Hong Kong Stock Concept Tracking | The Charging Pile Industry Welcomes Major Benefits, High-Power Supercharging Expected to Accelerate Promotion (Including Concept Stocks)

According to the Zhitong Finance APP, the National Development and Reform Commission and six other departments have issued a notice on the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)", which proposes the main goal: by the end of 2027, to build 28 million charging facilities nationwide, providing over 300 million kilowatts of public charging capacity to meet the charging needs of more than 80 million electric vehicles, achieving a doubling of charging service capacity. By the end of 2027, an additional 1.6 million DC charging guns will be added in cities across the country, including 100,000 high-power charging guns.

Data released by the China Charging Alliance shows that as of the end of August 2025, the total number of electric vehicle charging infrastructure (guns) in China reached 17.348 million, a year-on-year increase of 53.5%. Among them, public charging facilities (guns) accounted for 4.316 million, a year-on-year increase of 37.8%; private charging facilities accounted for 13.032 million, a year-on-year increase of 59.6%. From January to August 2025, the increase in charging infrastructure was 4.53 million, a year-on-year increase of 88.5%. Among them, the increase in public charging facilities was 737,000, a year-on-year increase of 37.2%, while the increase in private charging facilities was 3.793 million, a year-on-year increase of 103.3%. As of the end of August 2025, the total number of electric vehicle charging infrastructure (guns) in China reached 17.348 million, a year-on-year increase of 53.5%.

From the perspective of the industrial chain, the upstream of the new energy charging pile industry chain involves the manufacturing of equipment components required for charging pile equipment, including charging modules, PCBs, transformers, and other components, with main participants including Youyou Green Energy, Infineon, etc.; the midstream involves the supply of charging equipment, including various types of DC charging piles and AC charging piles, with participants including State Grid Nanrui, XJEC, Shenghong Co., INJET, and Yisite, in addition to Chengtai Technology; the downstream involves the operation of charging equipment, with main participants including State Grid, Southern Power Grid, local transportation companies, Teld, and Star Charging.

Analysis suggests that the domestic charging pile market is gradually entering a new stage of stable operation. In recent years, the domestic vehicle-to-pile ratio has maintained around 3:1, and the profit model for manufacturers is becoming increasingly mature, with the construction of charging piles gradually shifting from subsidy-driven to market-driven. The emergence of trends such as the price reduction of DC charging modules, the integration of solar storage and charging, and liquid cooling technology addressing supercharging temperature rise indicates that high-power fast charging and liquid-cooled supercharging will become the main layout directions in the future.

According to data from the China Association of Automobile Manufacturers, the number of new energy vehicles in China is expected to reach 160 million by 2035, with both the increase and growth rate remaining at a high level. As the number of new energy vehicles continues to grow rapidly in the future, the market space for charging piles will further expand quickly. According to Minsheng Securities' estimates, the domestic charging pile market size is expected to reach 50.3 billion yuan by 2025, and 205.5 billion yuan by 2030.

Dongfang Securities stated that the charging pile market will shift from pursuing speed and scale to accelerating the transition to a new stage of high-quality development. High power means a combination of high voltage and large current, significantly increasing the technical requirements for charging piles and their core components. High voltage requires an increase in the voltage rating of charging modules, and companies that can provide high power density, high conversion efficiency, and high reliability charging modules are expected to benefit significantly Recent industry policies indicate the direction, focusing on the construction of high-power charging facilities. Under the drive of policies, high-power supercharging is expected to accelerate promotion.

Huatai Securities believes that the accelerated penetration of high-power charging facilities will bring performance increments to the industry chain:

On the manufacturing side, the shift to high power imposes higher technical requirements on the charging piles and modules (including power density, charging and discharging efficiency, heat dissipation safety, etc.), accelerating the optimization of the industry structure. Considering that the domestic price war is nearing its end, along with overseas expansion and the iteration of high-power products, leading companies in charging piles and modules may enjoy simultaneous growth in volume and profit. We recommend the leading charging pile company Shenghong Co., Ltd.

On the operational side, the increase in the penetration rate of high-power charging facilities will further enhance the efficiency of operating companies, driving improvements in profitability. In the long term, charging operation platforms, as important adjustable loads, can expect profitable models such as demand response and virtual power plants. We recommend the leading operator TGOOD.

Related concept stocks:

NIO-SW (09866): According to CEO Li Bin's previous introduction, NIO has built 3,206 battery swap stations nationwide, with 972 battery swap stations on highways, essentially establishing a nationwide battery swap network.

Li Auto-W (02015): Li Auto recently announced that it will launch 105 Li supercharging stations and 568 Li supercharging piles in the 40th week of 2025, with the total number of supercharging stations exceeding 3,400.

Titan Energy Technology (02188): The company's charging facilities have covered over 80 cities, with more than 600 charging stations. This includes large venue stations (Beijing Olympics, Shanghai Expo, Guangzhou Asian Games), State Grid demonstration stations (Beijing Gaoantun, Qingdao Xuejiadao, Linyi Jiaozhuang), and large bus charging stations (Shanghai Jingao Road, Foshan Dongping Bridge, Qingdao Laixi), among others