AI 机器人与电力领域调研要点：思源电气、华明装备 - 国内电网业务锚定增长，海外业务组合支撑定价，利润率可控-AI Robotics & Power Field Trip takeaways_ Sieyuan_Huaming_ domestic grid anchors growth, overseas mix supports pricing, margin manageable

We visited Sieyuan and Huaming in Shanghai as part of our GS China AI Robotics & Power field trip and held group investor meetings with Sieyuan's and Huaming's Board Secretaries on Jan 16, 2026. Key takeaways: (1) domestic revenue fundamentals remain resilient into the 15th Five-Year Plan, with grid-led demand providing a stable backbone (15th FYP cumulative investment to deliver 40% growth vs 14th FYP, implying per annum investment to grow at a 6% CAGR in 2025-30E, slightly better than Huaming's previous e ...