or simply a difference in capital flows? It looks more like the former—U.S. solar stocks have the certainty of domestic manufacturing subsidies supporting them, while Hong Kong energy storage stocks lack this layer of policy benefits and have weaker demand catalysts. It's highly likely the two sides will continue to move separately in the short term.