当前位置:首页 >> 能源/化工 >>

2010


October 4, 2010

Equity Research
Solar Weekly: Euro Heads Higher, China Chatter Resurfaces
? Summary: The solar sector increased 3.5%, significantly outperforming the broa

der markets which were down modestly for the week. Solar stocks continued to work in tandem with the Euro, which appreciated 2%. There was also chatter that China would unveil its long awaited solar subsidy program. Other news: The US filed a complaint with the WTO disputing Ontario's subsidy program, China Development Bank entered into a financing agreement with LDK, and Tessera's 250MW CSP project was canceled. The week ahead looks quiet with no major earnings or industry events on the horizon. ? The solar sector appreciated 3.5%, significantly outperforming the broader markets, down 0.2%-0.4%, for the week of September 27th-October 1. Several stocks were up over 18%, including Canadian Solar, Ascent Solar, BTU, and Evergreen Solar. The week's worse performer was Emcore, down 9%, followed by Akeena Solar, Phoenix Solar, and Roth & Rau, each down 4-5%. ? Euro continues to move higher. The Euro appreciated 2% this week, 7% in September, and over 11% in 3Q. Euro appreciation is a meaningful positive for US and Chinese panel suppliers, which sell mostly in Euros but have manufacturing costs denominated in domestic currencies. FX strength should result in firmer pricing, strong margins, and one-time gains (balance sheet revaluation). A stronger Euro also provides companies with breathing room to lower pricing in a declining subsidy environment without impacting profitability. ? China subsidy chatter resurfaces. China may spend five trillion Yuan (~$750B) from 2011 to 2020 on the development of new energy industries, according to a proposal submitted to China's State Council. Wind is set to receive the bulk of funding, though a healthy 200-300B Yuan has been earmarked for solar. In separate news, the Vice Chairman of the National Development and Reform Commission told reporters that China plans to introduce tax cuts/FITs for renewable energy companies/projects. Note that China has been discussing solar subsidies since early 2009, but to date has been slow to outline a national program. ? US joins the Ontario subsidy dispute. The U.S. Embassy joined the European Union and Japan in filing a complaint with the World Trade Organization disputing the fairness of Ontario's solar subsidy program, which contains domestic content requirements. We believe investors should pay attention to the World Trade Organization’s decision; removal of domestic content requirements could open up a GW+ market to the broader solar industry. ? Other news. China Development Bank Corporation extended LDK Solar an~$8.9B of credit facilities over a five-year period. Tessera canceled its 250MW Arizona CSP project due to difficulty in obtaining funding and selling the output from the plant. Satcon entered into a strategic manufacturing agreement with GCL targeted to the Asia Pacific Market. ? Quiet week. 5N plus, a raw material supplier to First Solar, reports earnings on October 5th.

Alternative Energy

Sam Dubinsky, Senior Analyst ( 21 2 ) 2 1 4 -5 0 4 3 / sa m .du b in s k y @ wa c ho vi a. co m

Please see page 5 for rating definitions, important disclosures and required analyst certifications
Wells Fargo Securities, LLC does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision.

