Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Power** industry, highlighting significant trends in power consumption and generation in the country [1][2]. Key Insights on Power Consumption - **National power consumption** increased by **5.1% YoY** in the first ten months of 2025, up from **4.6%** in the previous months [3][9]. - In **October 2025**, power demand surged by **10.4% YoY**, with notable increases in various sectors: - **Primary sector**: +13.2% YoY - **Secondary sector**: +6.2% YoY - **Tertiary sector**: +17.1% YoY - **Residential demand**: +23.9% YoY [3][9]. Sector-Specific Growth Drivers - The **tertiary sector** growth was primarily driven by: - **Retail services**: +24.4% YoY - **IT services**: +21.0% YoY - The **accommodation and catering** sector also saw an increase of **18.4% YoY**, attributed to the strong National Day holiday [4][9]. - **Residential power consumption** growth was influenced by temperature variations, with regions like Jiangxi, Zhejiang, and Shanghai experiencing significant increases of **66%**, **63%**, and **47%** YoY, respectively [4]. Power Generation Insights - Total power generation in **10M25** rose by **2.3% YoY** to **8,063 billion kWh**. - Renewable energy sources showed strong growth: - **Solar power generation**: +23.2% YoY - **Wind power generation**: +7.6% YoY - The share of wind and solar in the energy mix increased to **16%**, up from **14%** in the same period last year [5][9]. Capacity Expansion - China added **398 GW** of power capacity in **10M25**, marking a **42.4% YoY** increase, including: - **253 GW** from solar (up **39.5% YoY**) - **70 GW** from wind (up **52.9% YoY**) - **65 GW** from thermal sources (up **54.3% YoY**) [5][9]. Investment Trends - Investments in power generation capacity reached **Rmb722 billion**, a **0.7% YoY** increase, while investments in the power grid rose to **Rmb482 billion**, up **7.2% YoY** [9]. Analyst Ratings and Industry Outlook - The overall view of the **China Utilities** sector is considered **attractive**, with several companies rated positively, including: - **China Resources Power**: Overweight - **China Longyuan Power Group**: Overweight - **Huaneng Power International Inc.**: Equal-weight [7][59]. Additional Considerations - The report emphasizes the potential for continued growth in the renewable energy sector, driven by government policies and increasing demand for cleaner energy sources [7][9]. - Analysts caution that while the growth is promising, investors should remain aware of potential risks associated with market fluctuations and regulatory changes [7][9].

本文源自：金融界AI电报 中国电力(02380.HK)发布公告，本公司及其附属公司(统称本集团)于2025年10月的合并总售电量为 923.51万兆瓦时，而2025年首10个月的合并总售电量为1.06亿兆瓦时。 ...

格隆汇11月26日丨中国电力(02380.HK)宣布，集团于2025年10月的合并总售电量为9,235,140兆瓦时，较 去年同月减少5.29%，而2025年首十个月的合并总售电量为105,502,111兆瓦时，较去年同期减少 2.51%。 ...

