China Renewables Global China Summit Takeaways: Key Trends and 4 key picks

研报英文原文证据摘录

China Renewables Global China Summit Takeaways: Key Trends and 4 key picks

J P M O R G A N Asia Pacific Equity Research

27 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

China Renewables

Global China Summit Takeaways: Key Trends and 4

key picks

We returned from the Energy Evolution Tour and Global China Summit last week APAC Utilities & Renewables |

and observed a pick-up in investor interest in China renewables, driven by Sustainable Investing

heightened energy-security concerns from the Middle East conflict and developed- Alan Hon AC

market data-center power infrastructure constraints. Sungrow and Deye share (852) 2800-8573

prices are up 14%/20%, respectively, since May 15th (vs. SHCOMP -1%). Within alan.hon@jpmorgan.com

ESS, Sungrow cited early AIDC-related ESS orders, while it also benefits from Daqi Jiao

global ESS installations, though it cautioned on near-term cost pressure. (852) 2800-8595

Meanwhile, we also heard consistent evidence of surging DG ESS demand in daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

emerging markets (notably Southeast Asia), a positive read-across to Deye. Morgan Broking (Hong Kong) Limited

Goldwind-H may also benefit from rising WTG shipment to the EM. Within

offshore wind, policy visibility improved with the State Council’s offshore wind

installation target in 2030, supporting the offshore supply chain, especially

submarine cables, which have high market concentration and entry barriers; we

remain constructive on Orient Cables.