Alternative Energy

WELLS FARGO SECURITIES, LLC EQUITY RESEARCH DEPARTMENT

Weekly Overview
The solar sector appreciated 3.5%, significantly outperforming the broader markets, down 0.2%-0.4%, for the week of September 27th-October 1. Several stocks were up >18%, including Canadian Solar, Ascent Solar, BTU, and Evergreen Solar. The week's worse performer was Emcore, down 9%, followed by Akeena Solar, Phoenix Solar, and Roth & Rau, each down 4-5%. Exhibit 1. The solar sector’s performance in September and YTD
Company Name and Ticker Advanced Energy Industries (AEIS) Akeena Solar (AKNS) Amtech Systems (ASYS) Ascent Solar (ASTI) BTU International (BTUI) Canadian Solar (CSIQ) Centrotherm (CTN-DE) China Sunergy (CSUN) Comtec Solar (712-HK) Conergy AG (CGY-DE) Emcore(EMKR) Energy Conversion Devices (ENER) Evergreen Solar (ESLR) First Solar (FSLR) GCL Poly Energy Holdings (3800-HK) Gintech (3514-TW) GT Solar (SOLR) HOKU (HOKU) JA Solar (JASO) JinkoSolar (JKS) LDK Solar (LDK) Manz Automation (M5Z-DE) MEMC (WFR) Phoenix Solar (PS4_DE) Power-One (PWER) Q-Cells (QCE-DE) ReneSola (SOL) Renewable Energy Corp (REC-NO) Roth & Rau (R8R-DE) Satcon (SATC) SMA Solar (S92-DE) Solarfun (SOLF) Solarworld (SWV-DE) Spire (SPIR) STR Holdings (STRI) SunPower (SPWRA) Suntech (STP) Trina Solar (TSL) Wacker Chemie (WCH-DE) Yingli Green Energy (YGE) Average NASDAQ S&P 500 Dow Jones Industrials AEIS AKNS ASYS ASTI BTUI CSIQ CTN-DE CSUN 712-HK CGY-DE EMKR ENER ESLR FSLR 3800-HK 3514-TW SOLR HOKU JASO JKS LDK M5Z-DE WFR PS4-DE PWER QCE-DE SOL REC-NO R8R-DE SATC S92-DE SOLF SWV-DE SPIR STRI SPWRA STP TSL WCH-DE YGE COMP SP50 DJII Close 09/03/10 15.71 0.70 15.92 2.29 6.19 12.20 34.00 4.12 2.32 0.65 0.85 4.59 0.67 136.45 1.92 97.10 8.78 2.52 6.39 27.38 7.83 52.30 10.99 28.81 11.15 4.35 9.73 18.17 20.78 3.39 84.04 11.68 9.45 4.25 21.86 11.47 8.91 27.74 124.50 11.74 2233.8 1104.5 10447.9 Week 2.41% 11.13% 16.29% 8.53% 16.79% 6.18% 2.72% 1.73% 8.41% 8.32% 2.29% 11.14% 1.52% 5.87% 6.08% -0.31% 14.03% -4.18% 6.32% 8.74% 11.86% 6.75% 3.00% 1.44% 7.52% 1.62% 16.53% 11.34% 2.87% 3.99% 2.06% 9.57% 4.78% 8.87% 4.14% 2.23% 12.64% 8.78% 3.41% 4.73% 6.55% 3.72% 3.75% 2.93% Close 09/10/10 14.14 0.74 14.93 2.91 5.86 12.44 32.91 4.19 2.53 0.61 0.87 4.90 0.63 138.41 2.12 91.70 7.28 2.40 7.27 24.41 7.95 49.50 10.68 27.69 11.13 4.17 9.43 19.43 20.16 3.40 84.24 