North America's power shortage creates new opportunities! Which Hong Kong-listed companies are likely to benefit?

The power crisis triggered by the surge in AI computing power is continuing to ferment in North America.

In fact, the core contradiction in the construction of artificial intelligence infrastructure is shifting: from a mere pursuit of GPU quantity to competition for the speed of power supply.

Previously,2026 Outlook | Collective warnings from Musk and Huang Renxun! Power shortage ignites new opportunities; keep this list of power 'gold mines' handyIt was mentioned before that tech giants such as Elon Musk, Jensen Huang, and OpenAI CEO Sam Altman have expressed concerns about power shortages. A list of companies involved in upstream, midstream power, and supporting facilities has been compiled for fellow investors' reference:

Power shortage will become the biggest bottleneck for AI development. This article specifically outlines the strategic value of power in the AI field for fellow investors and explores Hong Kong-listed power concept stocks with long-term growth potential.

North America’s power shortage is a structural challenge.

According to Huafu Securities,American Electric Power's grid is severely aged, and there are numerous difficulties in grid investment.The U.S. embarked on its electrification process relatively early, and 70% of its grid connections and transmission and distribution facilities have now aged and become outdated, unable to meet the needs of economic development. The issue of power load is becoming increasingly serious. Grid investment requires high costs and involves cumbersome approval procedures. The process of upgrading the grid spans regulatory agencies across states, which often leads to disputes over who should bear the costs.

Outdated power facilities will cause unstable electricity supply.According to CCTV News, a transformer exploded in the western area of Cleveland, Ohio, on the evening of January 12 local time, causing multiple utility poles to catch fire and leading to power outages for some local users.

Moreover, due to factors such as a fragile power grid and lengthy procedures,there is a severe backlog of power generation projects waiting to be connected to the U.S. grid,which further exacerbates the electricity supply issues. Pacific Gas and Electric Company in California revealed that the approval cycle for data center grid connections generally takes 3 to 5 years.

Meanwhile, the expansion of AI has driven up electricity demand.According to estimates by the Institute for Energy Research (IER), training OpenAI's 'Orion' model consumes approximately 11 billion kilowatt-hours (kWh) of electricity.

Due to the aforementioned problems in the power system, the upgrade and construction cycles are mismatched with AI development timelines,The resulting supply-demand imbalance and power shortages create adverse effects on the development of the AI industry.

In fact, Trump also announced an emergency intervention plan this year, mandating tech giants to participate in special wholesale auctions and sign 15-year power contracts to provide revenue guarantees for newly built power plants worth approximately $15 billion.Moreover, tech giants are making significant moves in the electricity sector:

$Alphabet-C (GOOG.US)$ To bypass long waiting times for grid connections, a high premium acquisition of approximately $4.75 billion was made to purchase Intersect Power, a renewable energy developer with ready grid access permits. This move provides a critical speed advantage in the data center race.

Elon Musk personally announced that his xAI company purchased five 380-megawatt gas turbines to support the expansion of its supercomputing cluster.

$Meta Platforms (META.US)$ and $Vistra Energy (VST.US)$ 、 $Oklo Inc (OKLO.US)$ TerraPower reached a series of power agreements with a total capacity exceeding 6 gigawatts, surpassing Amazon and Google to become the largest buyer of nuclear energy globally.

Furthermore, General Electric recently revealed that its gas turbine production capacity through 2028 has been fully booked, with only 10% remaining for 2029.

Which companies in the Hong Kong stock market are worth paying attention to?

Driven by the dual factors of the aging American Electric Power grid urgently needing upgrades and the "behind-the-meter" power supply model via self-built power plants, demand for related power equipment will grow accordingly. Power equipment is currently in a major AI-driven cycle; focus on investment opportunities in power generation equipment such as gas turbines, photovoltaic storage, SOFCs, grid equipment like transformers, and electrical equipment such as AIDC.

Goldman Sachs believes that in the context where 'Time-to-Power' has become the most severe bottleneck for AI infrastructure construction,Chinese power solution providers with rapid delivery capabilities and large-scale production advantages are facing a historic opportunity for value reassessment.

Hong Kong-listed stocks related to these sectors have also performed notably, especially those with revenue closely tied to the North American market. Fellow investors have compiled relevant targets for investor reference.

In the gas turbine and thermal power equipment sector, investors may focus on $DONGFANG ELEC (01072.HK)$、 $HARBIN ELECTRIC (01133.HK)$、 $SH ELECTRIC (02727.HK)$、 $WEICHAI POWER (02338.HK)$。

Among them, Dongfang Electric, Harbin Electric, and Shanghai Electric are China's three major electrical companies. In the context of a global shortage in gas turbine and thermal power equipment capacity, they have the ability to take on overflow orders. Notably, Shanghai Electric and Dongfang Electric have made breakthroughs in large gas turbine technology. If data center demand from North America or other regions overflows, these companies will be core suppliers.

