Power Equipment and Utilities J P M O R G A N Asia Pacific Equity Research 13 October 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Power Equipment Three factors that may drive outperformance in 4Q; Nari Tech/Huaming Equipment are our top picks ...