China power equipment Positive read-across from the 15th FYP Energy Plan

Research evidence excerpt

China power equipment Positive read-across from the 15th FYP Energy Plan

26 June 2026

China power equipment EquitiesElectrical Equipment

Positive read-across from the 15th FYP Energy Plan China

◆ The newly released Energy Plan should help remove investor Daniel Yang*

concerns of a potential collapse in coal power new builds… Analyst, Asia Energy Transition

The Hongkong and Shanghai Banking Corporation Limited

daniel.h.yang@hsbc.com.hk

◆ …it also confirms the equipment upcycle for nuclear and +852 299 66976

pumped hydro – up 4x/3x, respectively vs 14th FYP Evan Li*

Head, Asia Energy Transition Research

◆ Maintain Buy on Harbin and DFE-H; prefer Harbin for better The Hongkong and Shanghai Banking Corporation Limited

evan.m.h.li@hsbc.com.hk

risk/reward and near-term catalyst (Stock Connect), trim DFE +852 2996 6619

H/A TPs to HKD41/RMB35.6 (from HKD45/RMB39) Vivian Zhou*

Associate

Guangzhou

The official Five-Year Energy Plan: On 25 June, the Chinese government released

its official Five-Year Energy Plan for 2026-30, following the release of the 15th FYP

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

for the whole economy in March this year. Overall, we believe the specific targets not registered/ qualified pursuant to FINRA regulations.

mentioned in the Energy Plan for power infrastructure new builds are largely in line

with previous discussions. For power equipment, the key read-across is as follows:

◆ Coal power new builds – less restrictive: While the Energy Plan reiterates the

target of peak coal consumption by 2030 and “keeping coal power capacity at a

reasonable level”, there was no mention of “restricting new builds”, unlike in the

14th FYP. This illustrates that the government is now taking a more flexible