11.50 9.06 4.04 23.65 12.09 8.97 27.55 130.25 11.90 2242.5 1109.6 10462.8 Week -9.99% 5.70% -6.22% 27.07% -5.33% 1.97% -3.21% 1.70% 9.05% -7.07% 2.35% 6.75% -5.88% 1.44% 10.42% -5.56% -17.08% -4.76% 13.77% -10.85% 1.53% -5.35% -2.82% -3.89% -0.18% -4.15% -3.08% 6.93% -3.01% 0.29% 0.24% -1.54% -4.13% -4.94% 8.19% 5.41% 0.67% -0.68% 4.62% 1.36% -0.01% 0.39% 0.46% 0.14% Close 09/17/10 13.61 0.70 15.22 3.03 5.68 13.03 31.94 4.18 2.24 0.61 0.86 4.66 0.60 144.88 2.25 95.30 7.82 2.55 7.32 28.95 8.02 49.50 11.30 29.10 8.33 4.26 10.28 18.68 19.62 3.17 78.85 11.53 9.00 3.99 23.17 12.03 8.91 26.81 133.70 11.38 2315.6 1125.6 10607.9 Week -3.78% -5.41% 1.94% 4.12% -3.07% 4.74% -2.96% -0.24% -11.46% 0.33% -1.15% -4.90% -4.85% 4.67% 6.13% 3.93% 7.42% 6.25% 0.72% 18.60% 0.88% 0.00% 5.81% 5.09% -25.16% 2.22% 9.01% -3.86% -2.68% -6.76% -6.40% 0.26% -0.62% -1.24% -2.03% -0.50% -0.67% -2.69% 2.65% -4.37% -0.25% 3.26% 1.45% 1.39% Close 09/24/10 12.63 0.64 17.68 3.00 6.28 12.98 31.70 4.36 2.36 0.61 0.88 4.75 0.62 147.09 2.36 94.50 8.01 2.68 8.31 29.58 8.85 49.43 11.79 28.14 8.97 3.99 11.87 19.62 18.24 3.37 78.19 12.09 8.78 4.30 21.65 13.94 9.50 27.68 134.55 12.14 2381.2 1148.7 10860.3 Week -7.17% -8.59% 16.16% -0.99% 10.56% -0.38% -0.74% 4.31% 5.36% 0.99% 2.33% 1.93% 3.00% 1.53% 4.89% -0.84% 2.43% 5.10% 13.49% 2.18% 10.35% -0.15% 4.34% -3.32% 7.68% -6.26% 15.47% 5.03% -7.01% 6.31% -0.84% 4.86% -2.49% 7.79% -6.56% 15.88% 6.62% 3.25% 0.64% 6.68% 3.10% 2.83% 2.05% 2.38% Close 10/01/10 13.05 0.61 17.87 3.57 7.47 15.84 31.22 4.40 2.38 0.60 0.80 5.08 0.75 147.23 2.39 88.00 8.32 2.63 8.68 31.89 10.15 49.50 11.96 26.95 9.41 3.94 12.35 19.75 17.49 3.68 80.65 12.61 9.20 4.38 21.83 14.06 9.25 29.46 136.00 13.39 2370.8 1146.2 10829.7 Week 3.33% -4.81% 1.07% 19.00% 18.95% 22.03% -1.51% 0.92% 0.85% -1.96% -9.09% 6.95% 20.55% 0.10% 1.27% -6.88% 3.87% -1.87% 4.45% 7.81% 14.69% 0.15% 1.44% -4.21% 4.91% -1.28% 4.04% 0.66% -4.14% 9.20% 3.15% 4.30% 4.75% 1.84% 0.83% 0.86% -2.63% 6.43% 1.08% 10.30% 3.53% -0.44% -0.21% -0.28% YTD -13.46% -51.27% 61.43% -32.64% 17.64% -45.04% -26.02% -4.76% -15.60% -8.94% -25.23% -51.94% -50.66% 8.74% 3.02% -4.84% 49.64% -3.31% 52.28% 189.91% 44.79% -25.56% -12.19% -36.18% 116.32% -57.46% 159.45% -47.36% -42.14% 30.50% -13.51% 65.27% -40.01% -18.28% 38.96% -40.63% -44.38% 9.17% 11.37% -15.31% 3.29% 4.48% 2.79% 3.85%

