J P M O R G A N Asia Pacific Equity Research 10 December 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia Power Equipment/Utilities Marketing feedback, investor positioning and key debates We have interacted with >60 investors across the globe over ...

Core Insights - The article discusses the challenges and opportunities in the U.S. power supply, particularly in the context of AI and energy demands, highlighting the "impossible triangle" of energy policy, economic growth, and AI needs [5][6]. Group 1: Energy Supply Challenges - The U.S. power grid is aging, with an average establishment time of over 40 years, leading to structural issues and a mismatch between supply and demand [5]. - The Biden administration's goal to eliminate 100GW of fossil fuel power generation by 2030 is threatened by the sudden surge in AI energy demands, creating a dilemma for energy policy [5]. - The U.S. power system lacks the capability for large-scale inter-regional energy distribution, unlike China's "West-to-East Power Transmission" [5]. Group 2: AI Power Export Opportunities - The article outlines three main directions for AI power export to North America by 2026: power sources (gas turbines, SOFC), power grid equipment (transformers, large-scale storage), and energy-saving technologies for data centers (SST) [6][19]. - The demand for gas turbines is expected to grow significantly, with an average annual demand of 80-110GW projected from 2026 to 2030, driven by the need for stable and green energy sources [8][9]. Group 3: Gas Turbine Market Dynamics - The supply side of the gas turbine market faces challenges due to complex production processes and a shortage of skilled labor, with an average training period of 1-2 years for workers [8]. - Major gas turbine manufacturers like Siemens Energy, GE, and Mitsubishi Heavy Industries dominate the market, leading to a tight supply situation with orders extending to 2028-2029 [9][10]. Group 4: SOFC and Energy Storage - The demand for SOFC is expected to reach 1.5-2GW by 2026, with a growth rate of over 30-50% annually, driven by major tech companies' procurement needs [14]. - The large-scale storage market in North America is projected to see demand exceed 70-80GWh by 2026, supported by favorable economic returns and declining system costs [17]. Group 5: Data Center Energy Efficiency - SST technology is anticipated to significantly reduce energy consumption and space requirements for data centers, with a projected market space of $25-35 billion by 2027 [19]. - The SST market is expected to see a penetration rate of 15-20% by 2027, with major players including Eaton and emerging domestic manufacturers [19][20].

Group 1 - The core point of the article is that the recent interest from foreign capital in the A-share market is driven by the Federal Reserve's interest rate cut, which has opened up new investment opportunities in China [1][3] - The Federal Reserve officially lowered the federal funds rate target range by 25 basis points to 3.5%-3.75% on December 10, 2025, in response to rising unemployment and signs of easing inflation [3] - The A-share market is currently seen as attractive due to its lower valuation compared to the US market, with a price-to-earnings ratio approximately 30% lower than that of US stocks [3] Group 2 - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of 2025, marking a new high in four years and more than tripling the total for 2024 [4] - As of the end of Q3 2025, northbound funds held a market value of A-shares amounting to 2.58 trillion yuan, with a cumulative increase of over 340 billion yuan in the first three quarters [4] - In September 2025, net inflow of northbound funds was $4.6 billion, the highest level since November 2024, indicating a growing confidence among foreign investors [4] Group 3 - The high-end manufacturing sector is a primary focus for foreign investment, supported by government policies aimed at promoting equipment upgrades and reducing financing costs [5] - In Q3 2025, foreign capital increased its holdings in the electronic industry by 1.82 billion shares, with a market value increase of 161.3 billion yuan, making it the most favored sector [5] - The Ministry of Industry and Information Technology plans to initiate a world-class advanced manufacturing cluster cultivation project by the end of 2024, further boosting foreign interest in this sector [5] Group 4 - The digital technology sector is another key area for foreign investment, driven by strong government support for digital economy initiatives [6] - In Q3 2025, foreign capital showed significant activity in the digital technology field, with substantial investments in semiconductor and communication sectors [7] - Northbound funds held a market value of 443.8 billion yuan in power equipment and 391.5 billion yuan in electronics, indicating a strong focus on technology-related industries [7] Group 5 - Satellite communication has emerged as a new investment focus for foreign capital, supported by government policies promoting the development of low-orbit satellite internet [8] - The Ministry of Industry and Information Technology has encouraged private enterprises to participate in the satellite communication industry, expanding application scenarios and investment opportunities [8] Group 6 - The consumer and pharmaceutical sectors are also attracting foreign investment due to their essential nature and government support for consumption upgrades [9] - The 2025 consumption upgrade policy includes subsidies for various household appliances, which is expected to stimulate market demand and attract foreign capital [9] - As of the end of Q3 2025, northbound funds held a market value of 183.9 billion yuan in the pharmaceutical and biotechnology sector, reflecting strong interest in stable demand and innovation [9]

格隆汇12月12日丨思源电气(002028.SZ)公布，截至本公告披露日，回购方案规定的回购期限已过半， 公司尚未实施回购方案。自回购开始之日起，公司密切关注资本市场及股价整体表现。从2025年7月起 公司的重大投资事项进入决策程序，根据《上市公司股份回购规则》的相关规定，不得实施回购。自重 大投资事项披露后大部分时间盘中股价均超过回购价格上限109.45元/股，公司综合考虑二级市场动态 和回购方案等因素，暂未实施回购。 ...