该信息由智通财经网提供 智通财经APP讯，中国电力(02380)发布公告，本公司及其附属公司(统称本集团)于2025年10月的合并总 售电量为923.51万兆瓦时，而2025年首10个月的合并总售电量为1.06亿兆瓦时。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 1 附註： 二零二五年十月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年十月的合併總售電量為 9,235,140 兆瓦時， 較去年同月減少 5.29%，而二零二五年首十個月的合併總售電量為 105,502,111 兆瓦時， 較去年同期減少 2.51%。 本集團於二零二五年十月及截至二零二五年十月三十一日止十個月的總售電量，按發 電廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2025 年 | ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Power Equipment Sector - **Key Focus**: US power market dynamics and implications for Chinese power equipment exporters Core Insights 1. **US Power Demand Growth**: - Forecasted incremental peak demand of approximately 80GW in the US by 2030, primarily driven by AI data centers - Overall power demand growth expected to accelerate to over 2.5% CAGR towards 2030, compared to around 1% in the past decade [2][3] 2. **Grid Reliability Concerns**: - The US power system is currently under pressure, with generation reserve margins dropping below 15% in 2024 and continuing to trend down - Insufficient investment in generation and grid infrastructure due to equipment shortages and lengthy approval processes, potentially worsening system reliability [2][3] 3. **Regulatory Changes and Solutions**: - Potential regulatory changes could alleviate constraints, including increasing tariffs for data centers, requiring self-generated power solutions, and streamlining permitting processes - Suggested energy solutions include longer duration batteries and co-locating generation with data centers [3] 4. **Yingliu's Positive Performance**: - Yingliu reported a solid order growth of 20-30% YoY, with accelerated delivery of gas turbine components - Management anticipates faster order growth next year due to a worsening global supply shortage - Sufficient production capacity established through the import of advanced manufacturing equipment [4] 5. **Siemens Energy Collaboration**: - Siemens Energy plans to ramp up gas turbine production capacity to over 30GW per annum, up from 17GW in 2024, which is favorable for Yingliu as customer demand expands [4] 6. **Valuation and Investment Outlook**: - Yingliu is highlighted as a top pick alongside Sieyuan, with attractive valuations amid recent market risk-off sentiment - Yingliu trades at 35x 2026E PE with a projected 54% EPS CAGR from 2025-2027, while Sieyuan trades at 27x PE with a 31% EPS CAGR [5] Risks and Considerations 1. **Sector Risks**: - Potential downside risks include slower-than-expected power demand growth, unexpected raw material price hikes, and increased competition [7] 2. **Company-Specific Risks**: - For Yingliu, risks include weaker-than-expected demand for gas turbines, lower product yield during upgrades, and slower capacity expansion [9] - For Sieyuan, risks involve weaker demand for high-voltage equipment and rising competition in overseas markets [8] Conclusion - The US power market presents both challenges and opportunities for Chinese power equipment manufacturers, particularly in light of increasing demand and regulatory changes - Yingliu and Sieyuan are positioned favorably for growth, supported by strong order books and strategic collaborations, despite inherent risks in the sector and individual companies [5][7][9]

Group 1 - The core argument is that while the U.S. leads in high-end chip manufacturing, China may win the AI race due to its abundant and nearly free electricity supply, contrasted with the U.S. data centers facing power shortages [1][5]. - U.S. data centers, crucial for AI development, are currently unable to operate at full capacity due to electricity shortages, with significant investments made by tech giants in AI chips [3][4]. - The operational demand for electricity from U.S. data centers is projected to require 80 gigawatts, exceeding Germany's peak electricity usage, leading to a threefold increase in electricity prices for nearby residents [4][5]. Group 2 - The slow expansion of the U.S. power grid is highlighted, with data centers in California unable to connect to the grid due to regulatory and infrastructure delays [5][6]. - In contrast, China benefits from fewer regulatory restrictions, allowing faster deployment of AI services, and has surplus electricity with substantial subsidies, making operational costs for data centers nearly zero [5][7]. - China's strategy includes significant investments in renewable energy, with plans to add 356 gigawatts of renewable energy in 2024, surpassing the combined total of the U.S., EU, and India [8]. Group 3 - The future of AI competition is uncertain, but control over electricity supply is seen as a critical factor, with the consensus that whoever controls electricity will control the future of AI [7][8].

Core Insights - The 27th China High-Tech Fair showcased the top ten influential achievements in China's power equipment during the 14th Five-Year Plan and the ten development trends for the 15th Five-Year Plan, highlighting the industry's advancements in core technology autonomy, green low-carbon transformation, and intelligent upgrades [1][2]. Group 1: Top Ten Influential Achievements - The ten influential achievements in China's power equipment during the 14th Five-Year Plan include: 1. Domestic nuclear power generation technology and equipment 2. 300MW class F-level heavy gas turbine technology and equipment 3. One million kilowatt hydropower generator technology and equipment 4. UHV transmission engineering technology and equipment 5. Domestic power-specific chip technology and applications 6. 500,000 tons/year coal-fired power plant carbon capture technology and devices 7. The world's largest 26MW offshore wind turbine equipment 8. Fully domestic distributed control system achieving series application 9. Record-breaking hybrid back-contact crystalline silicon solar cells 10. Perfluoroisobutylene technology and equipment replacing sulfur hexafluoride [1]. Group 2: Ten Development Trends for the 15th Five-Year Plan - The ten development trends for power equipment technology during the 15th Five-Year Plan include: 1. Deepening integration of power system coordination and source-grid-load-storage 2. Significant enhancement of power equipment and system regulation capabilities 3. Accelerated green low-carbon transformation of power equipment 4. Large-scale application of new energy equipment networking technology 5. Commercial breakthroughs in electro-hydrogen coupling equipment systems 6. Diversified development of new energy storage equipment technology 7. Engineering validation of nuclear fusion energy equipment technology 8. Demonstration application of quantum technology equipment in power systems 9. Breakthroughs in frontier disruptive equipment technology 10. Comprehensive improvement of the intelligence level of power equipment [2].