Source: FactSet. Results presented cannot and should not be viewed as an indicator of future performance.

China Subsidy Chatter Resurfaces; US Joins Ontario Dispute
China may spend five trillion Yuan (~$750B) from 2011 to 2020 on the development of new energy industries, according to a proposal submitted to China's State Council. Two to three trillion Yuan are earmarked for wind; solar could receive a more modest 200-300B Yuan in incentives. In separate news, the Vice Chairman of the National Development and Reform Commission told reporters that the country plans to introduce tax cuts/FITs for renewable energy companies/projects. Note that China has been discussing solar subsidies since early 2009, but to date has been slow to outline a national program. The U.S. Embassy joined the European Union and Japan in filing a complaint with the World Trade Organization disputing the fairness of Ontario's solar subsidy program, which contains domestic content requirements. Consultations are the first step of the dispute process, followed by a panel ruling if an agreement by all parties can't be met. We believe investors should pay attention to the World Trade Organization’s decision; removal of domestic content requirements could open up a GW+ market to the broader solar industry.

Capacity Expansion Announcements
SANYO is in the process of ramping its new factory for HIT? solar cell modules in its Shiga plant. The new factory is planned to have production capacity of 150MW by the end of March 2011, which will bring total capacity in this facility to 250MW. Worldwide, SANYO targets 680MW of capacity by the end of March 2011.

2

Solar Weekly: Euro Heads Higher, China Chatter Resurfaces

WELLS FARGO SECURITIES, LLC EQUITY RESEARCH DEPARTMENT

Gintech expects cell shipments to more than double, from 368MW in 2009 to 800MW in 2010. The company may increase capacity to 1.65GW in 2011, up from 930MW exiting 2010. The company targets cell capacity of 2.2GW in 2013.

Project Announcements
Tessera Solar canceled its plans to construct a 250MW solar thermal power plant in Arizona. The company had difficulty obtaining financing for the $1B project and was also unable to find a utility willing to purchase the power from the project. Sharp won the contract to provide 58MW of thin-film panels to the Avenal solar project announced last week by Eurus and NRG Energy. The Sharp thin-film solar panels utilized for the project feature Sharp's tandemjunction technology. Aries Waaree Solar was awarded an engineering services contract to set up 40 MW Solar PV Power Plant for Adani Group in Gujarat, India. Aries is a Joint venture company between Mumbai based Waaree Group and Aries Spain. United Solar signed an agreement to supply an 870 kW BIPV system to New Jersey Resources Clean Energy Ventures (NJRCEV). As a part of this $5 million project, NJRCEV will install a new roof and UNI-SOLAR's thin-film solar laminates, which will provide the dual benefit of weather protection and clean energy. The solar system is expected to provide nearly 90 percent of the building's electric needs. SOLON announced a contract with Arizona Public Service (APS) to develop, design and construct an 18MW project featuring SOLON's turnkey system design, high-efficiency modules and single-axis trackers. Construction is expected to start in the first quarter of 2011 and be completed in 2011. Once installed this system will be one of the largest PV systems in the country.

Financial Updates
Leading Italian solar integrator Kerself may raise its EUR 450M 2011 revenue target in its new business plan that it plans to present by the end of October. Note that Italy is considered one of the healthiest markets for solar, even with a series of subsidy cuts planned throughout 2011. Q-Cell raised the midpoint of 2010 revenue targets to ~1.2-1.3B, up from a prior 1.1-1.3B. For 3Q, the company expects revenue to be higher than 2Q levels, but EBIT at similar levels. Q-Cells is also raising capital via a rights offering, private placement, and convertible bond issuance. Thin-film solar module maker Sunwell Technology broke even in August 2010 and began turning a profit in September. The company projects 3Q revenues will increase 600% from the NT$230 million ($7.73 million) registered in the entire first half. Full-year revenues should exceed NT$1 billion, up 500% on year. Sunwell has 50MW of module capacity.

Other News
LDK Solar entered into a strategic financing agreement with China Development Bank Corporation (CDB), a joint stock banking corporation wholly owned by the state of China. CDB will provide up to RMB 60 Billion (~$8.9 Billion) of credit facilities to LDK Solar over a five-year period. The financings will support LDK Solar's long-term growth initiatives and corporate development plans. Terms of the individual credit facilities and lending agreements will be subject to CDB's internal risk management requirements and operational regulations. Inverter manufacturer Satcon entered into a strategic manufacturing agreement with GCL Solar Systems, one of China’s largest utility solar power plant developers, to enhance production of the company’s 500 kilowatt PowerGate? Plus line of solar PV inverters for the Asia Pacific market. Under the terms of the agreement, GCL is commissioning a 500MW manufacturing facility in Nanjing, China and has agreed to purchase from Satcon the capacity to produce a minimum of 300MW per year from this facility. Satcon will

3

Alternative Energy

WELLS FARGO SECURITIES, LLC EQUITY RESEARCH DEPARTMENT

provide GCL with the core manufacturing processes and technologies for the PowerGate Plus solutions for final assembly at the Nanjing operation. Centrotherm supported commissioning of a 2500MT poly plant for a subsidiary of China Guodian Corporation, one of the largest conventional energy producers in China. The quality of polysilicon produced from the facility exceeds current industry standards.

