Macquarie's report stated that during the inspection of china's wind power from September 23 to 27, the bank visited 13 companies/manufacturers and exchanged ideas with energy experts. Most solar energy companies' management expect global solar energy demand to increase by 10% to 15% next year, with a high single-digit growth rate in long-term global compound annual growth rates. The demand in the usa remains robust, but there are policy risks; europe's demand is still weak, with concerns about the impact of the eu interest rate cuts. The solar energy demand in emerging markets continues to be closely watched, but profitability lags behind. However, china's new solar installation faces very high risks of reduction, leading to a pessimistic outlook for solar energy demand.

The bank believes that the outlook for china's solar energy demand is uncertain, weakening the global market outlook. However, it is expected that the demand for global energy storage systems (ESS) will remain strong in the coming years, mainly driven by emerging markets, the usa, and china. Due to the uncertainties regarding china's solar energy demand outlook, the bank has removed GCL Tech (03800.HK) from its asian stock picks, considering its lower attractiveness in terms of valuation.