Core Viewpoint - On December 23, a total of 18 out of 31 primary industries in the Shenwan index received net financing inflows, with the electronics sector leading at a net inflow of 2.765 billion yuan [1] Industry Summary - The electronics industry had the highest net financing inflow of 2.765 billion yuan on December 23 [1] - Other industries with significant net financing inflows included power equipment, machinery, telecommunications, non-ferrous metals, chemicals, and pharmaceuticals [1] Company Summary - A total of 1,975 individual stocks received net financing inflows, with 171 stocks having inflows exceeding 30 million yuan [1] - Among these, 13 stocks had net financing inflows exceeding 200 million yuan [1] - The stock with the highest net financing inflow was Cambrian Technologies (寒武纪-U) at 879 million yuan, followed by companies such as Invec (英维克), Shenghong Technology (胜宏科技), Zijin Mining (紫金矿业), Newray (新易盛), Sungrow Power Supply (阳光电源), Tianci Materials (天赐材料), Industrial Fulian (工业富联), and Zhongji Xuchuang (中际旭创) [1]

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Summary of Sieyuan Electric's Conference Call Company Overview - **Company**: Sieyuan Electric - **Industry**: Power Equipment and Utilities - **Current Price**: Rmb 155.02 (as of December 15, 2025) - **Price Target**: Rmb 180.00 (by December 2026) [3][19] Key Points H-Share Listing Announcement - Sieyuan announced plans to apply for an H-share IPO on the Hong Kong Stock Exchange, aiming for completion within 24 months post shareholder approval on December 31, 2025 [2][4] - The exact timeline and issuance amount remain unspecified, but the issuance will not exceed ~15% of the total share count post-issuance [4][12] Strategic Goals - The IPO aims to enhance Sieyuan's global strategic positioning, establish an international capital operation platform, and improve competitiveness [12][19] - The company anticipates overseas revenue could reach ~Rmb 10 billion by 2027, indicating a strong push for international market penetration [2][12] Financial Performance - Sieyuan has experienced a significant increase in new orders, particularly in the U.S., driven by a power equipment shortage [12] - The company estimates receiving Rmb 300-500 million in orders for transformers and switchgear from the U.S. this year [12] - Overseas gross profit has shown a CAGR of over 40% from 2020 to 2024, with overseas gross profit accounting for ~38% of total gross profit in the first half of 2025 [4][11] Market Context - The move to list in Hong Kong aligns with trends among other clean energy equipment manufacturers like CATL and Sungrow, who are also pursuing overseas listings [2][12] - The company has over 15 years of experience in international markets, operating in more than 100 countries [4][12] Investment Thesis - Sieyuan is positioned as a major beneficiary of China's elevated T&D capital expenditure and is expected to continue gaining market share despite being in a state-owned enterprise-dominated industry [19] - The company has a strong track record in overseas expansion and R&D, making it an attractive investment opportunity [19] Risks - Potential risks include slower-than-expected overseas expansion, intense domestic competition, rising raw material costs, and goodwill impairment [21][19] Conclusion - Sieyuan Electric's strategic move towards an H-share listing is a significant step in its global expansion efforts, supported by strong financial performance and market demand for power equipment [2][12][19]

Market Review - In the recent five trading days (December 12 to December 18), major indices showed mixed performance; the Shanghai Composite Index rose by 0.08%, while the ChiNext Index fell by 1.79% [5] - The trading volume decreased, with a total of 9.06 trillion yuan traded, resulting in an average daily trading volume of 1.81 trillion yuan, down by 491.08 billion yuan compared to the previous five trading days [9][22] Economic Data - The National Bureau of Statistics reported that from January to November, fixed asset investment decreased by 2.6% year-on-year, with a marginal decline of 0.9 percentage points [26] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 1.1% year-on-year, while manufacturing investment grew by 1.9%, reflecting a slowdown in investment sentiment [26] - Real estate investment dropped by 15.9% year-on-year, indicating ongoing challenges in the sector [26] Policy Focus - The central government's economic work meeting emphasized that expanding domestic demand will be the top priority for 2025, with a focus on service consumption in areas such as cultural tourism, elderly care, and childcare [32] - The government plans to optimize fiscal spending by increasing investment in people's livelihoods and enhancing monetary policy flexibility to support price recovery [32] Investment Strategy - The A-share market is expected to continue its oscillating trend, with a potential rebound as the market approaches the year-end and spring rally periods [33] - Key sectors to watch include: 1. TMT and robotics sectors due to ongoing AI capital expansion and domestic computing power substitution [34] 2. Power equipment and non-ferrous metals sectors driven by high global energy storage demand [34] 3. Social services and resource sectors as policy adjustments focus on structural changes and "anti-involution" measures [34] Industry Performance - Among the major sectors, non-bank financials, transportation, and retail sectors showed the highest gains, while the real estate, power equipment, and comprehensive sectors experienced the largest declines [22]

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 ...

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]

分组1 - The Federal Reserve is expected to announce a quarter-point interest rate cut, but the future path of rates remains uncertain, with traders closely watching the press conference for guidance [1][2][10] - The Fed's updated economic projections, known as the dot plot, will provide insights into officials' expectations for future interest rates [2][10] - Concerns about inflation persist, with current rates running approximately one percentage point above the Fed's 2% target, influenced by both goods and services inflation [11][12] 分组2 - Oracle is set to report earnings, with its stock down 33% from its all-time high in September due to heavy capital expenditures and concerns over its business model [4][26] - The company has become a significant player in AI after a $300 billion deal with OpenAI, but it raised $18 billion through debt offerings to fund its compute buildout [5][26] - For the upcoming quarter, Oracle is expected to report earnings per share (EPS) of $1.64 and revenue of $16.2 billion, with remaining performance obligations projected to increase by 433% [27][28] 分组3 - SpaceX is planning to raise over $30 billion through an IPO in 2026, which would value the company at $1.5 trillion, making it one of the largest public offerings [6][36] - GE Vernova's shares have risen due to AI-driven growth, with a long-term revenue outlook of $52 billion by 2028, and the company has announced increased buybacks and dividends [37] - Chewy reported third-quarter earnings that exceeded estimates, but its stock fluctuated due to a fourth-quarter outlook that fell short of expectations, despite adding active customers for the fourth consecutive quarter [39]

