Powering AI: Jinpan, Weichai, Kehua, Nari, Dongfang Elec, Yingliu, LS Elec, Nuclear

Research evidence excerpt

Powering AI: Jinpan, Weichai, Kehua, Nari, Dongfang Elec, Yingliu, LS Elec, Nuclear

et and AIDC customers and is expanding capacity to meet growing demand. Merrill Lynch (Hong Kong)

On the domestic front, Nari remains constructive on China's grid investment outlook. fiona.liang3@bofa.com

Gary Tsang >>

Gas turbine orders far from peaking, strong diesel engine ResearchMerrill LynchAnalyst(Hong Kong)

Attending management all saw strong GT orders and expect global power shortages and gary.tsang@bofa.com

supply tightness to last till 2028-30F. Dongfang Electric has secured GT orders from Sun Jung Lee >> Research Analyst

Canada and continues to receive inquiries from customers worldwide. Meanwhile, Merrill Lynch (Seoul)

leading turbine blade manufacturers such as Wedge and Yingliu highlighted a multi- sunjung.lee@bofa.com

year upcycle in the GT industry, supported by accelerating orders from major global GT Summer Wang, CFA >> Research Analyst

OEMs amid ongoing supply constraints. Chinese suppliers are rapidly expanding Merrill Lynch (Hong Kong)

production capacity, improving manufacturing yields, and shortening delivery lead times, summer.wang@bofa.com

positioning themselves to capture market share from established global incumbents. In Charlotte Xia >> Research Analyst

the engine segment, Weichai is also expanding its capacity in diesel engines, gas Merrill Lynch (Hong Kong)

gensets, and SOFC products, supported by attractive profitability and robust demand. charlotte.xia@bofa.com

Yikai Liu, CFA >>

ESS and power supply: solid demand ResearchMerrill LynchAnalyst(Hong Kong)

ESS demand remains strong, driving battery makers to expand capacity. Gotion noted yikai.liu@bofa.com

that it has largely passed through higher lithium costs to customers, although lithium