China's Solar Capacity Overtakes Coal for the First Time, but Panel Makers Bleed

This is a "great numbers, painful industry" story, useful for readers who follow energy and supply chains. China's renewable push has driven solar installed capacity past coal for the first time—but the flip side is struggling panel makers and a slowing installation pace. First, a key term: installed capacity is not actual generation. Solar is intermittent, so leading coal in capacity doesn't mean the power mix has flipped—it's a symbolic milestone with a long road ahead. More telling is the industry's pain: a fast government pivot and heavy support led to overexpansion, collapsing prices, and widespread losses—the classic hangover when policy outruns demand. Practical notes: energy and green-tech businesses should factor cheap, oversupplied Chinese panels—both opportunity and pressure—into sourcing and competition; investors should separate record installations from actual profits and watch margins and cash flow. Watch whether Chinese oversupply keeps depressing global prices and how loss-making makers consolidate.