We are most constructive on export‑aligned Chinese power solution providers positioned to solve the tightest bottleneck of the AI buildout: time‑to‑power. This sets up a rerating opportunity for qualified Chinese suppliers that can deliver at scale, shorten lead times, and support the data center electrical architecture pivot to 800V DC. In our view, Chinese firms with advanced HVDC (High-Voltage Direct Current) expertise, proven high-density power conversion capabilities, and established OEM/ODM relationsh ...