Investment Rating - The report maintains an optimistic outlook for the electricity, utilities, and renewable energy sectors over the next 12 months, with an average stock return exceeding 100% in 2025 [2]. Core Insights - China's electricity demand is projected to grow at a compound annual growth rate (CAGR) of 8%-9% from 2028 to 2030, surpassing market expectations by 4-5 percentage points, driven by AI data centers, manufacturing electricity demand from exports, and the electrification process [1][3]. - The global shortage of power equipment presents opportunities for Chinese companies to act as major international brand suppliers and to increase their market share [3][8]. - Investment in power supply equipment for AI data centers accounts for approximately 15% of total capital expenditure, creating new market opportunities for related companies [4][5]. Summary by Sections Electricity Demand Growth - China's electricity demand is expected to grow at a CAGR of 8%-9% from 2028 to 2030, with additional growth driven by AI data centers, manufacturing electricity demand from exports, and the electrification process [3][4]. - The construction scale of data centers in China is projected to be 5-6 GW from 2025 to 2027, significantly lower than the 40-45 GW expected in the U.S. during the same period, indicating substantial growth potential for China [4][5]. Power Equipment Exports - Chinese companies are positioned to benefit from global power equipment shortages, with opportunities to serve as suppliers for major global brands and to enhance their international market share [3][8]. - The penetration rates for transformers and switches in the global market are currently low at 7%-8%, and even lower for gas turbine blades at 1%-2%, suggesting significant room for growth [8][9]. AI Data Centers - The demand for high-power equipment in AI data centers is increasing, with capital expenditure in this area expected to create new market space for related enterprises [4][5]. - The anticipated growth in electricity demand from manufacturing, particularly due to exports, is expected to contribute an additional 1.5 percentage points annually to manufacturing electricity consumption [4][6]. Investment Opportunities - The "14th Five-Year Plan" indicates that electricity demand growth will drive related capital expenditures to increase by 12%, higher than the 11% growth during the previous plan, reflecting stronger government support for the sector [5]. - Recent policy changes encouraging the use of domestic chips for data center construction and providing additional subsidies may accelerate the resolution of supply chain issues, further promoting industry growth [5].

Core Insights - The energy industry is undergoing a transformation towards low-carbon, clean, and efficient practices, with smart technology seen as a key solution [1][12] - Alibaba Cloud is emerging as a crucial builder of the "smart core" necessary for activating potential scenarios and reconstructing industry value [1][3] Industry Collaboration - Alibaba Cloud has established partnerships with all major state-owned energy enterprises, with 70% already integrating AI technology [3] - The collaboration with State Grid has led to the development of a large-scale cloud computing platform, "State Grid Cloud," which supports the growing demand for intelligent applications in the energy sector [4] Digital Infrastructure - The construction of a unified computing and data infrastructure is recognized as essential for large state-owned enterprises, helping to avoid resource wastage and improve overall efficiency [4] - The Southern Power Grid has successfully implemented a cloud-based dispatch platform, significantly improving load forecasting accuracy to 97.63% [4] AI Integration - AI is becoming a critical variable in reshaping the future of the energy sector, with Alibaba Cloud providing advanced AI models and development platforms [6][9] - The collaboration between State Grid and Alibaba Cloud has resulted in the creation of a multi-modal industry model, enhancing operational efficiency and decision-making processes [6][7] Talent Development - The successful application of AI in the energy sector requires a workforce that understands both AI technology and industry mechanisms, emphasizing the need for skilled talent [10][11] - Initiatives like the "Spark" talent training program aim to enhance AI capabilities among employees in the energy sector [10] Future Outlook - The integration of AI and cloud technology is expected to drive significant advancements in the energy industry, facilitating a transition from digitalization to intelligent operations [12][13] - Alibaba Cloud is positioning itself as a key partner in the global energy transformation, supporting Chinese energy companies in their international expansion efforts [12][13]