China Equity Strategy "Energy independence a long term driver for Chinese ..."

研报英文原文证据摘录

China Equity Strategy "Energy independence a long term driver for Chinese ..."

Global Research

18 May 2026ab

China Equity Strategy Equity Strategy

ChinaEnergy independence a long term driver for

Chinese equities James Wang

Strategist

james-zb.wang@ubs.com

+852-3712 2557

Energy independence re-accelerated by Middle East conflict Tommy Tang, CFA

Renewed geopolitical tensions in the Middle East have brought energy security back to Strategist

the forefront of global policy agendas. While immediate impacts have been uneven tommy.tang@ubs.com

+852-2971 8357

across markets and geographies, the episode has reinforced a broader strategic lesson

for policymakers: exposure to imported fossil fuels remains a structural vulnerability in Lei Meng

the long run, particularly when high quality and stable power supply is now a Strategist

foundational input for economic competitiveness amid the AI era. Against this S1460517080001

lei.meng@ubs.combackdrop, we believe major economies (including China) would be accelerating long

+86-21-3866 8939

term initiatives aimed at reducing reliance on fossil fuels by diversifying energy sources,

electrifying end-use demand and strengthening grid and energy storage - our global Yu Sheng

equity strategist also identifies energy independence as a major investment theme (see Strategist

S1460524080001here). We believe China is well positioned on this thematic given the technological

yu.sheng@ubs.com

leadership and cost advantage in areas such as renewables, electric vehicles and power

+86-21-3866 4873

equipment. The A-share market, particularly the Chinext, provides the more

comprehensive exposure for investors for this thematic while for individual stocks, we

list our top picks for each sub-segment in Figure 13.

Stronger power demand for longer?