1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ The 20

2、theditionof the EM Sentiment SurveyClick to viewHesitant bulls of summer Expect Hanwha Solutions 2Q25 operating profit(OP)to beat consensus on solar shipment uptick,EnFin contribution but CS WINDs OP to miss consensus on weaker tower shipments hit by US policy uncertainty Retain Buy on Hanwha Soluti

3、ons,CS WIND;raise TPs Hanwha Solutions(HSC)all eyes on EnFin:We expect 2Q25e OP of KRW136bn from revenue of KRW3,442bn(+30%y-o-y).These suggest a slight consensus beat on solar shipments up 10%q-o-q and OP contribution from EnFin,but the bottom line remaining unprofitable due to valuation losses of

4、EnFins financial assets,missing the consensus.When the company announces results on 30 July,the market will likely focus on EnFin,short-term earnings guidance,and earnings sustainability,especially after expiration of tax credits for third party-owned residential solar projects starting from 2028.CS

5、 WIND(CSW)slow as expected:We expect 2Q25e OP of KRW50bn(-61%y-o-y)on revenue of KRW628bn(-27%y-o-y),missing consensus on weaker tower shipments mainly due to US policy uncertainty.Yet we anticipate 2H order intake strongly rebounds given expected orders for offshore towers in Europe and improving U

6、S order pipelines,as evidenced by recent turbine OEMs sizable order intake.When CS reports on 8 August,the market is likely to focus on order intake potential for offshore as the segment should face a steep revenue dip from 2H,given a depleting order backlog.2H25 outlook:With the Big Beautiful Bill(