Solar panel installations in China decreased by 57% year-on-year in July, accelerating from a 31% drop in June, according to the data.

The NEA, as some key subsidies for local solar projects expired in early June, and investments in grid infrastructure have not kept pace with the rapid growth in renewable energy installations over the past few years.

However, the indicator still grew by 76% year-on-year in the first 7 months of 2025.

China's total photovoltaic cell output increased by 116% year-on-year in July, accelerating from a 35% increase in June (and an increase of 42% year-on-year in the first 7 months of 2025).

Given the steady demand for renewable energy in the world, we maintain our positive outlook on silver, copper, and aluminum, which are key metals benefiting from the global transition to clean energy in 2025-30.