中国电力设备：超 1 万亿元的大型水电项目能否显著提振中国电网资本支出并加剧高压电力设备供应紧张？-China Power Equipment

J P M O R G A N Asia Pacific Equity Research 22 July 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. China Power Equipment Would the >Rmb 1 trillion mega-hydropower project meaningfully lift China grid capex and increase tightness for HV power equipment ...