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Assessment - Photon Photovoltaik-Aktienindex - 7/01/24 - RS = 37

		⇓instrument	freshest		⇓ Δday	7/01/24	⇓ Δwk	10/16/23	prc diff	⇓ Δ37	Curr	∅-RS
	L	SOM Price Index	2,751.990	7/15	-4.41	2,588.580	6.31	3,342.500	-753.920	-22.56	USD	-14.31
	L	First Solar	213.420	7/15	-8.50	222.710	-4.17	151.290	71.420	47.21	USD	53.49
	L	Nextracker	47.770	7/15	-7.71	46.120	3.58	34.170	11.950	34.97	USD	32.31
	L	Neoen	38.300	7/15	-0.47	37.340	2.57	24.640	12.700	51.54	EUR	31.70
	L	Grenergy Renovables	35.650	7/15	-2.60	34.450	3.48	18.690	15.760	84.32	EUR	25.07
	L	Scatec	87.750	7/15	-1.07	85.900	2.15	57.350	28.550	49.78	NOK	23.23
		Encavis	17.120	7/15	0.65	16.900	1.30	12.305	4.595	37.34	EUR	20.38
	L	Sino-American Sili	233.000	7/15	0.22	222.000	4.95	166.000	56.000	33.73	TWD	17.34
	L	Voltalia	9.750	7/15	-2.11	9.180	6.21	9.100	0.080	0.88	EUR	7.16
	L	GCL Poly Energy	1.140	7/15		1.160	-1.72	1.360	-0.200	-14.71	HKD	4.29
		ReNew Energy Global	5.800	7/15	-6.60	6.080	-4.61	5.580	0.500	8.96	USD	2.27
	L	Enphase Energy	113.060	7/15	-5.26	97.260	16.25	127.110	-29.850	-23.48	USD	2.00
	L	Enlight Renewable	6,012.000	7/15	-1.96	5,595.000	7.45	5,240.000	355.000	6.77	ILS	1.84
	L	Sunrun	15.660	7/15	-8.95	10.915	43.47	11.930	-1.015	-8.51	USD	-4.22
		West Holdings	2,434.000	7/12	6.29	2,485.000	-2.05	3,495.000	-1,010.000	-28.90	JPY	-7.06
	L	Solaria Energía	11.090	7/15	-5.38	11.600	-4.40	14.270	-2.670	-18.71	EUR	-7.39
	L	United Renewable	14.000	7/15	-1.06	13.250	5.66	14.000	-0.750	-5.36	TWD	-16.13
	S	Flat Glass	11.020	7/15	-7.24	11.500	-4.17	16.880	-5.380	-31.87	HKD	-17.71
		Altus Power	4.430	7/15	-1.56	3.730	18.77	5.370	-1.640	-30.54	USD	-19.15
		Xinyi Solar	3.730	7/15	-1.58	3.930	-5.09	5.540	-1.610	-29.06	HKD	-19.77
	L	JinkoSolar	21.630	7/15	-6.81	20.570	5.15	30.600	-10.030	-32.78	USD	-20.77
	L	Xinte Energy	7.780	7/15	-0.89	8.100	-3.95	15.040	-6.940	-46.14	HKD	-22.14
	L	Array Tech	11.130	7/15	-5.36	9.570	16.30	18.670	-9.100	-48.74	USD	-22.33
		Daqo New Energy	15.840	7/15	-6.22	14.310	10.69	26.270	-11.960	-45.53	USD	-26.64
	L	Canadian Solar	15.350	7/15	-11.17	14.010	9.56	22.650	-8.640	-38.15	USD	-27.00
		⇓instrument	freshest		⇓ Δday	7/01/24	⇓ Δwk	10/16/23	prc diff	⇓ Δ37	Curr	∅-RS
		BCPG	6.350	7/15	-2.31	6.250	1.60	8.800	-2.550	-28.98	THB	-27.09
	S	SMA Solar	27.180	7/15	-5.03	26.480	2.64	64.350	-37.870	-58.85	EUR	-30.04
	L	SunPower	2.500	7/15	-7.06	2.710	-7.75	5.790	-3.080	-53.20	USD	-34.59
	L	Sunnova Energy	6.920	7/15	-9.90	5.230	32.31	10.530	-5.300	-50.33	USD	-39.06
	S	Shoals Technologies	6.800	7/15	-1.02	6.110	11.29	15.800	-9.690	-61.33	USD	-51.10
	S	SolarEdge	26.790	7/15	-15.36	23.970	11.76	123.600	-99.630	-80.61	USD	-55.38
PPVX - 30 out of 30 instruments rated - 7/01/24 / 10/16/23 - 10 did rise, Market-Ratio(37) = 33.33 %

