China Power Utilities Too early to call a power price upcycle

研报英文原文证据摘录

China Power Utilities Too early to call a power price upcycle

26 May 2026

China Power Utilities EquitiesElectric Utilities

Too early to call a power price upcycle China

◆ We take a deeper look at the complicated impacts from the Daniel Yang*

AIDC and China’s Compute/Power Integration Analyst,The HongkongAsia Energyand ShanghaiTransitionBanking Corporation Limited

daniel.h.yang@hsbc.com.hk

◆ We also highlight the expanding firm capacity reserve margin +852 299 66976

and why a structural upcycle for power price is less likely Evan Li*

Head, Asia Energy Transition Research

The Hongkong and Shanghai Banking Corporation Limited

◆ Renewables to benefit structurally – Maintain Buy on Longyuan; evan.m.h.li@hsbc.com.hk

Reduce Huaneng H/A for current earnings downcycle +852 2996 6619

Shayla Xu*

Associate, Asia Energy Transition

A deeper look at the Compute/Power Integration: Investor interest on Chinese IPPs The Hongkong and Shanghai Banking Corporation Limited

have picked up recently on AI-driven power demand and the government’s push for shayla.b.xu@hsbc.com.hk

+852 2288 7378

Compute/Power Integration (“算电协同”). Indeed, we estimate AIDC power consumption

Vivian Zhou*

to rise 5x till 2030 (see China Power Utilities: The AI power story II, 17 Mar 2026). In this Associate

note, we take a deeper look at AIDC’s impact on China’s electricity market. We also Guangzhou

demonstrate how the Compute/Power Integration program will mitigate these impacts by

flattening the load curve/reducing regional imbalance, etc. For IPPs, the implications are * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations

not the same, and renewables IPPs are likely winners.