Recently, I chatted with a power-utilities friend and gained new insights into power equipment: Americans will not aggressively purchase Chinese power equipment. The export logic behind Chinese power equipment is real, but the sub-narrative of “exporting to the US” carries serious valuation risk. It is built on a time-gap advantage and is being systematically shut down by security review regulations. Any portion that has risen based on the logic of “the US AI is short on power, so it buys Chinese power equipment” should be treated as a high-volatility premium rather than sustainable profits.

Accordingly: mgmt、jrgf、sydq.

Our power equipment mainly exports to Africa and South America, not the US.

(Summary: Any power equipment that is tied to the concept of exporting to the US must always include a risk warning. It should clearly state the risks of exporting to the US. For security reasons, the US mainly purchases Siemens and GE and will not aggressively buy Chinese power equipment.)