Technical Chart

	PPVX RS = 37 - B/S = 52/31

1/06/20	scale up chart	7/01/24

Transactions Photon Photovoltaik-Aktienindex * A37 - 52/31 (1)

														⇐
L/S	date buy	date sell	days		instrument	spl	pieces	Curr	prc buy	prc sell	ps short	prc diff	d %	asset	yield
1/02/06		11/13/06	315		- cash -
short	11/13/06	2/05/07	84		Beijing Energy	100	64,935	HKD	0.154	0.130	0.182	0.028	18	11,844	109
long	2/05/07	6/23/08	504		SunPower	100	258	USD	45.790	82.650		36.860	80	21,354	53
short	6/23/08	7/06/09	378		JA Solar Energy	100	243	USD	87.600	18.900	406.019	318.419	363	98,730	340
long	7/06/09	7/18/11	742		GCL Poly Energy	100	37,539	HKD	2.630	4.050		1.420	54	152,035	24
short	7/18/11	1/14/13	546		REC Silicon	100	2,094	NOK	72.600	11.900	442.921	370.321	510	927,487	235
long	1/14/13	10/06/14	630		SFCE	100	1,599,116	HKD	0.580	7.760		7.180	1,238	12,409,140	349
short	10/06/14	4/20/15	196		SMA Solar	100	626,724	EUR	19.800	14.680	26.706	6.906	35	16,737,108	75
long	4/20/15	5/11/15	21		Encavis	100	2,595,705	EUR	6.448	6.809		0.361	6	17,674,158	158
short	5/11/15	6/29/15	49		REC Silicon	100	994,606	NOK	17.770	17.280	18.274	0.504	3	18,175,340	23
long	6/29/15	7/27/15	28		Encavis	100	2,853,271	EUR	6.370	7.409		1.039	16	21,139,888	617
short	7/27/15	7/03/17	707		SFCE	100	7,977,316	HKD	2.650	0.440	15.960	13.310	502	127m	153
long	7/03/17	7/16/18	378		Beijing Energy	100	123,611,222	HKD	1.030	0.540		-0.490	-48	66,750,061	-46
short	7/16/18	4/29/19	287		Beijing Energy	100	123,611,223	HKD	0.540	0.335	0.870	0.330	61	108m	84
long	4/29/19	9/20/21	875		Enphase Energy	100	10,537,826	USD	10.210	152.440		142.230	1,393	1,606m	209
short	9/20/21	11/22/21	63		Scatec	100	9,694,545	NOK	165.700	162.250	169.223	3.523	2	1,641m	13
long	11/22/21	12/20/21	28		GCL Poly Energy	100	475,519,988	HKD	3.450	2.330		-1.120	-32	1,108m	-99
short	12/20/21	8/22/22	245		Daqo New Energy	100	29,118,569	USD	38.050	62.290	13.810	-24.240	-64	402m	-78
long	8/22/22	12/19/22	119		Array Tech	100	19,615,973	USD	20.500	20.450		-0.050	0	401m	-1
short	12/19/22	1/16/23	28		Flat Glass	100	21,848,946	HKD	18.360	22.750	13.970	-4.390	-24	305m	-97
long	1/16/23	2/20/23	35		First Solar	100	1,693,933	USD	180.190	164.280		-15.910	-9	278m	-62
short	2/20/23	7/15/24	511		Scatec	100	3,815,181	NOK	72.940	87.750	58.130	-14.810	-20	222m	-15
accum	11/13/06	7/15/24	6466	days out of 6781 invested (95%)								2,217,665		222m	76

Instrument Related Contribution

instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
SFCE	long	1/14/13	10/06/14	630	0.58	7.76		7.18	1,237.93
	short	7/27/15	7/03/17	707	2.65	0.44	15.96	13.31	502.27	7,957.98
Enphase Energy	long	4/29/19	9/20/21	875	10.21	152.44		142.23	1,393.05	1,393.05
REC Silicon	short	7/18/11	1/14/13	546	72.60	11.90	442.92	370.32	510.08
	short	5/11/15	6/29/15	49	17.77	17.28	18.27	0.50	2.84	527.38
JA Solar Energy	short	6/23/08	7/06/09	378	87.60	18.90	406.02	318.42	363.49	363.49
SunPower	long	2/05/07	6/23/08	504	45.79	82.65		36.86	80.50	80.50
SMA Solar	short	10/06/14	4/20/15	196	19.80	14.68	26.71	6.91	34.88	34.88
Encavis	long	4/20/15	5/11/15	21	6.45	6.81		0.36	5.60
	long	6/29/15	7/27/15	28	6.37	7.41		1.04	16.31	22.82
GCL Poly Energy	long	7/06/09	7/18/11	742	2.63	4.05		1.42	53.99
	long	11/22/21	12/20/21	28	3.45	2.33		-1.12	-32.46	4.00
Beijing Energy	short	11/13/06	2/05/07	84	0.15	0.13	0.18	0.03	18.44
	long	7/03/17	7/16/18	378	1.03	0.54		-0.49	-47.57
	short	7/16/18	4/29/19	287	0.54	0.34	0.87	0.33	61.19	0.09
Array Tech	long	8/22/22	12/19/22	119	20.50	20.45		-0.05	-0.24	-0.24
First Solar	long	1/16/23	2/20/23	35	180.19	164.28		-15.91	-8.83	-8.83
Scatec	short	9/20/21	11/22/21	63	165.70	162.25	169.22	3.52	2.13
	short	2/20/23	7/15/24	511	72.94	87.75	58.13	-14.81	-20.30	-18.61
Flat Glass	short	12/19/22	1/16/23	28	18.36	22.75	13.97	-4.39	-23.91	-23.91
Daqo New Energy	short	12/20/21	8/22/22	245	38.05	62.29	13.81	-24.24	-63.71	-63.71

