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Investing.com -- Canadian Solar Inc. (NASDAQ:CSIQ) stock surged as much as 22% on Wednesday, marking its largest intraday gain since April, as positive earnings results from industry peers lifted sentiment across the Chinese solar sector.
The rally comes as several Chinese solar companies reported better-than-expected financial results, sparking optimism for a potential turning point in the industry. Solar names dominated the list of top gainers on China’s CSI 300 Index, with CSI Solar jumping 20%, Sungrow Power rising 18%, and other major players like Trina Solar, Longi Green, JA Solar, and Tongwei all gaining 10% or more.
Sungrow Power Supply exceeded earnings expectations on Tuesday, helped by strong energy storage system shipments and overseas sales. Meanwhile, solar giant Tongwei reported a narrower loss for the third quarter last week, as government pledges to curb overcapacity and industry consolidation efforts helped boost polysilicon prices.
Adding to the positive momentum, Canadian Solar announced that its subsidiary e-STORAGE has achieved commercial operation of the 220 MWh DC Mannum Battery Energy Storage Project in South Australia. The project is owned by Epic Energy and was developed by Recurrent Energy, another Canadian Solar subsidiary.
Several major Chinese solar companies, including Longi Green, CSI Solar, Trina Solar, and JA Solar, are scheduled to report earnings on Thursday, which could further impact market sentiment in the sector.
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