HK Stock Market Move | Construction of AI data centers drives electricity demand. HARBIN ELECTRIC (01133) rose more than 11%, and Dongfang Electric Corporation (01072) rose nearly 10%.

Electric equipment stocks strengthened, as of press time, HARBIN ELECTRIC (01133) rose by 11.2% to HKD 23.04; Dongfang Electric Corporation (01072) rose by 9.79% to HKD 38.8; WASION HOLDINGS (03393) rose by 8.23% to HKD 30.5. On the news front, Cinda pointed out that the construction of AI data centers has driven electricity demand, and gas turbines, with the advantages of fast start-up speed, strong peak regulation capability, and low carbon emissions, have become the core choice to address power shortages in the United States and other regions. In the fourth quarter of 2025, GEV signed new gas turbine orders totaling 18GW, with a total backlog of orders reaching 80GW by the end of 2025; Siemens Energy's new gas turbine orders for the 2025 fiscal year reached 26GW, equivalent to 194 units, a year-on-year increase of 94%. International giants have announced expansion plans, and domestic gas turbine industry chain companies are benefiting greatly. Soochow Research Report believes that overseas computing power upgrades require continuous improvement in AIDC, and there is a clear trend towards high voltage, direct current, and high power. SST is experiencing an accelerating trend, and domestic related companies are embracing new opportunities in overseas markets. The report continues to be optimistic about industry leaders with technological and overseas channel advantages. The trend of power shortages in North America is continuing, and the report continues to be bullish on transformers, gas turbines, and SST.