Euro, Natural Gas, Oil
The Euro appreciated 2% this week, 7% in September, and over 11% in 3Q. Euro appreciation is a meaningful positive for US and Chinese panel suppliers, which sell mostly in Euros but have manufacturing costs denominated in domestic currencies. FX strength should result in firmer pricing, strong margins, and one-time gains (balance sheet revaluation). A stronger Euro also provides companies with breathing room to lower pricing in a declining subsidy environment without impacting profitability. Natural gas was down 2%, while oil appreciated nearly 7%. We believe oil and natural gas pricing has little impact to fundamentals on a near-term basis (government subsidies still drive the industry), but matter longer-term as solar has to compete with traditional forms of energy generation. We believe investors are willing to pay higher multiples for alternative energy companies as mainstream energy prices rise. Exhibit 2. Euro, natural gas, and oil prices on a weekly basis in September and YTD
Close 09/03/10 $/ Natural Gas Crude Oil
Source: FactSet

Week 1.13% 6.32% -0.76%

Close 09/10/10 $1.273 $3.88 $76.45

Week -1.06% -1.42% 2.48%

Close 09/17/10 $1.305 $4.02 $73.66

Week 2.51% 3.63% -3.65%

Close 09/24/10 $1.348 $3.88 $76.49

Week 3.30% -3.55% 3.84%

Close 10/01/10 $1.375 $3.80 $81.58

Week 2.01% -2.16% 6.65%

YTD 1.59% -1.86% -2.60%

$1.286 $3.94 $74.60

4

Solar Weekly: Euro Heads Higher, China Chatter Resurfaces Exhibit 3. Weekly News Table
Sharp to provide solar panels for gigantic Central Valley power project CVBT

WELLS FARGO SECURITIES, LLC EQUITY RESEARCH DEPARTMENT

Sharp won the contract to provide 58MW of thin-film panels to the Avenal solar project announced last week by Eurus and NRG Energy. The Sharp thin-film solar panels utilized for the project feature Sharp's tandem-junction technology. Q-Cell raised the midpoint of 2010 revenue targets to ~1.2-1.3B, up from a prior 1.1-1.3B. For 3Q, the company expects revenue to be higher than 2Q levels, but EBIT at similar levels. Q-Cells is also raising capital via a rights offering, private placement, and convertible bond issuance.

Q-Cells guides f10 sales to ~1.2-1.3B; to raise capital

Street Accounts

Tuesday, September 28 Gintech Expects 2010 Solar-Cell Shipments To Double Bloomberg Gintech expects cell shipments to more than double, from 368MW in 2009 to 800MW in 2010. The company may increase capacity to 1.65GW in 2011, up from 930MW exiting 2010. The company targets cell capacity of 2.2GW in 2013. Centrosolar has increased capacity by modernizing and automating the oldest of a total of four production lines. Module capacity is now 200MW, up from a prior 155MW. Yingli's CFO stated that it as of June, the company received 4GW of order for 2011. The company currently has capacity of 1GW. Yingli plans to increase pricing 3-5% to compensate for Euro weakness experienced earlier in the year.

