Goldman Sachs Stock Research: Focus on China CECEP Solar Energy, Asian Energy, Hong Kong Banking Industry, Kuaishou, AIA, etc.

We are more cautious about the domestic demand outlook, and have lowered the average forecast for solar installations in China from 2026 to 2030 by 35%. We expect that the "Distributed Solar Energy Regulations" and "Market-based Renewable Energy Price Reform Policy" will bring the internal rate of return of 30% to 40% of annual solar installation projects to below the minimum investment threshold (8%).