These are dark days at Suntech Power Holdings, STP -24.91% once the poster child for the expansion of China's solar industry. In 2011, Suntech shipped about 2.1 gigawatts, making it one of the biggest players in the sector. But a cyclical downturn that hammered demand and prices has put the firm into bankruptcy proceedings.
中国太阳能产业的扩张楷模尚德太阳能电力有限公司(Suntech Power Holdings，简称尚德电力)来说，这是一段难捱的日子。2011年，尚德电力的太阳能装机容量约210万千瓦，成为太阳能产业最大的公司之一。但打压了需求和价格的周期性低迷使这家企业沦入了破产的境地。
As Suntech's foreign bondholders scramble for repayment, China's solar sector is dividing into two camps. Suntech and other highly indebted firms are shrouded in darkness. LDK Solar LDK 0.00% has been in the red for six quarters and has net debt of $2.7 billion. Its stock has fallen 24% so far this month. Those basking in relativesunlight are low-cost producers and firms with healthier balance sheets that stand to benefit from the potential demise of a major producer. Shares in Trina Solar TSL -3.34% and Yingli Green Energy YGE -7.94% jumped Wednesday before falling back on Thursday. They are up 2% and down 6%, respectively, so far this month.
在尚德电力的外国债权持有者纷纷要求偿付之际，中国的太阳能产业出现了两个阵营。尚德电力和其它高负债公司被笼罩在黑暗之中。江西赛维LDK太阳能高科技有限公司(LDK Solar)已经连续六个季度亏损，净债务高达27亿美元。这个月到目前为止，该公司股票已大跌了24%。那些相对来说还沐浴着阳光的企业是低成本生产商和资产负债表较健康的公司，它们随时准备从大企业可能的轰然倒下中获益。天合光能有限公司(Trina Solar TSL)和英利绿色能源控股(Yingli Green Energy)的股票周三大涨，周四有所回落；本月截至目前，前者的股票上涨了2%，后者下跌了6%。
It is easy to see why investors might see a brighter future for Trina and Yingli. Consolidation in the industry would help ease overcapacity. Beijing's recent announcement of plans to add a huge 10 gigawatts to China's installed capacity in 2013 is also a boon.
很容易理解投资者为何认为天合光能和英利绿色能源的前景可能更为光明。行业整合会有助于缓解产能过剩。北京前不久宣布的2013年新增太阳能装机容量1,000万千瓦的计划也是个利好消息。
It is too early, though, to say that supply and demand are in balance.
不过，现在说供需平衡还为时过早。
Tian Miao, an energy analyst at research firm NSBO, says that China's solar production capacity is about 30 gigawatts. That is substantially higher than even the government's ambitious
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