Market backdrop
During the week of 10 – 14 November 2025, the Shanghai Composite fell 0.18 % to 3 990.49 points, the Shenzhen Component slipped 1.4 % to 13 216.03, and the ChiNext Index declined 3.01 % to 3 111.51. Despite the modest downturn in broader indices, the solar‑energy segment remained a bright spot, buoyed by institutional interest and favourable policy signals.
Solar‑sector momentum
Solar‑related stocks posted robust gains across the mainland market:
| Stock | 1‑week % | 1‑month % |
|---|---|---|
| TCL Zhonghuan (002129) | +8.45 % | +16.68 % |
| Longi Green Energy (601012) | –2.45 % | +13.49 % |
| Tongwei (600438) | –3.34 % | +11.42 % |
| Jinko Solar (688223) | –0.63 % | +7.73 % |
The most striking performance came from TCL Zhonghuan, whose shares surged 8.45 % in the week and 16.68 % over the month. The rise was accompanied by a strategic acquisition: a 15 billion‑yuan loan from Pudong Development Bank to fund the purchase of HuanSheng New Energy’s equity, supporting the company’s global expansion and technology upgrade. The loan was awarded the first‑place “2024 Financial‑Service Innovation Case” by the Tianjin Municipal Financial Management Bureau, underscoring the growing synergy between fintech and renewable‑energy projects.
In parallel, Longi Green Energy experienced a sharp intra‑day rally, lifting its shares by more than 8 % after a late‑afternoon breakout. Tianjin‑based solar firms such as Tianjin Sunlight and Jiangsu Solar also saw their prices climb, reflecting a pan‑sector enthusiasm for photovoltaic (PV) technology.
The surge in solar shares was mirrored by institutional inflows. On 14 November, the major solar player Topraysolar Co. Ltd. (002218) recorded a net inflow of 199 million yuan from large‑block trades, corresponding to a 5.02 % price increase and a net‑flow ratio of 2.96 %. This influx placed Topraysolar among the top 30 stocks in terms of net large‑block activity on the Shenzhen Exchange.
Company‑specific developments
Topraysolar’s portfolio spans solar cells, panels, chargers, lights, gardening products and complete power systems. The firm’s market cap of 6.19 billion CNY and a trailing close of 4.60 CNY place it among the mid‑cap innovators in China’s rapidly consolidating PV industry. Its negative price‑earnings ratio of –50.34 reflects the capital‑intensive nature of the sector and the ongoing investment required for R&D and scale‑up.
Although no new corporate announcement surfaced during the week, the strong institutional support and the company’s broad product mix position it to benefit from the sustained policy drive toward solar electrification and the anticipated growth in renewable‑energy output.
Outlook
The continued ascendance of solar shares, coupled with favourable financing for technology upgrades, signals that the industry is poised for further upside. Companies that can translate capital inflows into higher production capacity and breakthrough efficiencies—such as Topraysolar—stand to capture significant market share. Investors should watch for:
- Policy signals: Any new subsidies or grid‑integration incentives will directly affect the cost structure of solar equipment producers.
- Technological milestones: Advances in N‑type TOPCon, bifacial modules or integrated storage solutions will differentiate leaders.
- Supply‑chain resilience: Firms that secure stable raw‑material sources and mitigate component shortages will maintain competitive pricing.
In a market where the broader indices showed modest weakness, the solar‑sector rally underscores a sector‑specific narrative that could drive sustained outperformance in the coming quarters.