Additionally, data centers not only require primary power but also a significant amount of backup power (diesel/gas generator sets) to prevent outages (such as transformer explosions leading to blackouts mentioned in the text). Weichai, with its strong export capabilities in engines and power generation equipment, stands to benefit as a potential provider of backup power for data centers.

In the nuclear power sector, attention can be directed to $CGN POWER (01816.HK)$、 $CNNC INT'L (02302.HK)$。

Although these companies’ main assets are in China, the global nuclear renaissance trend is expected to boost the valuation of the entire sector. CGN Power, as an operator, has stable cash flow, while CNNC International is involved in uranium resources. With the global recognition of nuclear power as a 'clean baseload energy,' its long-term strategic value is being reassessed.

Notably, recent news indicates that Alibaba, China National Nuclear Corporation, and others have established a nuclear energy company in Xiangshan. This demonstrates domestic emphasis and strategic planning for nuclear energy development.

For overseas expansion of power grids and distribution systems, attention can be directed to $WASION HOLDINGS (03393.HK)$。

Wasion is a leading Chinese exporter of smart metering and distribution equipment, with a strong presence abroad. As modernization of power grids drives surging demand for smart meters and distribution systems, Wasion represents one of the strongest 'going global' investment themes in Hong Kong stocks. For instance, approximately 15% of Wasion Holdings' 2025 revenue is expected to come from North America, and 7% from other parts of Asia.

In terms of energy storage systems, attention can be directed to $BYD ELECTRONIC (00285.HK)$、 $CATL (03750.HK)$。

BYD Electronics has seen rapid growth in its residential and commercial energy storage OEM business. As a leading global manufacturer, it is well-positioned to quickly meet the explosive demand for energy storage hardware in North America and Europe.

CATL, as the global leader in batteries, has its energy storage cells at the core of all data center energy storage projects, making it the absolute frontrunner in this trend.

Clean energy is worth watching. $GOLDWIND (02208.HK)$、 $FLAT GLASS (06865.HK)$、 $XINYI SOLAR (00968.HK)$。

Goldwind Technologies is the global leader in wind turbines. Although entering the U.S. market directly poses challenges, its expansion in other global data center hotspot regions (such as Southeast Asia and the Middle East) will benefit from the construction of global computing power.

Meanwhile, Flat Glass and Xinyi Solar are key upstream materials for photovoltaic components. As long as the world accelerates the deployment of solar panels to meet AI energy consumption, these two leading companies will directly benefit from the increase in installations.

Electricity demand and electric tools should be watched. $TECHTRONIC IND (00669.HK)$and$CHERVON (02285.HK)$。

These two companies' revenues heavily rely on the North American market. The U.S. grid renovation and data center construction boom imply a surge in demand for electricians’ and construction workers’ tools. They reflect the direct mapping of the U.S. stock infrastructure cycle, and as leading manufacturing firms listed in Hong Kong, they are highly resilient.

Summary

According to reports by the Securities Times, 'The ultimate destination of AI is electricity'—this industry consensus is becoming the core logic behind public fund investments in the electric power equipment sector.

Lin Qingyuan, the fund manager of Ping An Dingyue Mixed Fund, aggressively entered the electric power equipment sector at the end of 2025. He pointed out that his rationale for heavily investing in gas turbines and similar products lies in,The global data centers' growing demand for stable baseload power is driving leading enterprises in core components of gas turbines to experience a Davis Double Play in both earnings and valuation."The world is currently in a new phase characterized by the convergence of the AI revolution, supply chain restructuring, and structural inflation. It is essential to focus on 'hard assets' that can transcend cycles, with energy being the 'hard constraint' for AI." He emphasized that exponential growth in data center energy consumption is forcing upgrades in power grids and accelerating the construction of stable power sources. In addition to the strategic peak-shaving value of gas turbines, opportunities for grid equipment exports deserve significant attention. This is not only an energy revolution but also an infrastructure revolution for AI computing power.

Yuan Zhiwei, fund manager of Debang Emerging Industries Fund, substantiates investment value from the perspective of industrial demand. He believes that the backlog of orders for leading overseas gas turbines fully reveals the robust demand for power equipment, and the core bottleneck of AI development has shifted from chips to electricity. 'The world's fastest supercomputer consumes 200,000 kWh of electricity per day, vividly reflecting the high energy consumption of AI computing power,' said Yuan Zhiwei.The construction speed of AI data centers far outpaces the expansion rate of traditional power grids, creating a supply-demand mismatch that not only causes short-term equipment shortages but also brings long-term industrial upgrade opportunities. Chinese companies with technological advantages and production capacity reserves will benefit significantly.

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