We turn more bullish on China's power grid equipment names, underpinned by our assumed 11% China grid CAPEX CAGR in 2026-30E, up from 9% previously. While we highlighted upside to grid CAPEX (volume) and T&D tariffs (price) in our previous note, we now believe actual grid CAPEX could again exceed official plans, driven by accelerated backbone and distribution grid build-out enhancing system stability and reliability. This could translate into earnings upgrades and valuation re-ratings for power grid equipme ...