Huatai Securities: Continues to be bullish on long-term investment opportunities in power supply equipment.

Huatai Securities pointed out that considering the unchanged main line of expanding domestic demand and promoting high-quality development by 2025, coupled with the continuous breakthrough of the historical peak of the highest electricity load since June due to the record-level high temperatures, the annual expectation of electricity demand in 2025 continuing to outpace GDP growth under the new quality production capacity, secondary industry exports, and residential consumption remains unchanged. They continue to be optimistic about the trend of the power equipment and power equipment industry under the resilience of electricity demand growth. The growth of electricity demand drives investment in power equipment and main distribution networks, as well as the supportive power supply demand.