Morning Bites (part 1)

🥈Solar panel installations in China dropped 31% YoY in June, reversing from the sharp 5.6x YoY growth in May, per NEA data, as some key subsidies for local solar projects expired in early-June, and investment in grid infrastructure is failing to keep pace with the installation of renewable energy capacities. The figure was up 2.0x YoY in 1H25

Meanwhile, overall photovoltaic cell output in China grew 35% YoY in June, accelerating from the 7% YoY gain in May (and was up 29% YoY on 1H25 basis)

Given the solid demand for renewable energy in China, we maintain our positive view on silver, copper and aluminium, which are the key beneficiary metals of the proposed global transition to clean energy in 2024-30

#silver #copper #aluminium