CENTROSOLAR increases its module manufacturing capacity to almost 200 MWp Yingli Green Energy to increase over 400% power output Wednesday, September 29 Aries Waaree Solar Pvt. Ltd Bags a 40MW Power Plant Order From Adani Group in Gujarat, India Tessera Cancels Major Solar Plant - Says Financing Focused on Small Projects

Centrosolar

China Knowledge

United Business Media

Aries Waaree Solar was awarded an engineering services contract to set up 40 MW Solar PV Power Plant for Adani Group in Gujarat, India. Aries is a Joint venture company between, Mumbai based Waaree Group and Aries Spain. Tessera Solar canceled its plans to construct a 250MW CSP power plant in Arizona. The company had difficulty obtaining financing for the $1B project and was also unable to find a utility willing to purchase the power from the project. SANYO is in the process of ramping its new factory for HIT? solar cell modules in its Shiga plant. The new factory is planned to have production capacity of 150MW by the end of March 2011, which will bring total capacity in this facility to 250MW. Worldwide, SANYO targets 680MW of capacity by the end of March 2011. Vice Chairman of the National Development and Reform Commission told reporters that China plans to introduce tax cuts for renewable energy companies and implement price incentives for renewable power. October 2010 contract prices for solar cells are expected to be flat with September levels of $1.35-1.38/W. This compares to spot market rates in the low 1.40's. Inventec is forming a JV with GaAs semiconductor maker WIN Semiconductors to produce poly-Si solar cells. Inventec and its subsidiaries will invest a total of NT$1.65 billion (~$53M) for a 55% stake in the new company. The JV targets initial capacity of 180MW and will begin production in 1Q 2011. Satcon entered into a strategic manufacturing agreement with GCL Solar Systems to produce inverters for the Asia Pacific market. Under the terms of the agreement, GCL is commissioning a 500MW manufacturing facility and has agreed to purchase from Satcon the capacity to produce a minimum of 300MW of 500KW inverters per year.

GetSolar.com

SANYO Completes New Factory for HIT?* Solar Cell Modules in Shiga Plant

SANYO

China to Cut Taxes For Renewable Energy Companies October solar cell contract prices to remain unchanged, say Taiwan makers

Bloomberg

Digitimes

Inventec to set up joint venture for solar cells

Digitimes

Satcon Expands Partnership with GCL Solar to Include Strategic Manufacturing Agreement Thursday, September 30 Tigo Energy Teams With SCHOTT Solar to Bring Electronic Intelligence to Photovoltaic Projects

Satcon

Tigo Energy? and SCHOTT Solar are working together to add more electronic intelligence and power output to solar modules. The Tigo Energy/SCHOTT Tigo Energy Maximizer Solution creates smart modules that provide up to a 20 percent increase in energy production, active management capabilities and enhanced safety for utility, commercial and residential solar arrays. United Solar signed an agreement to supply a 870 kW BIPV system to New Jersey Resources Clean Energy Ventures (NJRCEV). As a part of this $5 million project, NJRCEV will install a new roof and UNI-SOLAR's thin-film solar laminates, which will provide the dual benefit of weather protection and clean energy. Centrotherm supported commissioning of a 2500MT poly plant for a subsidiary of China Guodian Corporation, one of the largest conventional energy producers in China. The quality of polysilicon produced from the facility exceeds current industry standards. SOLON announced a contract with Arizona Public Service (APS) to develop, design and construct an 18MW project featuring SOLON's turnkey system design, high-efficiency modules and single-axis trackers. Once installed this system will be one of the largest PV systems in the country. China may spend five trillion Yuan (~$750B) from 2011 to 2020 on the development of new energy industries, according to a proposal submitted to China's State Council. The majority of funds in the proposal are earmarked for wind (2-3 trillion Yuan); solar could receive a more modest 200-300B in incentives.

