China Utilities & Renewables Blog Rotation creates opportunity to accumulate select power equipment and wind names; trading strategy on DG ESS as SoH re-opens

研报英文原文证据摘录

China Utilities & Renewables Blog Rotation creates opportunity to accumulate select power equipment and wind names; trading strategy on DG ESS as SoH re-opens

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

15 June 2026

Correction (See disclosures for details)

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 Utilities & Renewables Blog

Rotation creates opportunity to accumulate select

power equipment and wind names; trading strategy on

DG ESS as SoH re-opens

Rotation, together with concerns over data center connection delays, geopolitical APAC Utilities & Renewables |

tensions, and EU trade risks, has resulted in a meaningful correction across Asia Sustainable Investing

Power Equipment and China Upstream Wind names. For Asia Power Equipment, Alan Hon AC

we believe the pullback reflects funding/short dynamics and limited near-term (852) 2800-8573

catalysts after strong 1Q orders, rather than a clear deterioration in fundamentals, alan.hon@jpmorgan.com

with utility/grid demand still structurally intact. For China upstream wind, sector Stephen Tsui, CFA AC

sentiment has been weighed down by EU trade tensions and rotation to other (852) 2800-8592

themes, although fundamentals are improving on stronger domestic offshore wind stephen.tsui@jpmorgan.com

visibility. We see opportunities to accumulate quality plays where we highlight our Daqi Jiao

(852) 2800-8595

OW-rated names Hyosung Heavy, Wasion, Orient Cables and Goldwind-H. On daqi.jiao@jpmorgan.com

the news of the Strait of Hormuz reopening, Deye’s share price weakened.