HK Stock Concept Tracker | NDRC Holds Meeting on Major "Six Networks" Project Construction; Power Grid Equipment, Ultra-High Voltage Sectors in Focus (with Concept Stocks)

Recently, the National Development and Reform Commission (NDRC) held an overall scheduling meeting on the construction of major projects under the "Six Networks." The meeting required that relevant departments further align planning and programs, promptly introduce supporting policies, accelerate the building of the project library and information sharing, strengthen scheduling of major projects and safeguards for factors such as funding and land, support the cultivation and creation of new scenarios for "Six-Network Coordination," and study and formulate next year's work plan to ensure the efficient and orderly advancement of "Six Networks" construction. The "Six Networks" refer to the water network, the new-type power grid, the computing network, the new-generation communications network, urban underground pipeline networks, and the logistics network. According to preliminary estimates by the NDRC, the investment scale for the construction of the "Six Networks" and related key areas this year will exceed RMB7 trillion. According to information from the National Energy Administration's press conference on October 30, 20 measures in 5 aspects and 9 major projects for new-type power grid construction have been deployed, and fixed asset investment in power grids during the "15th Five-Year Plan" period will exceed RMB5 trillion; as of the end of September, power grid enterprises had completed investment exceeding RMB600 billion, reaching two-thirds of the full-year target. Earlier (October 20), Zuo Gang, deputy director of the Department of National Economic Comprehensive Affairs of the NDRC, said at a press conference that support will be given to expanding effective investment in key areas such as the construction of the "Six Networks." Around the construction of major projects under the "Six Networks," the NDRC has held multiple meetings. In early September, at least two meetings were held. One of them studied and improved the government-bank-enterprise cooperation mechanism and project library construction. The meeting specifically studied ways to promote leading departments and local governments to accelerate the construction of the "Six Networks" project library, strengthen information sharing with financial institutions, and achieve efficient "investment-loan linkage"; accelerate the sorting of a batch of attractive engineering projects for public promotion to society, encourage participation by diverse entities; better leverage the catalytic role of government investment, simultaneously improve mechanisms such as price and fee formation and supporting policies, promote business model innovation, and form a joint force to advance "Six Networks" construction. In addition, recently, insurance funds have made frequent moves in the layout of the "Six Networks." First, more than 40 insurance institutions gathered in Hohhot, focusing precisely on key areas such as new computing infrastructure; subsequently, Hubei Province Yangtze River Intelligent Manufacturing Industry Investment Fund Partnership (Limited Partnership), with a total scale of RMB1 billion, completed industrial and commercial registration, with China Life Insurance contributing 49.8%, focusing on strategic emerging industries such as electronic information and intelligent manufacturing. Daja Insurance and AIA Life's newly established RMB3.501 billion fund also landed in Tianjin Binhai New Area, with investment directly targeting real estate and new infrastructure sectors. The "Analysis and Forecast Report on the National Power Supply and Demand Situation in the Third Quarter of 2026" (hereinafter referred to as the "Report") released by the China Electricity Council on October 29 shows that in the first three quarters, the growth rate of completed investment in the national power grid rose. In the first three quarters, completed investment in power grids was RMB459.4 billion, up 4.9% year on year, of which the third quarter grew 6.8% year on year. Jiang Debin, deputy director of the Statistics and Digital Intelligence Department of the China Electricity Council, said that China is systematically advancing the planning and construction of the "Six Networks," and investment in new-type power grid construction is increasing. In the first three quarters, while completed investment in power grids increased, with the start of construction of some ultra-high voltage AC projects, investment in 1,000 kV power grids surged 2.6 times year on year. In the first three quarters, the country added 195.64 million kVA of 220 kV and above transformer equipment capacity (AC), 19.10 million kVA less than the same period last year; newly added 220 kV and above transmission line length was 26,396 km, 1,308 km more than the same period last year. Huaxin Securities said it is optimistic about ultra-high voltage and SST power supply-related directions, and is optimistic that SST can be used in scenarios such as park DC power distribution, supercharging, and solar-storage coordination. It suggests paying attention to relevant core power supply companies Windsun Science&Technology Co.,Ltd., Shenzhen Megmeet Electrical, Xj Electric Co.,ltd., Henan Pinggao Electric, and NARI Technology. It maintains a "Recommended" rating on the power equipment sector. Related concept stocks WASION HOLDINGS (03393): On November 2, WASION HOLDINGS announced that on October 29, 2026, State Grid Corporation of China (State Grid) announced the results of its second equipment tender procurement in 2026, in which the company's subsidiary Wasion Group Limited won contracts for approximately 859,000 smart electricity meters and metering current and voltage transformers, with a contract value of approximately RMB185.75 million (approximately HK$219 million). In addition, the company's subsidiary Willfar Information Technology Co., Ltd. also won contracts for approximately 25,000 smart integrated terminals and dedicated transformer collection terminals, with a contract value of approximately RMB55.61 million (approximately HK$65.49 million). The company ranked among the top in total contract value obtained in this tender. As of the date of this announcement, the company had won contracts with a cumulative value of approximately RMB624 million (approximately HK$721.9 million) from State Grid centralized tenders in 2026. Dongfang Electric Corporation (01072): According to Xinhua Finance, Canadian data center infrastructure company Adag Group announced on October 26 that its subsidiary EcoDCSolutions signed a cooperation agreement with Dongfang Turbine Co., Ltd., a subsidiary of China Dongfang Electric Corporation Group, to purchase 30 G50 gas turbines. This is the largest gas turbine procurement agreement announced to date by a Canadian data center enterprise. Zhuzhou CRRC Times Electric (03898): Zhuzhou CRRC Times Electric announced results, with revenue of RMB20.82 billion in the first three quarters, up 10.6% year on year; net profit attributable to shareholders of RMB2.81 billion, up 3.1% year on year. In the third quarter, the company's revenue was RMB7.75 billion, up 17.1% year on year; net profit attributable to shareholders was RMB1.09 billion, up 4.2% year on year. Compared with the 2026 interim report, the third-largest shareholder China Chengtong Holdings Group Co., Ltd. increased its holdings by 8.9 million shares to 13.34 million shares, accounting for 1.00% of total share capital. CHINA POWER (02380): CHINA POWER (02380) announced SPIC Hydropower's performance for the first three quarters of 2026, with operating revenue of approximately RMB9.078 billion, up 5.3% year on year; net profit attributable to shareholders of approximately RMB1.438 billion, up 120.19% year on year; basic earnings per share of RMB0.32.