United Solar to Supply New Jersey Resources Clean Energy Ventures With a 870 kW BIPV System

Energy Conversion Devices

Centrotherm Sitec Commissions Polysilicon Facility

Centrotherm

SOLON to Develop and Build Breakthrough 18MW Solar Power Plant for Arizona Public Service China plans to spend 5 trillion Yuan on developing new energy industries in 2011-2020 Friday, September 30 United States, Europe join trade fight over Ontario's green energy plan

SOLON

Digitimes

The U.S. Embassy joined the EU and Japan in filing a complaint with the World Trade Organization disputing the fairness of The Canadian Press Ontario's solar subsidy program, which contains domestic content requirements. Consultations are the first step of the dispute process, followed by a panel ruling if an agreement by all parties can't be met. Taiwan's National Science Council approved plans for AU Optronics and Taiwan Cogen to set up a solar power plant joint venture. AUO indicated that the company is currently wholly-owned by Taiwan Cogen, which is also responsible for setting up the operation. Details to the joint venture investment and partnership will be finalized at the end of 2010. Thin-film solar module maker Sunwell Technology broke even in August 2010 and began turning a profit in September. The company projects 3Q revenues will increase 600% from the NT$230 million ($7.73 million) registered in the entire first half. Full-year revenues should exceed NT$1 billion, up 500% on year. Sunwell has 50MW of module capacity.

AUO and Taiwan Cogen to jointly set up solar power plant company

Digitimes

Solar module maker Sunwell turns profitable in September

Digitimes

Required Disclosures
Additional Information Available Upon Request

5

Alternative Energy

WELLS FARGO SECURITIES, LLC EQUITY RESEARCH DEPARTMENT

I certify that: 1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and 2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report.

Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm, which includes, but is not limited to investment banking revenue.

STOCK RATING
1=Outperform: The stock appears attractively valued, and we believe the stock's total return will exceed that of the market over the next 12 months. BUY 2=Market Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market over the next 12 months. HOLD 3=Underperform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12 months. SELL

SECTOR RATING
O=Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months. M=Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months. U=Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.

VOLATILITY RATING

V = A stock is defined as volatile if the stock price has fluctuated by +/-20% or greater in at least 8 of the past 24 months or if the analyst expects significant volatility. All IPO stocks are automatically rated volatile within the first 24 months of trading. As of: October 4, 2010 48% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Outperform. 49% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Market Perform. 3% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Underperform. Wells Fargo Securities, LLC has provided investment banking services for 43% of its Equity Research Outperform-rated companies. Wells Fargo Securities, LLC has provided investment banking services for 44% of its Equity Research Market Perform-rated companies. Wells Fargo Securities, LLC has provided investment banking services for 37% of its Equity Research Underperform-rated companies.

Important Information for Non-U.S. Recipients
EEA – The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. For recipients in the EEA, this report is distributed by Wells Fargo Securities International Limited (“WFSIL”). WFSIL is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority. For the purposes of Section 21 of the UK Financial Services and Markets Act 2000 (“the Act”), the content of this report has been approved by WFSIL a regulated person under the Act. WFSIL does not deal with retail clients as defined in the Markets in Financial Instruments Directive 2007. The FSA rules made under the Financial Services and Markets Act 2000 for the protection of retail clients will therefore not apply, nor will the Financial Services Compensation Scheme be available. This report is not intended for, and should not be relied upon by, retail clients.

