JP Morgan: Space CECEP Solar Energy frenzy sweeps through Shanxi Guoxin Energy Corporation sector, giving GCL TECH (03800) a "buy" rating.

JPMorgan Chase released a research report stating that the space boom in the CECEP Solar Energy sector is sweeping through China's CECEP Solar Energy and wind energy fields, with the market anticipating that space-related CECEP Solar Energy manufacturing could expand by 200GW, driving related stocks to outperform the market by 21% to 166% since November 2025. According to the bank's estimates, by 2030, the total target market size for space-based CECEP Solar Energy is expected to be significantly larger, approximately three times the total target market size (TAM) for ground-based CECEP Solar Energy in 2025. However, its feasibility is subject to doubt. Among the many stocks that have risen in China, most are not involved in gallium arsenide (currently the mainstream technology for space-based CECEP Solar Energy), but instead involve P-type heterojunctions and perovskite technologies that may have potential for space applications. Alternatively, this opportunity may be related to the development of ground-based manufacturing to mitigate power restrictions brought by AIDC in the United States. The bank has rated GCL TECH (03800) as "hold," while Goldwind Science & Technology (002202.SZ) A-shares and Ming Yang Smart Energy (601615.SH) have been downgraded to "sell." In the portfolio, the bank prefers Goldwind Science & Technology (02208) H-shares over A-shares, as well as Sungrow Power Supply (300274.SZ) over Suzhou Maxwell Technologies (300751.SZ).