<div id="readability-page-1"><div>JPM released a report updating its model following the 1Q results announcements of mainland renewable energy stocks. In the upstream wind power segment, the bank continues to favor wind turbine exports and the offshore wind theme, maintaining Overweight ratings on GOLDWIND (02208.HK) +0.540 (+3.666%) Short selling $45.74M; Ratio 12.003% H shares and ORIENT WIRES &amp; CABLES (603606.SH) +0.100 (+0.170%) . Supported by strong demand for energy storage systems and the AIDC energy storage theme, the bank is positive on SUNGROW POWER (300274.SZ) -0.700 (-0.458%) and DEYE (605117.SH) +8.960 (+5.960%) . The bank remains selective on solar manufacturers, preferring players with cost leadership and attractive valuations, and therefore favors GCL TECH (03800.HK) -0.020 (-2.247%) Short selling $45.26M; Ratio 20.884% and DAQO New Energy Corp. (DQ.US) . Among renewable power generators, it prefers CGN POWER (01816.HK) -0.010 (-0.295%) Short selling $24.64M; Ratio 22.735% (benefiting from improvements in tariff mechanisms) and YANGTZE POWER (600900.SH) -0.140 (-0.518%) (stable tariffs and defensive yield investment).The bank noted that wind turbine exports to emerging markets and offshore wind development in China remain highlights for Chinas upstream wind power companies. It favors GOLDWIND (02208.HK) +0.540 (+3.666%) Short selling $45.74M; Ratio 12.003% H shares and ORIENT WIRES &amp; CABLES (603606.SH) +0.100 (+0.170%) , both rated Overweight. However, due to MINGYANG SMART ENERGY (601615.SH) +0.860 (+5.614%) s weaker execution track record in recent years, the bank maintained an Underweight rating on the stock.Solar and energy storage: SUNGROW POWER remains the banks top pick in the segment. It believes more positive catalysts will emerge in 2H26 as AI data center energy storage deployment advances. DEYE is seen as a key beneficiary of regional energy security development. For patient investors, ARCTECH (688408.SH) -0.400 (-1.050%) s earnings are expected to recover as shipments normalize and renewable energy development in the Middle East progresses. Despite the industry downcycle, DAQO New Energy Corp. and GCL TECH (both rated Overweight) are still considered to offer value. On the negative side, due to the industry downcycle and valuation factors, the bank assigns Underweight ratings to LONGI GREEN ENERGY (601012.SH) -0.460 (-2.949%) , TONGWEI (600438.SH) -0.180 (-1.108%) , MAXWELL (300751.SZ) -5.770 (-2.218%) and S.C NEW ENERGY (300724.SZ) -2.140 (-2.363%) .For alternative energy power producers, JPM expects differences in tariff policies across fuel types to persist into 2H26. The bank assigns an Overweight rating to (nuclear) CGN POWER (01816.HK) -0.010 (-0.295%) Short selling $24.64M; Ratio 22.735% , but Neutral ratings to (wind) CHINA LONGYUAN (00916.HK) -0.040 (-0.593%) Short selling $26.25M; Ratio 21.977% and DATANG RENEW (01798.HK) -0.010 (-0.588%) Short selling $3.17M; Ratio 27.777% . Several provinces have introduced policies to maintain stable nuclear power tariffs through contracts for difference, while wind power tariffs are affected by market-oriented reforms. YANGTZE POWER (rated Overweight) remains the banks top defensive yield pick among hydropower companies. (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

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JPM updated its model post-1Q results for mainland renewable energy stocks, favoring GOLDWIND and ORIENT WIRES & CABLES in wind power, while SUNGROW POWER leads in energy storage. The bank maintains Overweight ratings on GCL TECH and CGN POWER, citing strong demand and tariff improvements. It assigns Underweight ratings to LONGI GREEN ENERGY and others due to industry downcycles. Differences in tariff policies are expected to persist, with YANGTZE POWER as a top defensive yield pick.

JPM: Preferred Renewable Energy H Shrs GOLDWIND , GCL TECH and CGN POWER