亚洲电力设备：美国 AI 数据中心发展与电力约束专家电话会要点-Asia Power Equipment_ Expert call takeaways on AI DC development in the US and power constraints

J P M O R G A N Asia Pacific Equity Research 03 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 Stephen Tsui, CFA AC (852) 2800-8592 stephen.tsui@jpmorgan.com Vento Suen (852) 2800-8546 vento.suen@jpmorgan.com Alan Hon Expe ...