Core Viewpoint - The "Three-Year Doubling Action Plan" for electric vehicle charging infrastructure aims to significantly enhance service capacity, targeting the construction of 28 million charging facilities by the end of 2027 to meet the charging needs of over 80 million electric vehicles, thereby doubling the current service capacity [1][3]. Group 1: Action Plan Goals - The action plan outlines a clear goal to establish a high-quality charging infrastructure system to support the development of the new energy vehicle industry [1][3]. - By the end of 2027, the plan aims to provide over 300 million kilowatts of public charging capacity [1][3]. Group 2: Current Market Context - In the first nine months of this year, China's new energy vehicle production and sales both exceeded 10 million units, with a year-on-year growth rate of over 30% [3]. - Despite rapid development, challenges remain, including uneven public charging network distribution and insufficient service supply in residential areas [3][4]. Group 3: Policy Measures - The action plan emphasizes four key areas: balancing development, fostering innovation, ensuring inclusivity, and practical implementation [3][4]. - Specific measures include enhancing charging infrastructure in residential areas and rural regions, simplifying the application process for residential charging stations, and promoting a unified construction and service model [4][6]. Group 4: Investment Opportunities - The implementation of the action plan is expected to stimulate over 200 billion yuan in related equipment and construction investments, with approximately 100 billion yuan allocated for charging equipment [4][6]. Group 5: Key Initiatives - The action plan includes five major initiatives: upgrading public charging facilities, optimizing charging conditions in residential areas, promoting vehicle-to-grid (V2G) applications, improving power supply capabilities, and enhancing charging service quality [6][7]. - By the end of 2027, the plan aims to add over 14,000 direct current charging guns in rural areas and expand the scale of V2G facilities [6][7].

Core Insights - The National Development and Reform Commission and five other departments issued the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)" on October 15, aiming to establish 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles, achieving a doubling of charging service capacity [1][2]. Summary by Sections Action Plan Goals - By the end of 2027, the plan sets specific growth targets for urban, highway, and rural charging networks, including: - Adding 1.6 million DC charging guns in cities, including 100,000 high-power charging guns [3]. - Constructing or renovating 40,000 "super-fast combined" charging guns (60 kW and above) in highway service areas [3]. - Adding at least 14,000 DC charging guns in rural areas where public charging stations have not yet been built [3]. - Establishing 1,000 pilot communities for the "unified construction and service" model to enhance private charging pile access and safety management [3]. - Expanding the scale of vehicle-to-grid (V2G) facilities with over 5,000 new installations and a reverse discharge volume exceeding 20 million kilowatt-hours [3]. Current Infrastructure Status - As of August 2025, China had a total of 17.348 million electric vehicle charging facilities, a year-on-year increase of 53.5%. This includes 4.316 million public charging facilities (up 37.8%) and 13.032 million private charging facilities (up 59.6%) [4]. - In the first eight months of 2025, 4.53 million new charging facilities were added, representing an 88.5% year-on-year increase, with public facilities increasing by 737,000 (up 37.2%) and private facilities by 3.793 million (up 103.3%) [4]. Investment Recommendations - The implementation of the charging facility service capacity plan is expected to lead to a new wave of investment in charging stations, benefiting various segments of the industry: - Charging Stations: Recommended companies include Terui De and Green Energy Huichong; beneficiaries include Shenghong Co. and Zhida Technology [6]. - Charging Modules: Recommended company is Tonghe Technology; beneficiaries include Youyou Green Energy and Yingkerui [6]. - Charging Guns and Cables: Beneficiaries include Yonggui Electric and Xinhongye [6]. - Charging Operations and Aggregation: Recommended company is Terui De; beneficiary is Langxin Group [6].

Industry Investment Rating - The investment rating for the electric equipment industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the issuance of the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facilities" by six departments, aiming to establish 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the needs of more than 80 million electric vehicles [4][5] - The current public charging capacity is insufficient to meet demand during holidays and in popular areas, with a total of 17.348 million charging facilities as of August 2025, reflecting a year-on-year growth of 53.5% [5] - The report emphasizes the potential of Vehicle-to-Grid (V2G) technology to enhance the national unified electricity market, with plans to expand the pilot application of V2G facilities to over 5,000 by the end of 2027 [5] Summary by Relevant Sections Industry Overview - The closing index for the electric equipment sector is 9930.59, with a 52-week high of 10428.72 and a low of 6107.84 [1] Investment Highlights - The report suggests that public charging stations will progress towards higher power levels, which will require further enhancements to the distribution network [6] - Recommended companies for investment include Shenghong Co., Ltd. and Youyou Green Energy for charging equipment, and Teruid and Wanma Co., Ltd. for operators [6] Market Performance - The relative performance of the electric equipment sector shows a significant upward trend, with a projected increase of 27% to 55% from October 2024 to October 2025 compared to the CSI 300 index [3]

Core Viewpoint - The National Development and Reform Commission (NDRC) and five other departments have issued the "Three-Year Doubling Action Plan for Electric Vehicle Charging Infrastructure Service Capacity (2025-2027)" aimed at expanding vehicle-grid interaction and enhancing the charging infrastructure for electric vehicles [1] Group 1: Action Plan Details - The action plan emphasizes the continuous expansion of vehicle-grid interaction pilot projects [1] - It aims to establish a collaborative promotion and tracking evaluation mechanism for the pilot projects [1] - The plan will leverage time-based pricing signals from the electricity market to explore market-oriented vehicle-grid interaction response models [1] Group 2: Implementation Goals - The action plan includes organizing electric power companies and virtual power plants to conduct practical tests of vehicle-grid interaction applications at regional, provincial, and city levels [1] - It aims to improve the pricing mechanism for discharging from new energy vehicles and charging stations to encourage participation in electricity market transactions [1] - By the end of 2027, the plan targets the effective expansion of vehicle-grid interaction pilot project scope, with the addition of over 5,000 bidirectional charging and discharging (V2G) facilities and a reverse discharge volume exceeding 20 million kilowatt-hours [1]

Core Viewpoint - The National Development and Reform Commission has issued a notification regarding the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)" aimed at enhancing the interaction between electric vehicles and the power grid [1] Group 1: Policy Initiatives - The plan emphasizes the establishment of pilot projects for vehicle-grid interaction, focusing on collaborative promotion and tracking evaluation mechanisms [1] - It aims to leverage time-based pricing signals in the electricity market to explore market-oriented vehicle-grid interaction response models [1] Group 2: Implementation and Goals - The initiative includes organizing regional, provincial, and city-level practical tests for vehicle-grid interaction applications involving power grid companies and virtual power plants [1] - By the end of 2027, the plan targets the effective expansion of pilot applications for vehicle-grid interaction, with the addition of over 5,000 bidirectional charging and discharging (V2G) facilities and a reverse discharge volume exceeding 20 million kilowatt-hours [1]