Group 1 - The core point of the article is that Siyuan Electric (SZ 002028) announced that as of December 12, 2025, its stock price has exceeded the upper limit of the company's share repurchase price, with a closing price of 152.1 yuan per share [1] - The company has repurchased a total of 0 shares through a dedicated securities account, which accounts for 0% of the current total share capital [1] - As of the report date, Siyuan Electric has a market capitalization of 118.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Siyuan Electric is as follows: 99.47% from the manufacturing of power distribution and control equipment, and 0.53% from automotive electronics [1]

证券代码：002028 证券简称：思源电气 公告编号：2025-046 二、期限过半未实施回购的原因 1 / 2 思源电气股份有限公司 关于股份回购期限过半暨回购进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 思源电气股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开第八届董事会第 二十次会议、于 2025 年 6 月 13 日召开 2024 年年度股东大会，审议通过了《关于回购公司 股份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分股份，回购资金总 额不低于人民币 3 亿元（含）且不高于人民币 5 亿元（含），回购价格不超过人民币 109.45 元/股。回购期限自股东大会审议通过回购股份方案之日起 12 个月内，具体回购股份的金 额和数量以回购结束时实际回购的金额和股份数量为准，所回购的股份将用于注销以减少公 司注册资本。公司已在中国证券登记结算有限责任公司深圳分公司开立股份回购专用证券账 户，并披露了《回购报告书》。具体内容详见公司于 2025 年 5 月 17 日、2025 年 6 月 14 日和 2025 年 ...

Core Viewpoint - The recent block trade of Siyuan Electric on December 12 indicates significant institutional activity, with a total transaction amount of 3.80 million yuan and a trading price of 152.10 yuan, reflecting a stable interest from institutional investors [2] Group 1: Block Trade Details - On December 12, a block trade occurred involving 25,000 shares of Siyuan Electric, amounting to 3.80 million yuan, with a transaction price of 152.10 yuan [2] - This transaction was executed between institutional specialized seats, indicating a focus on institutional investment [2] - Over the past three months, the stock has seen a total of three block trades, with a cumulative transaction amount of 21.27 million yuan [2] Group 2: Stock Performance Metrics - The closing price of Siyuan Electric on the same day was 152.10 yuan, representing a decline of 1.16% [2] - The stock's turnover rate for the day was 1.54%, with a total trading volume of 1.44 billion yuan [2] - In the last five days, the stock has experienced a cumulative decline of 4.29%, with a net outflow of 181 million yuan in funds [2] Group 3: Margin Financing Data - The latest margin financing balance for Siyuan Electric stands at 629 million yuan, with an increase of 37.59 million yuan over the past five days, reflecting a growth rate of 6.35% [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-12-12 | 002028 | 思源电气 | 152.10 | 2.50 | 380.25 机构专用 | | 机构专用 | | 权益类证券大宗交易 (协议交易) | | --- | 12月12日，思源电气大宗交易成交2.5万股，成交额380.25万元，占当日总成交额的0.26%，成交价152.1元，较市场收盘价 152.1元持平。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Electric Grid Equipment ETF (159326), which has seen a 3% increase and a trading volume of 421 million yuan, with several stocks reaching their daily limit up [1] - The ETF has experienced a continuous net inflow of funds for 11 trading days, accumulating a total of 724 million yuan, with its latest share count reaching 1.848 billion and total scale at 2.647 billion yuan, both hitting record highs since its inception [1] - The domestic power equipment industry is experiencing high demand for bidding, with significant projects such as China Power Construction's offshore 4GW and onshore 31GW wind turbine procurement starting [1] Group 2 - The Electric Grid Equipment ETF is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with its component stocks primarily distributed across power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2] - The top ten holdings include leading companies such as Guodian NARI, TBEA, and Siyuan Electric, indicating strong market representation [2] - The weight of ultra-high voltage in the ETF is as high as 65%, the highest in the market [2]

储能方面，当前储能行业呈现供需两旺态势，国内外需求共振，新型储能"一芯难求"，头部电池企业持 续满产，电池价格延续上涨趋势，供应链整体具备价格传导能力。需求支撑、供给紧缺、上游挺价，储 能景气度有望持续。兼具规模交付能力、技术创新能力和全生命周期服务能力的头部企业具备显著竞争 优势。 12月11日，风电设备和电网设备获主力大幅加仓，资金净流入额居申万二级行业前两位。随着AI算力 需求的激增，海外电力缺口仍在持续扩大，国内相关企业面临历史性机遇。应关注哪些主线机会？请看 机构最新研判。 近日，高工产业研究院（GGII）发布《2025年中国AIDC储能行业发展蓝皮书》并分析称，全球AIDC储 能市场正迎来爆发式增长，预计到2030年AIDC储能锂电池出货量将突破300GWh，相当于2025年 15GWh的20倍。 与AIDC相关的能源解决方案板块关注度持续升温。一方面，全球范围内电网升级投资与能源数字化趋 势为产业提供了长期方向；另一方面，以美国为代表的地区出现的严峻电力缺口，为SOFC等分布式供 电方案提供了爆发性增长的现实土壤。 从产业趋势看，电网升级与出海浪潮构成长期支撑。全球能源转型与AI算力增长，正驱动 ...