Annotations

4/22/24	PPVX	Voltalia replaces Meyer Burger
11/13/23	PPVX	Altus Power replaces Maxeon
2/10/23	PPVX	Nextracker replaces Beijing Energy
2/06/23	Enlight Renewable	reverse split 10:1 (one for ten)
9/25/22	PPVX	Maxeon Solar Technologies replaces Azure Power Global
10/29/21	PPVX	ReNew Energy Global replaces Soltec Power
7/29/21	United Renewable	reverse stock split 0.5658:1
7/23/21	PPVX	Xinte Energy replaces Maxeon
6/25/21	PPVX	Enlight Renewable Energy and Flat Glass Group replace Solarpack and Renesola
4/01/21	GCL Poly Energy	suspended
2/05/21	PPVX	Shoals Technologies Group replaces SPCG
1/25/21	PPVX	Grenergy Renovables and ReneSola replace Motech Industries and Shinsung E&G
11/17/20	Daqo New Energy	stock split 1:5 (five for one)
10/31/20	PPVX	Soltec Power replaces REC Silicon
10/23/20	PPVX	Array Technologies and REC Silicon replace 7C Solarparken and Tainergy
10/08/20	PPVX	Tainergy Tech replaces Vivint Solar (acquired by Sunrun)
9/21/20	PPVX	Motech Industries and Shinsung E&G replace China Shuifa Singyes and Thai Solar Energy
3/27/20	PPVX	China Singyes Solar and Edisun Power Europe replace Motech and Terraform Power
12/28/19	PPVX	Motech replaces SFCE
11/08/19	PPVX	Neoen replaces REC Silicon
7/29/19	PPVX	Sunnova replaces Shinsung E&G
2/16/19	PPVX	7C Solarparken replaces China Singyes Solar
12/10/18	PPVX	SFCE and Solarapack replace Motech Industries and Green Energy Technology
10/01/18	PPVX	Thai Solar Energy returns for Gintech Energy (merger with Neo Solar Power)
7/20/18	PPVX	West Holdings replaces JA Solar
7/17/18	PPVX	JA Solar exits due to becoming private (mergered with JASO Acquisition Holding as wholly owner)
6/25/18	Green Energy T	returns replacing 8point3
6/21/18	8point3	drops out due to acquisition by Capital Dynamics
5/18/18	PPVX	Enphase Energy replaces Thai Solar Energy PCL (exit due to low stock market value)
2/27/18	Capital Stage	renames into Encavis (ENergy + CApital + VISion)
2/16/18	PPVX	Solaria Energía replaces SFCE (market value falls below exit threshold)
12/30/17	PPVX	Vivint Solar replaces TerraForm Global (acquired by Brookfield Asset Management)
8/11/17	PPVX	Shinsung E&G replaces Green Energy Technology
3/14/17	PPVX	Azure Power Global replaces Trina Solar
11/25/16	PPVX	Thai Solar Energy replaces SolarCity (acquired by Tesla)
11/04/16	PPVX	SPCG replaces SPI
10/08/16	Chorus	is replaced by BCPG
8/08/16	Capital Stage	acquires Chorus Clean Energy
6/03/16	PPVX	complete analysis - all techniques have been refreshed using new market composition
6/02/16	Solarenergie	Change Of Composition This market matches the PPVX (Photon Photovoltaiics Stock Index) regarding composition now. The PPVX is a cooperation of PHOTON International GmbH, Berlin and Öko-Invest-Verlags-GmbH, Vienna. The index here is not the original PPVX but the Share-o-matic standard index, an equal weighted price index in USD starting in 2005 at 100 points. The standard techniques have been re-calculated, best practice analysis is in progress.
1/01/16	Sunrun	recording started
8/18/15	Solarenergie	complete analysis
7/01/15	Scatec Solar	monitoring started
3/14/15	Solar Energy	first complete analysis


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