Shares in Chinese makers of batteries, transformers and other equipment vital for the global build-out of artificial intelligence have rocketed this year, as power-hungry data centres rush to secure alternatives to overstretched legacy grids.
Profits at Chinese companies such as CATL, the world’s largest battery maker, and Sungrow, the world’s second-largest supplier of integrated energy storage systems after Tesla, have soared on the back of domestic and foreign demand.
CATL’s shares are up 45 per cent this year, with Sungrow shares up 130 per cent. They are the two largest companies in the Shenzhen Stock Exchange’s CSI New Energy index, which has risen 38 per cent in 2025.
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