Core Viewpoint - GE Vernova's stock surged 5.9% in after-hours trading following the announcement of increased free cash flow outlook for 2025, a doubling of its dividend, and an increase in share buyback authorization [2][6]. Financial Guidance - For 2025, GE Vernova reaffirmed revenue guidance of $36 billion to $37 billion and adjusted EBITDA margin guidance of 8% to 9%, while raising its free cash flow outlook to $3.5 billion to $4 billion [5][6]. - The company provided 2026 guidance with revenue expected to be $41 billion to $42 billion and adjusted EBITDA margin of 11% to 13% [6]. - By 2028, revenue is projected to reach $52 billion with a low double-digit percentage organic growth, and adjusted EBITDA margin is expected to increase to 20% [6]. Dividend and Share Buyback - The board of directors declared a quarterly cash dividend of $0.50 per share, doubling the previous dividend of $0.25, payable on February 2, 2026 [8][10]. - The share repurchase authorization was increased to $10 billion from the previous $6 billion, with $3.3 billion already spent as of December 3, leaving $6.7 billion available for future buybacks [10]. Strategic Acquisition - GE Vernova plans to acquire the remaining 50% stake in Prolec GE for $5.3 billion, which is expected to enhance earnings and accelerate growth in its electrification segment, driven by the demand for grid upgrades to support AI data centers [7][6]. Market Position - GE Vernova operates in three segments: power, wind, and electrification, and was formed in April 2024 after General Electric's split into three separate companies [3]. - The company has a market capitalization of $170 billion, with a current stock price of $625.30 [8].

Group 1 - The article discusses the logic and marginal changes of AI computing hardware going overseas, highlighting that the market is currently performing well, particularly in AI computing-related sectors [1] - The power export market has shifted from SST to gas turbines and HRSG recently, indicating a change in focus within the industry [3][4] - The article emphasizes the strong performance of core targets in the gas turbine market, suggesting a positive outlook for these companies [4] Group 2 - The article notes that only three companies—Siemens Energy, GE, and Mitsubishi Heavy Industries—are currently capable of producing gas turbines, with a significant demand for these products due to electricity shortages in the U.S. [5] - Gas turbines are highlighted for their flexibility and efficiency, with the cost of electricity generation from large gas turbines being only $70-80 per megawatt hour, which remains competitive even with price increases [6][7] - The gas turbine market is entering a golden period of supply-demand balance, with strong demand driven by electrification, energy security needs, and explosive growth in data centers. Global gas turbine orders are expected to exceed production capacity until at least the early 2030s [7] Group 3 - HRSG prices are currently between $5-5.5 million per unit, with expectations to rise to $6-7 million per unit by early next year, driven by a 50% supply-demand gap [7] - The article provides insights into various companies in the domestic Google supply chain, detailing their products, market shares, and expected orders for 2026 [10][11]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the diverging power solutions for AI data centers (AIDC) in the US and China, highlighting the growing demand for energy due to the rise of AI technologies [1][11][16]. Core Insights - **AIDC Power Consumption**: The International Energy Agency (IEA) forecasts that global electricity consumption of data centers will more than double from 416 TWh in 2024 to 946 TWh in 2030, with a compound annual growth rate (CAGR) of 15% [3][24]. - **Market Share**: By 2030, the US and China are expected to account for approximately 45% and 30% of the global data center market, respectively [3][25]. - **Primary Power Solutions in the US**: Due to grid connection shortfalls, onsite power generation, particularly gas turbines, is becoming the primary solution for data centers in the US. Gas turbines are favored for their shorter lead times (1-2 years) compared to grid connections (5-7 years) [4][33]. - **Backup Power Solutions in China**: China has sufficient grid power for primary needs, but there is a tight supply for backup power, especially for 2MW diesel engines, which are critical for generator sets [5][34]. Key Suppliers and Market Dynamics - A list of 16 key suppliers for AIDC power solutions is provided, which collectively account for about 10% of total AIDC capital expenditures [2][11]. - **US Market**: Gas turbine producers are experiencing strong demand, with significant order backlogs and ongoing capacity expansions [4][37]. - **China Market**: Foreign brands dominate the diesel engine market in China, but local manufacturers like Weichai and Yuchai are expected to increase their market share significantly by 2025 due to shorter lead times and quicker capacity ramp-up [5][34]. Investment Recommendations - The report covers nine stocks providing power equipment to AIDCs, with eight rated as "Buy" due to the booming AIDC capital expenditures and strong demand outlook. GEV is rated "Hold" due to higher costs associated with its offshore wind backlog [6][12]. Additional Insights - **AI Training Power Needs**: AI-focused hyperscalers can have capacities of 100MW, consuming energy equivalent to that of 100,000 households, compared to traditional data centers with capacities of 10-25MW [16]. - **Future Projections**: AIDC is projected to account for 80% of newly added data center IT power from 2024 to 2028, indicating a significant shift in energy requirements driven by AI advancements [22][23]. Conclusion - The report highlights the critical need for efficient power solutions in the rapidly growing AIDC sector, with distinct strategies emerging in the US and China. The investment landscape is favorable for companies involved in power generation technologies, particularly gas turbines and diesel engines, as demand continues to rise in response to AI developments [1][11][16].