China’s record $20.1b surge in Belt and Road green energy financing, set against war driven oil price spikes and heavier BRI spending across energy, technology and metals, is reshaping where risk and opportunity sit in global markets. Some stocks now sit squarely in the slipstream of this capital, while others face tougher competition and margin pressure as Chinese green exports expand. This article breaks down three stocks closely exposed to the latest BRI news, showing two where the trend could be helpful and one where it may work against shareholders.

First Solar (FSLR)

Overview: First Solar is a US based solar technology company that designs and manufactures thin film photovoltaic modules, primarily using cadmium telluride, supplying utilities, independent power producers and large corporates across the US and several international markets.

Operations: First Solar generates essentially all of its US$5.4b revenue from the design, manufacture and sale of cadmium telluride solar modules.

Market Cap: US$21.8b

Investors watching China’s record BRI green energy push should look at First Solar with caution, not complacency. The company has strong thin film technology, a sizeable contracted backlog and solid profitability. It is going up against heavily subsidized Chinese solar exports that, as CEO Mark Widmar flagged, are already large enough to supply global demand for years and can pressure module prices worldwide. First Solar also leans on US policy support and tariffs, which may not be permanent, while relying on higher risk external borrowings instead of customer deposits. The stock trades on a lower P/E than many peers and recent analyst targets sit above the current price; however, the key question is how resilient that story is if Chinese overcapacity and policy shifts start to have a greater impact.

First Solar’s thinner margins and heavy policy dependence could be masking a bigger problem as Chinese overcapacity ramps up. Before assuming the story holds, review the analysis report for First Solar.

LONGi Green Energy Technology (SHSE:601012)

Overview: LONGi Green Energy Technology is a China based solar manufacturer that produces monocrystalline silicon wafers, high efficiency solar modules, and green hydrogen equipment for utility scale, rooftop, and building integrated projects across major global markets.

Market Cap: CN¥93.9b

LONGi Green Energy Technology sits in the slipstream of China’s record BRI green energy push, with its leading position in high efficiency modules and world record 35.5% tandem cell conversion efficiency putting it front and center for new projects. The stock is priced below some estimates of fair value and its P/S multiple is far lower than many peers. However, the company is currently loss making and relies heavily on external borrowing, so funding risk is not trivial. Recent contracts in Europe and the rollout of LONGi’s energy storage solutions show how it is tying solar, storage and hydrogen together, but the key consideration is how those strengths balance against ongoing losses and slower revenue growth than the broader China market.

LONGi Green Energy Technology’s low P/S and record cell efficiency suggest that valuation has not fully caught up with its BRI reach. To explore what might be missing, go to the DCF valuation analysis for LONGi Green Energy Technology.

JinkoSolar Holding (JKS)

Overview: JinkoSolar Holding is one of the world’s largest solar manufacturers, producing panels, cells, wafers, ingots and energy storage systems that it sells under the JinkoSolar brand to distributors, project developers and system integrators across major solar markets.

Operations: JinkoSolar generates around CN¥63.9b in revenue from its manufacturing segment, which covers its integrated solar products and related services.

Market Cap: US$775.1m

JinkoSolar sits in the path of China’s record BRI green energy financing, with one of the largest integrated solar capacities globally and a growing energy storage business that can plug directly into utility scale and AI data center power projects. The stock trades on a very low P/S multiple. Analysts have highlighted the potential impact of factors such as cost cuts, high efficiency products such as TOPCon modules and large overseas contracts like the 1 GW PM Green collaboration on profitability. Set against this, the company is still loss making, carries funding risk from heavy external borrowing and faces policy uncertainty in key markets such as the US, which makes the current valuation and dividend profile worth closer scrutiny.

JinkoSolar’s low P/S, integrated solar capacity and storage potential may be masking a very different risk reward profile. Get the full picture in the 3 key rewards and 3 important warning signs (2 are major!)

Take Control of Your Investment Journey

If First Solar or any of these companies have caught your attention, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value and track any new developments as they happen. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

Seeking Fresh Alternatives Before Others Do

Fresh breakouts and quiet laggards rarely stay under the radar for long, and momentum can be gone once the crowd arrives. Scan these ideas while it matters and consider your options promptly.

• Evaluate early-turn potential in beaten down quality as you scan the 49 high quality undervalued stocks that may move once the market pays closer attention.
• Review structural demand in critical materials by checking the 29 best rare earth metal stocks used in everything from EVs to advanced electronics before valuations adjust.
• Explore resilient growth with defensive traits by reviewing the 79 resilient stocks with low risk scores that maintain tighter balance sheets while others become more extended.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.