Hong Kong stock concept tracking | The power demand of AI data centers has seen a significant increase, with strong global demand for electrical network equipment (with concept stocks attached).

According to IEA data, global investment in power grids has been growing rapidly since 2020, and is expected to reach $390 billion in 2024 and over $400 billion in 2025. The condition of the energy infrastructure in the United States is mostly below standard, combined with a significant increase in AI electricity demand, the US power grid equipment is expected to begin a mandatory update cycle. The delivery cycle for transformers in the United States has been extended from 50 weeks to over 120 weeks. Chinese companies related to power grid equipment have relative advantages in delivery time, technology, and cost, and orders for transformers and other equipment are expected to continue to benefit. According to customs data, the total export value of transformers in 2025 reached $9.036 billion, with a cumulative growth rate of 34.83%, setting a historical new high. In December 2025, the export amounts of key power equipment such as transformers, power cables, copper winding wires, low-voltage switches, and insulators increased by 31.92%, 22.20%, 11.71%, 10.60%, and 31.91% respectively compared to the same month last year, showing a trend of high growth in multiple varieties, and a monthly increase in export amounts. In 2026, driven by multiple factors of domestic and international demand, the export of key power grid equipment products is expected to continue to improve. The Founder's power equipment industry strategy for 2026 pointed out that in 2025, the AIDC sector experienced five rounds of rising stock prices driven primarily by domestic and international manufacturers raising CAPEX forecasts, performance exceeding expectations, and industry and company technological advancements. Looking ahead to 2026, the AIDC industry is expected to remain highly prosperous. On one hand, top Internet companies at home and abroad have announced their capital expenditure plans for 2026, with overseas manufacturers' CAPEX guidance generally exceeding 50%. On the other hand, overseas top power equipment manufacturers such as Vestas, Siemens, and Flunce have performed well, indicating that the high-growth nature of the AIDC industry may already be reflected in performance. The conflict between the growth in electricity consumption due to data center expansion in the US and the outdated power equipment on the supply side presents opportunities for domestic power equipment manufacturers to expand internationally. China Great Wall released a research report stating that according to IEA data, global investment in power grids has been growing rapidly since 2020, with investments reaching $390 billion in 2024 and expected to exceed $400 billion in 2025. The condition of the energy infrastructure in the United States is mostly below standard, and with the significant increase in AI electricity demand, the US power grid equipment is expected to begin a mandatory update period. The significant growth in AI data center electricity demand is expected to directly drive the demand for transformers, high-voltage cables, and other equipment. The continued high export of Chinese power grid equipment in 2025 is expected to benefit domestic export-related companies. Hong Kong-listed companies related to power equipment include: Dongfang Electric Corporation (01072), HARBIN ELECTRIC (01133), Shanghai Electric Group (02727), WASION HOLDINGS(03393), CHONGQING M&E (02722), Weichai Power (02338), etc.