China’s top battery makers have gained more than $70bn in market capitalisation since the US and Israel attacked Iran, highlighting investor expectations of a long-term boost for clean energy.
Shares in CATL, BYD and Sungrow, which produce batteries and energy storage equipment, have outperformed global oil majors such as Chevron, ExxonMobil and BP since the war began.
The surge in clean energy shares illustrates how China and other oil importers may respond to the war by investing more in renewables in order to boost their energy security.
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