Morning Bites

🇨🇳 The output of power generation equipment in China decreased 3% YoY in August, reversing from the 23% YoY increase in July, according to the NBS data. For 8mo26, the figure was still up 3% YoY

📸 Photovoltaic cell output in China declined 18% YoY in August, vs. the 37% YoY drop in July. The local PV cells output also decreased a moderate 8% YoY in 8mo26. 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