HARBIN ELECTRIC (01133) rose more than 6%, extending its year-to-date rally to over 500%. At press time, the stock was up 6.23% at HK$14.32, with a turnover of HK$214 million.

The uptick follows a UBS research report expressing increased optimism about China's power demand. The bank now forecasts 8% growth in China's electricity consumption from 2028 to 2030—double its previous estimate.

While UBS had already identified AI data centers, exports, and electrification as structural growth drivers, the bank now believes these factors will significantly outperform initial expectations. The revised outlook reflects stronger confidence in accelerated construction of AI data centers, faster growth in power exports, and quicker electrification adoption—all seen benefiting power equipment and grid capital expenditures starting next year.

UBS lists HARBIN ELECTRIC among its top picks in the sector.