Shanghai Marketing Takeaways

研报英文原文证据摘录

Shanghai Marketing Takeaways

Update

July 29, 2026 04:34 AM GMT

Morgan Stanley Asia Limited+MChina Power and Renewables | Asia Pacific Eva Hou

Equity Analyst

Shanghai Marketing Takeaways Eva.Hou@morganstanley.comTom Li +852 2848-6964

Tom.Li1@morganstanley.com +852 2239-1059

Investor interest has diverged across subsectors. Sieyuan

remains our top pick, followed by Huaming. Both trade at

attractive valuations of ~20x 2027E P/E.

Share prices of popular China power equipment companies that benefit from AI or

export have corrected by 50%+ from their early-2026 peak. Investors have started China Utilities

Asia Pacific

looking to buy the dip in names with improving fundamentals and overshot Industry View Attractive

valuations, such as grid equipment exporters Sieyuan and Huaming. Hydro and

Sieyuan Electric Co.Ltd.: Look Through the Dip

renewable IPPs have also gained interest. On the flip side, we saw less interest in

(15 Jul 2026)

gas turbine given its relatively higher valuation. We heard most concerns on optical

Huaming Power Equipment: Priced for Fear,

fiber, mainly due to the potential new capacity and intensified competition.

Built for Growth (27 Jul 2026)

Sieyuan: The most consensus long idea. New order growth remained solid in 1H26, Anhui Yingliu Electromechanical Co Ltd: Our

with continued mix improvement. Investors expect growth to reaccelerate from thoughts on recent correction (10 Jun 2026)

3Q26 onwards, driven by lower FX headwinds and a better product mix. China Yangtze Power Co.: SG NDR Key

Takeaways (14 Jul 2026)

Huaming: Most bearish investors had low expectations for 2Q26 earnings, expecting

Sungrow Power Supply: Game-changer in

zero to negative growth. However, quite a few investors agree the current valuation

powering AIDC; initiate at OW (8 Jun 2026)