J.P. Morgan China/HK FTM 28 May 26 China Internet; Deye - A; Orient Cables - A; China Renewables; Manycore; Weichai Power - A/H; Shandong Sinocera - A; Qfin Holdings

研报英文原文证据摘录

J.P. Morgan China/HK FTM 28 May 26 China Internet; Deye - A; Orient Cables - A; China Renewables; Manycore; Weichai Power - A/H; Shandong Sinocera - A; Qfin Holdings

Asia Pacific Equity Research AC Asia Pacific Equity Research

28 May 2026 J P M O R G A N

aprr.publications@jpmorgan.com

an expanding pipeline, and being on the whitelist of a few overseas power developers, with a target to lift

overseas revenue contribution to >20% by 2030 (and potentially >25% longer-term). We maintain our OW

rating on Orient Cables.

China Renewables (Alan Hon)

Global China Summit Takeaways: Key Trends and 4 key picks

We returned from the Energy Evolution Tour and Global China Summit last week and observed a pick-up in

investor interest in China renewables, driven by heightened energy-security concerns from the Middle East

conflict and developed-market data-center power infrastructure constraints. Sungrow and Deye share prices

are up 14%/20%, respectively, since May 15th (vs. SHCOMP -1%). Within ESS, Sungrow cited early AIDC-

related ESS orders, while it also benefits from global ESS installations, though it cautioned on near-term

cost pressure. Meanwhile, we also heard consistent evidence of surging DG ESS demand in emerging

markets (notably Southeast Asia), a positive read-across to Deye. 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. Within solar,

progress on the anti-involution initiative remains slow, while in renewable power operators, power market