1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ 14 Nov

2、 5 Dec 2025Click to voteExtel Asia Survey 2026 We held 45 meetings over several weeks on the road in the US,Europe,and the Middle East;we share key themes Energy supply,anti-involution,and nuclear are top interests;story on wind equipment exports is also well received Our Buys:Goldwind H/A(wind equi

3、pment),GCL(solar poly),Harbin(power equipment),PetroChina H/A(oil),EBE(waste)After 2.5 weeks on the road meeting institutional investors across the US,Europe,and the Middle East,holding a total of 45 meetings where we delivered our key ideas in the Asia energy space,we share some key topics that wer

4、e discussed:1)Chinas energy demand/supply,2)how anti-involution is being played out in China and implications to rest of Asia,as well as 3)how nuclear power as a theme would benefit the supply chains in China,Korea,and elsewhere.Investors also expressed different opinions on how the energy sector wo

5、uld behave directionally,but most are looking for Buy ideas in China,given stocks in the related themes in the US,Korea and Europe have already outperformed.Feel free to reach out to us with any questions.Understanding Chinas energy story.US investors are concerned about energy shortages given the a

6、ggressive build-out of AI data centres.In China,demand from AI will account for 8%of power supply by 2030(2024:2%)(refer China Power Utilities,10 Mar 2025),but overall supply remains loose for now given past aggressive capacity expansion in power generation.While positive on Chinese power equipment