13 January 2026 | 4:14PM CST Equity Research CHINA GRID TECH Emerging global grid equipment challengers: Initiate on Sieyuan (Buy) and Huaming (Neutral) We initiate coverage of Sieyuan Electric and Huaming Power Equipment, China's leading grid equipment suppliers with growing overseas exposure. A structural shortage in global grid equipment - driven by global grid upgrade demand, constrained by labor-intensive manufacturing, and exacerbated by booming AIDC demand - has accelerated their overseas progress. A ...