Morning Bites

🇨🇳 The output of power generation equipment in China increased 23% YoY in July, after a slight YoY decrease, of 1%, in June, per NBS data. The 7mo26 figure was also up, by 4% YoY

📸 Photovoltaic cell output in China dropped 37% YoY in July, reversing from the +15% YoY in June, mostly due to the high base effect from mid-2025. The local PV cells output also moderately decreased 6% YoY on 7mo26 basis. Despite the negative dynamics seen recently, the overall production trend remains positive: in July 2026, China released a five-year plan for renewable energy, targeting 2.8TW of solar and wind capacity installed by 2030 (vs. 1.8TW as of end-2025)

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 2026-30

#copper #aluminium #silver