6

Solar Weekly: Euro Heads Higher, China Chatter Resurfaces

WELLS FARGO SECURITIES, LLC EQUITY RESEARCH DEPARTMENT

Australia – Wells Fargo Securities, LLC is exempt from the requirements to hold an Australian financial services license in respect of the financial services it provides to wholesale clients in Australia. Wells Fargo Securities, LLC is regulated under U.S. laws which differ from Australian laws. Any offer or documentation provided to Australian recipients by Wells Fargo Securities, LLC in the course of providing the financial services will be prepared in accordance with the laws of the United States and not Australian laws. Hong Kong – This report is issued and distributed in Hong Kong by Wells Fargo Securities Asia Limited (“WFSAL”), a Hong Kong incorporated investment firm licensed and regulated by the Securities and Futures Commission to carry on types 1, 4, 6 and 9 regulated activities (as defined in the Securities and Futures Ordinance, “the SFO”). This report is not intended for, and should not be relied on by, any person other than professional investors (as defined in the SFO). Any securities and related financial instruments described herein are not intended for sale, nor will be sold, to any person other than professional investors (as defined in the SFO). Japan – This report is distributed in Japan by Wells Fargo Securities (Japan) Co., Ltd, a Japanese financial instruments firm registered with the Kanto Local Finance Bureau, a subordinate regulatory body of the Ministry of Finance in Japan, to conduct broking and dealing of type 1 and type 2 financial instruments and agency or intermediary service for entry into investment advisory or discretionary investment contracts. This report is intended for distribution only to professional customers (Tokutei Toushika) and is not intended for, and should not be relied upon by, ordinary customers (Ippan Toushika). About Wells Fargo Securities, LLC Wells Fargo Securities, LLC is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the New York Stock Exchange, the Financial Industry Regulatory Authority and the Securities Investor Protection Corp. This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them, if they desire further information. The information in this report has been obtained or derived from sources believed by Wells Fargo Securities, LLC, to be reliable, but Wells Fargo Securities, LLC, does not represent that this information is accurate or complete. Any opinions or estimates contained in this report represent the judgment of Wells Fargo Securities, LLC, at this time, and are subject to change without notice. For the purposes of the U.K. Financial Services Authority's rules, this report constitutes impartial investment research. Each of Wells Fargo Securities, LLC, and Wells Fargo Securities International Limited is a separate legal entity and distinct from affiliated banks.. Copyright ? 2010 Wells Fargo Securities, LLC.
SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

7


相关文章:
2010浙江温州中考数学试卷(含答案)
2010浙江温州中考数学试卷(含答案)_中考_初中教育_教育专区。2010温州中考数学2010 年浙江省初中毕业生学业考试数学(温州卷)一、选择题(本题有 10 小题,每小题 ...
无锡市2010年中考数学试题及答案解析
2010 年无锡市初中毕业升学考试 数 学 试 卷 本试卷分试题和答题卡两部分, 分钟. 本试卷分试题和答题卡两部分,所有答案一律写在答题卡上. 所有答案一律写在...
2010年福建省厦门市中考数学试卷(word版含解析答案)
2010年福建省厦门市中考数学试卷(word版含解析答案)_初三数学_数学_初中教育_教育专区。2010中考数学试题解析版2010 年福建省厦门市中考数学试卷一、选择题(共 7 ...
博克门禁Q2010-C
Q2010-C控制器使用说明书一、 设置使用方法: 1、初始密码:出厂设置的编程密码为 66688 2、进入编程状态:输入编程密码【66688】按【#】,此时红灯和黄灯亮,控制...
office2010密钥
office2010密钥_IT/计算机_专业资料。Microsoft Project 2010 简体中文专业版(微软 MSDN 原版)+ 永久激活密钥: 32 位系统: ed2k://|file|cn_project_professional...
office2010密钥
本文由“沉寂的波涛”收录: Office Professional Plus 2010 VOL 版“MAK”密钥: 828CH-G4FPY-HMH4R-32GCK-6D9BH XCTBG-VK6G7-72B9R-D2MGC-4VWQC HQJRB...
VC++2010操作Word2010
VC++2010操作Word2010_计算机软件及应用_IT/计算机_专业资料。根据网上资源,做的一个vc2010操作word2010/2013的mfc程序。包括了简单的文本处理,表格处理,页面处理,...
2010年广东省广州市中考数学试卷(word版含解析答案)
(2010?广州)目前世界上最高的电视塔是广州新电视塔.如图所示,新电视塔高 AB 为 610 米,远处有一栋大 楼,某人在楼底 C 处测得塔顶 B 的仰角为 45°,在...
Word、Excel、PPT使用技巧与实战方法大全(2010完整版)
Word、Excel、PPT使用技巧与实战方法大全(2010完整版)_机械/仪表_工程科技_专业资料。MICRIS OFT OFFICE 2010 使用技巧与实战方 法大全 目录第一部分 1. 2. 3...
更多相关标签:
2010office | 2010office密钥 | cad2010 | 2010年 | 2010世界杯 | 2012 | 2010电影 | 2010太空漫游 |