With the rapid growth of AI computing loads and the accelerated adoption of 800V high-voltage DC power supply architectures, the traditional power distribution system is facing a reconstruction opportunity. On August 19, 2026, the Computing-Power Collaborative Technology Joint Research Institute was officially inaugurated in Guangzhou, jointly established by the National Advanced Energy Storage Innovation Center, CSG Research Institute, CSG Technology, Dongyangguang, and Qinhuai Data, targeting research areas including green power direct connection for data centers, advanced DC distribution, new energy storage, and intelligent operation and maintenance. Industry analysis indicates that AI data centers are essentially high-energy-consuming, high-reliability power loads. Listed companies including Sungrow Power, Sifang Co., Ltd., TBEA, China XD Electric, and CHINT Electric have successively increased their presence in core equipment such as solid-state transformers and high-voltage transformers. According to industry statistics, global large transformer delivery cycles have extended to 115–130 weeks, with some high-end models reaching up to 2.3 to 4 years, as market demand far exceeds supply capacity. Against this backdrop, CHINT Electric’s transformer exports grew 71.4% year-on-year in 2025, with overseas orders accounting for over 60%, and the company has entered the supply chain of internationally renowned data center customers including Microsoft. Industry analysts believe that the rapid expansion of computing infrastructure is reshaping the supply-demand dynamics of the power equipment industry. Power equipment manufacturers with system integration capabilities and global delivery capacity are expected to continue benefiting from this structural opportunity.

State Grid Corporation of China announced that its fixed asset investment during the “15th Five-Year Plan” period is expected to reach RMB 4 trillion, a 40% increase compared to the “14th Five-Year Plan” period, with a primary focus on new power system construction and technological innovation to drive industry chain development through expanded effective investment. According to estimates by China Merchants Securities research team, based on State Grid’s fixed asset investment of RMB 650 billion in 2025, achieving the RMB 4 trillion total target for the “15th Five-Year Plan” period implies a compound annual growth rate of approximately 7%, roughly in line with the 7.1% growth rate during the “14th Five-Year Plan” period, with actual figures potentially higher. This signals that power grid investment is shifting from a “stabilizing growth” role to an accelerated phase of “building a new power system,” with industry prosperity expected to continue throughout the “15th Five-Year Plan” period. Under the RMB 4 trillion investment outlook, listed companies along the industry chain have begun expanding capacity. Xuguang Electronics disclosed a private placement plan in February 2026, aiming to raise no more than RMB 1 billion to break through production bottlenecks in high-voltage vacuum interrupter products, with a focus on mass production of 72.5kV, 126kV, and 252kV high-voltage vacuum interrupters, directly serving the low-carbon transformation of domestic power grids and new energy grid integration needs. High-voltage vacuum interrupters are core components for building new power systems, used in environmentally friendly gas-insulated switchgear and circuit breakers, replacing traditional sulfur hexafluoride gas solutions. As grid investment accelerates and new energy grid integration scales up, upstream and downstream enterprises in the high-voltage electrical equipment industry chain are expected to continue benefiting.