J.P. Morgan China/HK FTM 12 Jun 26 China Power Equipment; Asia Power Equipment; Weichai Power - A/H; Aier Eye - A; Orient Cables - A; Transition Talks

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J.P. Morgan China/HK FTM 12 Jun 26 China Power Equipment; Asia Power Equipment; Weichai Power - A/H; Aier Eye - A; Orient Cables - A; Transition Talks

Asia Pacific Equity Research

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China/HK First to Market 12 June 2026

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China Power Equipment, Hong Kong, China (Stephen Tsui, CFA)

Notes from the road; takeaways from industry conferences in Shanghai

We attended industry exhibitions last week in Shanghai, including the Data Center Industry Exhibition and

the Smart Energy/PV conference, and came away with the following takeaways: first, a larger-than-

expected number of Chinese electrical equipment suppliers are receiving orders from the U.S., suggesting

their competitiveness on lead times and pricing is resonating with more U.S. customers; second, many

electrical equipment companies are investing in R&D for solid-state transformers (SSTs) and HVDC

products, and while most have not yet commercialized these offerings, Eaton (ETN.US) has launched a

medium-voltage SST for AI data centers in China and Southeast Asia. TGOOD also announced a strategic

cooperation with Eaton to jointly develop fully prefabricated data-center power solutions, combining Eaton’s

SST and medium-voltage DC capabilities with TGOOD’s high-voltage prefabricated cabin systems,

targeting a full-chain 220kV-to-800V DC architecture for next-generation AI data centers. There is ongoing

debate about SST adoption in China, as some industry participants cite cost concerns and the pace of the