J.P. Morgan "short list" exposed! These three energy stocks are singled out for short selling.

With the arrival of October, the market officially entered the fourth quarter of 2025. At this juncture, J.P. Morgan conducted research on its top-ranked internal U.S. stock analysts to identify the "most convincing structural and tactical short targets" in each sector. In the energy sector, J.P. Morgan identified three core short targets: CSI Solar Co., Ltd. CECEP Solar Energy (CSIQ.US), ChargePoint (CHPT.US), and Gibson Energy (GBNXY.US). Since 2025, the S&P 500 energy sector has been consistently lagging behind, with a year-to-date increase of only 4.47%. Among the 11 major sectors, it ranks ninth in terms of growth; the growth potential is also significantly constrained by the drop in oil prices during the year. The following will provide a detailed introduction to J.P. Morgan's rating basis for these three major energy short targets, along with their year-to-date performance: CSI Solar Co., Ltd. CECEP Solar Energy Year-to-date performance: +29.8% J.P. Morgan rating: Hold Short basis: J.P. Morgan believes that the recent increase in raw materials (such as polysilicon) prices may put pressure on the gross profit margin of CSI Solar Co., Ltd. CECEP Solar Energyespecially since the rate of increase in raw material costs has surpassed the rise in CECEP Solar Energy component prices. In addition, if the company fails to meet the requirements related to "covered foreign entities" under the "Build Back Better Act" (expected to be formally implemented in the coming months), its U.S. domestic manufacturing business may face interruption risks. ChargePoint Year-to-date performance: -46.2% J.P. Morgan rating: Hold Short basis: Despite a potential performance improvement in the third quarter of 2025 due to the pre-purchase demand driven by the gradual withdrawal of U.S. electric vehicle subsidies, J.P. Morgan believes that ChargePoint currently lacks a clear path to revenue and profit margin recovery in the current demand environment. Gibson Energy Year-to-date performance: +2.6% J.P. Morgan rating: Hold Short basis: The marketing prospects for Gibson Energy continue to face challenges, with factors such as narrowing price differentials and limited storage opportunities persistently affecting its performance. J.P. Morgan's performance preview for the third quarter of 2025 shows that the improvement in the company's various business segments in the second half of 2025 will be relatively modest; currently, J.P. Morgan expects the performance of each business sector to approach the lower end of the $20-40 million guidance range.