According to recent information, the National Development and Reform Commission and five other departments have issued a notice regarding the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capability (2025-2027)". The primary goal set forth is to establish 28 million charging facilities nationwide by the end of 2027, which will provide over 300 million kilowatts of public charging capacity to meet the charging demands of over 80 million electric vehicles, thereby doubling the capacity for charging services. Additionally, by the end of 2027, it is projected that 1.6 million new DC charging guns will be added in cities across the country, which includes 100,000 high-power charging guns. Data released by the China Charging Alliance indicates that as of the end of August 2025, the total number of electric vehicle charging facilities (guns) in China has reached 17.348 million, marking a year-on-year increase of 53.5%. This includes 4.316 million public charging facilities (guns), up 37.8% year on year, and 13.032 million private charging facilities, which have grown by 59.6%. From January to August 2025, the incremental increase in charging infrastructure was 4.530 million, representing a year-on-year rise of 88.5%. Of this, the number of public charging facility increments was 737,000, reflecting a growth of 37.2%, while private charging facilities saw an increase of 3.793 million, up 103.3%.

In terms of the industrial chain, the upstream of the new energy charging pile industry is focused on the manufacturing of components needed for charging pile equipment, including charging modules, PCBs, transformers, and other components. Key players in this sector include Youyou Green Energy and Infineon. The midstream encompasses the supply of charging equipment, which includes various types of DC and AC charging piles. Besides Chengtai Technology, participants also include State Grid South, Xuji Electric, Shenghong Co., Jingjie Electric, and Yisite. The downstream is concentrated on the operation of charging equipment, with primary participants being the State Grid, Southern Electric Grid, local transportation companies, Tair electric, and Star Charging.

Analysts believe that the domestic charging pile market is gradually transitioning into a stable operational phase. In recent years, the vehicle-to-pile ratio in China has remained around 3:1, and the profitability model for manufacturers has matured. The construction of charging piles is shifting from being subsidy-driven to market-driven. Current trends, such as the reduction in DC charging module costs, integration of solar and storage technologies, and the resolution of temperature increases during ultra-fast charging via liquid cooling technology, indicate that high-power fast charging and liquid cooling ultra-fast charging will become the main focus moving forward. According to the China Association of Automobile Manufacturers, the number of new energy vehicles is expected to reach 160 million by 2035, with both growth rate and increment persisting at high levels. As the number of new energy vehicles continues to grow rapidly, the market for charging piles will expand quickly. According to Minsheng Securities' estimates, the domestic charging pile market size could reach 50.3 billion yuan by 2025, and 205.5 billion yuan by 2030. Dongfang Securities noted that the charging pile market is transitioning to a new phase characterized by high-quality development, following a period focused on speed and scale. High power implies a combination of high voltage and large current, which significantly raises the technical requirements for charging piles and their core components. The demand for high voltage necessitates an increase in the withstand voltage levels of charging modules, and companies that can provide high power density, high conversion efficiency, and high reliability charging modules stand to benefit significantly.

Recent industry policies have pointed the way forward, emphasizing the construction of high-power charging facilities, and under policy guidance, high-power supercharging is likely to accelerate its promotion. Huatai Securities believes that the accelerated penetration of high-power charging facilities will bring performance growth to the industry chain. On the manufacturing side, the transition to high power presents higher technical requirements (including power density, charge and discharge efficiency, and thermal safety) for the pile and module segments, which will accelerate the optimization of the industry landscape. Considering that the domestic price war is nearing its end, alongside international expansion and iterations of high-power products, leading companies in piles and modules are expected to enjoy simultaneous growth in volume and profits, with Shenghong Co. recommended as a leading charging pile stock. On the operational side, the increased penetration rate of high-power charging facilities will further enhance the efficiency of operating companies, improving profitability. In the long term, charging operation platforms, as important adjustable loads, could present viable profit models, including demand response and virtual power plants, with Turing as the recommended top operator.

Related concept stocks: NIO-SW (09866): According to CEO Li Bin, NIO has established 3,206 battery swap stations across the country, including 972 in highways, effectively creating a nationwide battery swap network. LI AUTO-W (02015): Recent announcements from Li Auto revealed plans to launch 105 Li Auto Supercharging Stations and 568 supercharging piles in Week 40 of 2025, bringing the total number of supercharging stations to over 3,400. TITANS ENERGY (02188): The company's charging facilities cover over 80 cities, with more than 600 charging stations, including major venue stations (Beijing Olympics, Shanghai Expo, Guangzhou Asian Games), State Grid demonstration stations (Beijing Gaoantun, Qingdao Xuejiadao, Linyi Jiaozhuang), and large public transit charging stations (Shanghai Jingaolu, Foshan Dongping Bridge, Qingdao Laixi).