On January 31, 2026, it was reported that during a survey in Guangdong, Jiangsu and other regions of China, journalists found that a large number of transformer factories were operating at full capacity, with some orders for data centers already scheduled until 2027. There are approximately 3,000 transformer manufacturing enterprises in China. In 2025, the total value of China's transformer exports reached 64.6 billion yuan, an increase of nearly 36% compared to 2024. The growth in industry demand is mainly attributed to the advancement of the new energy system under the domestic "dual carbon" goals, as well as the strong demand from overseas grid renovations and the construction of AI data centers. At the same time, competition in the industry is becoming increasingly fierce. There are about 3,000 related enterprises nationwide, and in some products with relatively low technical thresholds such as 10kV and 35kV, there has been a phenomenon of "price wars".