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当前位置:首页 > 行业报告 > 传统产业 > 光伏太阳能 > 汇丰银行-中国-能源设备行业-中国太阳能设备:未来更新光明-2019.6-111页

汇丰银行-中国-能源设备行业-中国太阳能设备:未来更新光明-2019.6-111页

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www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.EquityResearchReportSpotlight:ChinaSolarEquipmentJune2019Equities//EnergyEquipment&ServicesEnergyEquipment&ServicesJune2019By:CoreyChan(S1700518100001)andDunWang(S1700519060002)ChinaSolarEquipmentInitiatecoverage:BrighterdaysaheadWeforecastanindustryupcyclein2019-20e,drivenbyrobustexportdemandWeseeupsidetostockpricesduetomarketexpansionandfallingcostsInitiateonLongi,Tongwei,Zhonghuan,andJingshengwithBuyratings,andFirstAppliedMaterialwithaReduceSPOTLIGHT1Equities●EnergyEquipment&ServicesJune2019ThekeymessagesThesolarindustryisnostrangertovolatility.Sharpswingsinproductprices,overcapacityissuesand,inturn,knock-oneffectsonstockpriceshavebeencommon.Therootcauseisoftensubsidiesasgovernmentspushforcleanerpower.Germanyledthewayandbecametheworld’slargestsolarmarketin2010.Chinasoontookoverandsolarcapacitygr

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