Logic Mining: Seeking Expectation Gaps 20260730

English summary

### Logic Mining: Seeking Expectation Gaps 20260730

Time: 2026-07-30 11:56:50

Content:

Midea air conditioners have become a sought-after "summer necessity" in Europe. Changzhou transformer orders are scheduled into the second half of 2027.

China XD Electric: A core supplier of domestic UHV transformers and GIS, and a major recipient of large orders from State Grid and China Southern Power Grid. China XD Electric wholly owns Changzhou XD Transformer Co., Ltd., whose orders are scheduled into H2 2027.

TBEA: China's transformer leader with outstanding production capacity and technical advantages. It is deeply involved in domestic UHV projects, with strong export performance. Overseas transformer orders grew over 50% year-on-year. It is expanding production capacity for distribution transformers in data centers in Europe, the US, and the Middle East, and deeply benefiting from Changzhou's export dividend.

Baobian Electric: Core manufacturer of UHV DC and nuclear power transformers, with nearly 50% domestic market share in nuclear power main transformers. Orders from overseas new energy and overseas grid upgrades are growing rapidly, and delivery cycles for high-end special transformers are lengthening. ...