Under the new energy trend, which U.S. stocks are worth our attention?

Over the past two decades, coal and natural gas have been vying for dominance in the U.S. electricity generation market. In 2016, natural gas generation surpassed coal generation for the first time. Natural gas has become the new king, commanding a 35% market share. Now, the battleground is shifting: over the next decade, we expect natural gas and renewable energy—especially solar and wind—to compete head-to-head. Renewables have been growing at an astonishing pace, yet still account for only 10% of the market share. We project that by 2030, renewables’ share of U.S. electricity generation will reach 22%, surpassing coal, nuclear power, and hydropower. Meanwhile, we do not anticipate a decline in natural gas; rather, its market share is expected to rise to over 41% in the coming decade, owing to its flexibility and reliability—which help compensate for the intermittency of wind and solar power. The U.S. Energy Information Administration (EIA) and other institutions believe that as wind and solar tax credits gradually phase out during the early part of the next decade, renewable energy growth will plateau. We disagree with this view and believe renewables will continue expanding at a similarly rapid pace. Our optimistic outlook rests on investments made by utility companies to meet state-level Renewable Portfolio Standards (RPS) and corporate demand, supported by a favorable regulatory framework. Integrated utilities operating under such supportive regulation stand to benefit significantly, as they retire coal-fired plants and replace them with natural gas, renewable energy assets, and transmission infrastructure.

Photovoltaic and other renewable energy sectors receive policy tailwinds; Dongxu Blue Sky surges to its daily limit, hitting a six-month high in share price.

On August 30, buoyed by favorable news on renewable energy, A-share photovoltaic (PV) concept stocks continued their upward momentum. High-growth sub-segments—including HIT (heterojunction) solar cells and BIPV (building-integrated photovoltaics)—performed especially strongly. Companies such as Aikang Technology and Jinko Technology surged to their daily trading limits, while Longi Green Energy rose over 7%, setting a new all-time high in share price. Dongxu Blue Sky—a comprehensive new-energy and environmental protection service provider—opened higher and quickly hit its daily limit, reaching its highest share price since January 2021. Trading volume also expanded notably. By market close, the stock remained firmly locked at its daily limit, closing at RMB 3.66 per share—a gain of 9.91%. Total turnover amounted to RMB 304 million, with a turnover ratio of 7.95%; net inflow from major institutional funds reached RMB 72 million. On August 27, China’s Ministry of Finance released the 'Report on the Implementation of China’s Fiscal Policy in the First Half of 2021', stating that it would optimize subsidy policies for renewable power generation and allocate RMB 89 billion in renewable energy tariff surcharge subsidies to support PV and wind power generation. Additionally, the National Development and Reform Commission (NDRC) announced improvements to the tiered electricity pricing policy for the electrolytic aluminum industry, encouraging aluminum producers to increase utilization of non-hydro renewable energy—including wind and solar power—and reduce fossil fuel consumption. Driven by expanding demand and strong policy support, China’s domestic PV industry maintained high prosperity in the first half of the year. Industry insiders believe that, against the backdrop of the 'dual carbon' goals (carbon peak and carbon neutrality), the PV sector continues to grow rapidly, and domestic PV installations are expected to accelerate in the second half of the year. According to the China Photovoltaic Industry Association, global annual PV installations are projected to exceed 300 GW by 2025. As mid-year financial reports are progressively released, companies across all segments of the PV value chain have demonstrated solid performance, reflecting the sector’s robust underlying demand resilience. On August 30, Dongxu Blue Sky released its 2021 semi-annual report. During the reporting period, the company achieved operating revenue of RMB 1.713 billion, up 29.07% year-on-year. Net profit attributable to shareholders was a loss of RMB 197 million, representing a RMB 84 million narrowing of losses compared to the same period last year. According to media reports, both the new-energy and environmental-protection industries—Dongxu Blue Sky’s core sectors—possess inherent green, low-carbon attributes highly aligned with the 'carbon neutrality' vision, presenting favorable development opportunities. Dongxu Blue Sky stated that its improved performance versus last year signals stabilization and recovery in operations. Under the 'carbon peak and carbon neutrality' targets, the BIPV (building-integrated photovoltaics) segment has entered a golden growth period, with application scenarios steadily expanding. According to the 'China Photovoltaic Industry Development Roadmap (2020 Edition)', China’s newly installed PV capacity in the first half of 2021 totaled 14.1 GW, up 22.6% year-on-year. Among this, centralized PV installations declined 24.2% year-on-year, whereas distributed PV installations surged 97.5% year-on-year. In the new-energy business segment, Dongxu Blue Sky possesses a complete PV value chain—from module manufacturing and power station development to construction, installation, and operation & maintenance. Its portfolio of self-held grid-connected PV power stations totals approximately 1 GW, placing it among the top tier of private-sector PV enterprises in China.

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