March 26, 2026
Investment Thesis GLJ Research conducted a structured expert channel check with a Chief Sales Officer at Krannich Solar — one of the largest solar equipment distributors in North America — to stress-test our below-consensus bear…
March 23, 2026
Investment Thesis (A.) The Event — The Anti-Involution Premium Is Gone. As of today’s close (March 23, 2026), the dominant polysilicon futures contract on the Guangzhou Futures Exchange settled at ¥35,435/MT, down ¥3,130 (-8.12%) on…
March 19, 2026
What the Chart Shows — and Why It Matters The dominant polysilicon futures contract (多晶硅主连) closed today at ¥38,550/MT, down ¥2,360 (-5.77%) on the session alone, on volume of 13,502 contracts. The intraday range of…
March 13, 2026
Investment Thesis California Solar Initiative (“CSI”) January 2026 data delivers a verdict across two distinct dimensions: (1) the post-ITC pull-forward hangover is confirmed, with the MLPE duopoly’s inverter and storage share erosion accelerating; and (2)…
February 26, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$47,630/ton = $6.65/kg) – down 3.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
February 17, 2026
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…
January 26, 2026
What’s Up? According to PVInsights, and keeping in mind that polysilicon comprises roughly ~15% of the bill of materials (“BOM”) for a Chinese solar module, N-type recharge polysilicon prices rose ~25% y/y in 2025 –…
January 23, 2026
Bottom Line: To start 2026, Wall Street has quietly but decisively reiterated its solar optimism, though with notable selectivity. In SolarEdge (SEDG; SELL), TD Cowen broke ranks recently by upgrading the stock to Buy, chasing…
January 16, 2026
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…
January 13, 2026
Bottom Line. Last Thursday (link), in what can only be described as unambiguously bad news for publicly traded Chinese solar manufacturers, the CCP quietly pulled the rug out from under the industry’s economics. Effective April…
January 9, 2026
Anti-Involution Hopes Drove Stellar Performance in Chinese Solar Stocks in 2025. China’s “anti-involution” push in solar is Beijing admitting – quietly – that endless capacity growth and price wars have produced impressive volume statistics and…
December 8, 2025
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…
November 19, 2025
California Solar Initiative (‘CSI’) Data Offers a Fairly Blunt Reality Check on the Health of the MLPE Inverter Leaders (ENPH + SEDG) as well as the Broader US Storage Market. Sep.’s data release isn’t just…
October 16, 2025
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Solar/Storage Markets. Over the 3Q15-to-2Q25 period (i.e., 40 quarters of data),…
October 7, 2025
What is the Largest Distributor of Solar Products Seeing into Year End? In the below, we provide a Q&A we had, yesterday, with the largest distributor of U.S. solar products in the world – and…