Hong Kong stock concept tracking|State Grid metering equipment bidding and opening bids Meter and transformer equipment unit prices have increased significantly (with concept stocks)

On November 10th, the National Grid opened bids for the third batch of metering equipment to be used in 2025. This batch includes new standard electric meters, with unit prices for electricity meters and transformer equipment increasing by 47% and 44% compared to the second batch, marking a reversal from the previous decline. From January to September 2025, the total investment in national grid projects reached 437.8 billion RMB, an increase of 9.9% compared to the previous year. Huatai points out that with the introduction of the new standard for electric meters, the industry is expected to achieve stable volume and price increases in 2026, leading to a recovery in enterprise profitability. Additionally, driven by the demand for AI computing power, the global shortage of electricity continues, accelerating overseas investments in electricity grids. Chinese electricity grid equipment may benefit from the overflow demand, expanding export opportunities. Huatai reiterates its positive outlook on the electricity grid equipment sector and recommends focusing on three investment themes: going global, AIDC, and domestic industry leaders. According to a report from Zhongjin Securities, it is expected that investment in the electricity grid will continue to grow at a high single-digit rate in the next two years. The demand for overseas electricity grids remains strong, and they are optimistic about Chinese power equipment companies accelerating their global presence. In terms of equipment, downstream demand is somewhat differentiated, with strong bidding for main network ultra-high voltage equipment, significant growth in overseas transformer and switch exports, and some pressure on delivery due to sluggish growth in new energy installations in the third quarter. CICC continues to be optimistic about the rapid progress in ultra-high voltage projects at the end of the year, as well as the positive contribution of strong overseas demand to the performance of various companies. Related Hong Kong-listed stocks in the power equipment sector: Wasion Holdings (03393): Centralized bidding by the National Grid and Southern Grid continues to be a major source of revenue for Wasion Holdings' AMI business. The company expects to secure orders worth over 500 million RMB through these national bids. In addition, the company expects to win contracts worth about 150 million RMB from provincial grid companies and local utility companies to further consolidate its market position. The company has cooperated with Siemens and World Energy Data Limited, including the latter's overseas subsidiary DayOne in Singapore, which saw a 110.9% year-on-year increase and a 49.0% increase compared to the previous quarter in its electricity consumption in the second quarter of 2025. The opening of a factory in Johor Bahru, Malaysia in the first half of this year is expected to further expand Wasion Holdings' overseas smart distribution business. During the opening ceremony of this factory, the company signed a strategic cooperation agreement with DayOne to deepen cooperation in the data center field. Chongqing Machinery & Electric (02722): Diesel generators are an important emergency power solution for data centers. CHONGQING M&E benefits from the AIDC requirements for diesel generators in terms of power, stable power output, and durability, with improvements in unit barriers and value expected. CHONGQING M&E owns a 50% stake in Chongqing Cummins, the exclusive large horsepower engine production base of Cummins in China, manufacturing large horsepower engines such as QSK60, QSK50, and K50, which are currently in high demand in the market. Chongqing Hitachi Energy is one of the largest transformer manufacturing bases for Hitachi Energy globally and the largest ultra-high voltage transformer manufacturing base for Hitachi Energy in China.