AI Infrastructure - China (H): Powering AI: Weichai, Dongfang Elec, LS Elec, Nuclear

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AI Infrastructure - China (H): Powering AI: Weichai, Dongfang Elec, LS Elec, Nuclear

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AI Infrastructure - China (H)

Powering AI: Weichai, Dongfang Elec, LS

Elec, Nuclear

Industry Overview

We concluded our one week AI infrastructure conference. This note summarizes the key 26 June 2026

findings in Powering AI from Weichai, Dongfang Electric, LS Electric, CGN, Wasion and Equity

Nuclear & Power experts. China

AI Infrastructure

Power: robust AIDC growth & unique advantage for China

Owing to low costs, high adequacy, well-developed grid, and a robust equipment chain, Matty Zhao >> Research Analyst

power will be a unique advantage for China AI development. The power expert Mr. Jiang Merrill Lynch (Hong Kong)

expects China data center power consumption to exceed 1,000TWh by 2030 vs. 235TWh +852matty.zhao@bofa.com3508 4001

in 2025. Nuclear (SMR) and ESS play critical roles. Both CGN Power and expert expect Peter Wang >>

China power tariff to rebound after 2026. Dongfang and Nuclear expert forecast 8-10 Research Analyst

Merrill Lynch (Hong Kong)

units/year approval for China during 15th FYP period and are positive on nuclear export. +852 3508 7185

peter.wang2@bofa.com

Global transformer shortages and strong grid investment Yibing Xia >>

Research Analyst

Speakers all expect ongoing global transformer shortages in FY26-28F due to US/ EU/ Merrill Lynch (Hong Kong)

SEA grid upgrade and AIDC power needs. Overseas expansion (particularly the U.S.) and +852 3508 8045

yibing.xia@bofa.com

data center remain key earning drivers given the significantly higher margin. Wasion

Ming Hsun Lee, CFA >>

guides for RMB4bn and RMB7–8bn of data center-related orders in 2026E and 2027E. Research Analyst

LS Electric see robust orders from both the U.S.