14 December 2025 | 11:22PM HKT Equity Research CHINA INDUSTRIAL TECH: AIDC POWER EXPERT CALL TAKEAWAYS Possible demand overflow to Chinese suppliers from US power shortage and 800VDC architecture shift; Buy Kstar, Hongfa; Neutral on Sungrow On Dec 10-12, we hosted expert calls on US power transformers and AIDC electricals system. On power transformers, we read positive implications for Chinese suppliers, given the US power transformer order lead time of 3-4 years have driven utilities and data center operat ...