The photovoltaic equipment sector weakens, with Zhongli Group hitting the limit-up for three consecutive days and remaining strong, while green energy stocks like Tuo Ri New Energy perform well.

On March 24, the Shanghai Composite Index opened high and then declined, turning green at one point. Under this circumstance, the photovoltaic equipment sector fluctuated and weakened after opening. Zhongli Group (002309.SZ) hit the limit-up for three consecutive days, closing at the daily limit alone. Mawei Co., Ltd. (300751.SZ), Risen Energy (300118.SZ), Sunshine Power (300274.SZ), Jiejia Weichuang (300724.SZ), Linyang Technology (300763.SZ), Shouhang New Energy (301658.SZ), Yicheng New Energy (300080.SZ), and many other stocks declined.

In this situation, the combined rise of the photovoltaic and green electricity concepts led to a significant increase. Tuori New Energy (002218.SZ) and Yabo Co., Ltd. (002323.SZ) hit the daily limit-up, while Qingyuan Co., Ltd. (603628.SH), Huamin Co., Ltd. (300345.SZ), and JinkoEnergy (688223.SH) followed suit with gains.

On the news front, on March 20, a market rumor circulated that Tesla’s team plans to purchase large-scale Chinese photovoltaic equipment, involving several listed companies. On the morning of March 20, a photovoltaic company confirmed the rumor to reporters and revealed that the contract scale is in gigawatts.

Additionally, Liu Liehong, Director of the National Data Bureau, stated at the China Development High-Level Forum 2026 Annual Meeting on March 23 that the next step will be to work with relevant departments to vigorously promote the computing power and electricity coordination project, ensuring that the proportion of green electricity used in new computing infrastructure at key nodes exceeds 80%, maximizing the supporting role of green power. Liu explained that computing and electricity coordination refers to deep integration of computing infrastructure and power systems through digital technology, intelligent algorithms, and information networks, promoting resource dynamic matching and optimized allocation, creating a new infrastructure that enables a virtuous cycle of “power-driven computing and computing-driven power.” Main initiatives include promoting direct supply of green electricity, green electricity aggregation, increasing green power support for computing, advancing waste heat recovery, and enhancing green low-carbon cycle benefits.

Huafu Securities stated that Tesla (TSLA.US) secured a $2.9 billion order, opening a new chapter for Chinese photovoltaic equipment globally. This milestone event in the photovoltaic industry sees Tesla planning to spend about $2.9 billion to purchase core equipment for Chinese photovoltaic cell and module manufacturing, aiming to advance its integrated photovoltaic manufacturing layout in the U.S., with a target of reaching 100 GW annual capacity by the end of 2028. This is the largest overseas order ever received by Chinese photovoltaic equipment companies and could break the long-standing sluggish export pattern of Chinese photovoltaic products to the U.S. The order not only demonstrates China’s leading technological position in global photovoltaic equipment but also signals deep participation of Chinese equipment suppliers in the U.S. local manufacturing wave, with industry prosperity and valuation expected to recover.

Dongwu Securities believes that the deepening of electricity reform will lead to a reassessment of the power sector, with significant dividend allocation value. The three major constraints—“absorption + electricity price + subsidies”—for green electricity are gradually easing, with new energy fully entering the market and market-oriented development leading to high-quality growth in new energy. Founder Securities suggests that by 2025, long-term contract electricity prices in many regions will face downward pressure, with policies such as retail-price gap restrictions introduced to curb irrational competition. From 2026 onward, capacity electricity price compensation ratios are generally increased, and the power sector is expected to bottom out in the short term, shifting from a “price and volume double suppression” to a “stabilized price and increased income” phase, which could drive a valuation re-rating of the sector.