Industry Notes / Solar / Chapter 12 of 12 · Side-by-side
Three escapes from commoditization
Storage shift, overseas walls, asset ownership—already walked
Paths
- ① Storage/systems: sell certainty; margins multiples of selling watts
- ② Localized capacity: Mid-East neutrality for local + Europe
- ③ Generation/utility: value stays in power assets (NextEra type)
Read for LONGi
- Slowest storage move among the five majors
- BC seeks premium while still “selling watts”
- Mature tandems may relocate the c-Si efficiency war
- Watch: tandem roadmap + GCL 1 GW real shipments and fade
Canadian Solar’s same 10-K: storage gross 28.6% vs modules 5.33%. Mid-East plants buy geopolitical neutrality, not SE-Asia tariff hops. LONGi fights BC inside modules while peers change maps.
Source：阿特斯 2025 年报分部；CPIA 海外产能；调研正文第 16 章三条逃离路径
Research notes, not investment advice.