Xiaomo: The consolidation of the energy storage industry, which is expected to be driven by the anti-domestic tax policy in 2026, will give GCL Technology (03800) and others an “increase” rating

The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that the price of solar silicon wafers and batteries rose significantly in December 2025, mainly due to the increase in the cost of key materials (including polysilicon and silver paste), which is also partly driven by anti-internal circulation policies. With the establishment of the polysilicon industry integration platform in early December 2025, the bank expects policy-driven industry integration to occur in 2026. The bank gave GCL Technology (03800) and Daxin Energy (DQ.US) a “plus” rating.


Goldwind Technology (02208) H shares and Goldwind Technology (002202.SZ) A shares rose 17% and 18% respectively in early January 2026 (from December 31, 2025 to January 6, 2026). The Hang Seng State-owned Enterprises Index rose 4% during the same period, and the Shenzhen Securities Index rose 3%. According to discussions with investors, this round of increase may be due to market expectations for the release of 4.14% of the value of its Blue Rocket shares, as Blue Rocket currently has an IPO plan. Since December 31, 2025, Goldwind Technology's market capitalization has increased by about 14 billion yuan. According to the bank's estimates, this means that the valuation multiplier of Blue Rocket Aerospace will reach 88 times the net market ratio for the 2024 fiscal year (assuming that Goldwind Technology does not take into account group discounts). In the upstream wind power sector, the bank advises investors to switch to Oriental Cable (603606.SH).

Siyuan Electric (002028.SZ) and Ningde Times (03750) signed a three-year memorandum of understanding on energy storage cooperation, with a total scale of 50 GWh. The bank believes that this cooperation shows Siyuan Electric's ambition to develop its energy storage system business, and its total production capacity can support an annual revenue of about 20 billion yuan after full completion. According to preliminary estimates, the bank anticipates that this 50GWh cooperation may bring more than 10% upside to Siyuan Electric's market consensus profit forecast for the 2027-2028 fiscal year.