J P M O R G A N Asia Pacific Equity Research 26 January 2026 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. China Utilities & Renewables Blog Continual activity in China offshore wind; 2025 ESS installation beats; selective on gas utilities Daqi Jiao (852) ...