Ping An Securities Grid Weekly: ASEAN Pushes Regional Interconnection as Cross-Border Transmission Cooperation Deepens
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Ping An Securities' grid equipment weekly focuses on the 44th ASEAN Energy Ministers' Meeting, which reaffirmed the ASEAN Power Grid (APG), advanced a regional planning framework and moved forward regulatory guidelines for submarine cables. Interconnection projects showed tangible progress: the LTMS-PIP achieved multilateral power trading, while the BIMP-PIP advanced feasibility studies. As these mechanisms mature, cross-border transmission demand should be released, supporting Chinese power equipment exporters.
Domestic grid investment remained steady, with cumulative completed investment of about RMB 393.18 billion in January–August 2026, up 3.6% year on year. Transformer exports were strong, with export value up 23.25% year on year over the same period. In the United States, grid operator PJM accepted its first batch of accelerated interconnection projects, totaling more than 2.1 GW. The grid equipment sector traded at a P/E of 28.86x.
Ping An maintains an outperform rating on the grid equipment industry and prefers companies leading in main-grid, UHV and overseas exposure: Pinggao Electric, XJ Electric, China XD Electric and Sieyuan Electric. Framework discussions on submarine power cable development should accelerate in 2027. Risks include grid investment and UHV construction falling short of expectations, and shifts in overseas trade policy that could make exports harder.
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