Ping An Securities Power Grid Weekly: ASEAN Advances Regional Grid Interconnection as Cross-Border Transmission Cooperation Deepens
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Ping An Securities' power grid weekly highlights the 44th ASEAN Energy Ministers' Meeting, which reaffirmed the importance of the ASEAN Power Grid (APG) and confirmed progress on regulatory guidelines for submarine power cables, with discussions on a development framework set to accelerate in 2027. Cross-border transmission cooperation keeps deepening; the report's logic runs from improving APG mechanisms to released demand for cross-border transmission and submarine-cable construction, in turn driving grid equipment demand.
Domestically, grid investment stayed resilient: January–August 2026 cumulative completed grid infrastructure investment reached about RMB 393.18 billion, up 3.6% year over year. Overseas demand was strong, with China's transformer exports at RMB 49.11 billion over the same period, up 23.25%. The report also notes that grid equipment tender volumes declined year over year, reviews the sector's valuation level, and flags US grid operator PJM's accelerated interconnection projects.
Ping An maintains an 'outperform' rating on the industry and recommends focusing on main-grid, ultra-high-voltage and power-equipment companies with overseas competitiveness, including Pinggao Electric, XJ Electric, China XD Electric and Sieyuan Electric.
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