Tracking the concept of Hong Kong stocks | Aging infrastructure of European and American power grids, institutions optimistic about overseas power grid upgrades (including conceptual stocks)

On January 25, 2026, over a million households in the United States experienced power outages, with Tennessee and Mississippi having outage rates exceeding 10%. On February 22, 11 states in the U.S. issued blizzard warnings, with the Mayor of Providence, Rhode Island, Brett Smiley, stating that due to the severe weather conditions, an estimated 100,000 to 150,000 households in the state are expected to lose power. The systemic risks of aging infrastructure in European and American power grids are increasing, with institutions continuing to be optimistic about the global power investment cycle. According to a research report released by CITIC Securities, the upgrade and iteration of AIDC power supply systems is driving new opportunities, with a clear trend towards upgrading overseas power grids. AI power supply systems are evolving from uninterrupted power supply systems to full DC systems, with increasing output voltage levels and accelerated deployment of SST solutions; under the increase of server power density, product quantity and price are increasing in tandem, driving demand for supercapacitors. CITIC Securities is optimistic about the increase in market share of domestic server power supply brands, as well as the investment opportunities brought by the shortage of production capacity and the iteration of solutions for domestic supercapacitors, SST, and other new products, as well as power supply system matching for overseas markets. Additionally, the growth of AIDC and new energy is driving demand for overseas power grid system upgrades, with expectations that in the future, overseas markets may experience a similar power system upgrade cycle as China's "14th Five-Year Plan", focusing on energy storage, base load power equipment, and grid equipment. Hong Kong-listed companies in the power equipment industry chain include Dongfang Electric Corporation (01072), HARBIN ELECTRIC (01133), Shanghai Electric Group (02727), WASION HOLDINGS (03393), CHONGQING M&E (02722), IMPRO PRECISION (01286).