Morning Bites (part 2)

🥈Solar panel installations in China dropped a further 55% YoY in September, in line with August's dynamics, 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 surging installations of renewable energy capacity in the last several years. However, the figure was still up 46% YoY in 9mo25

Meanwhile, overall photovoltaic cell output in China declined 34% YoY in September (mainly due to the high base effect from 2024), vs. the 106% YoY gain in August. The local PV cells output was also up 29% YoY on 9mo25 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