**Key Insights from Huatai Securities** The "Three-Year Doubling" Action Plan for charging piles has been announced, which is expected to accelerate the construction of charging infrastructure. On October 15, the National Development and Reform Commission and five other departments jointly issued the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facilities Service Capacity (2025-2027)." The plan aims to continuously improve the charging network and achieve the construction of 28 million charging facilities across the nation by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of more than 80 million electric vehicles, thereby doubling charging service capacity. This action plan is anticipated to significantly speed up the construction of charging piles, providing performance growth for companies in the charging pile supply chain and driving the electrification of vehicles in China. Recommended charging pile companies, charging module companies, and charging operation companies can be found in the original report. It is also suggested to pay close attention to companies in the lithium battery supply chain.

**Specific Planning for Segment Scenarios with Quantified Goals** The plan puts forward concrete planning for various scenarios of public charging facilities, ensuring not only the increase in the number of charging piles but also the quality of the growth: 1) **Urban Fast Charging**: Update and renovate AC charging facilities, outdated facilities older than 8 years, and charging facilities with voltage platforms below 800 volts. By the end of 2027, 1.6 million new DC charging plugs will be added in cities, including 100,000 high-power charging plugs. 2) **Highway Charging**: By the end of 2027, 40,000 "super-fast combined" charging plugs with more than 60 kilowatts will be newly constructed or renovated in highway service areas. The construction of high-power charging facilities will be encouraged. All highway service areas, except those in extremely cold or high-altitude regions, should have charging capabilities. 3) **Rural Charging**: By the end of 2027, at least 14,000 new DC charging plugs will be added in townships without public charging stations, with further expansion based on demand in other areas, achieving full coverage of public charging facilities in rural areas.

**Addressing Pain Points with Actionable Goals to Highlight Construction Commitment** To address challenges in the construction, installation, and operation of charging piles, the plan proposes specific actions to remove barriers across all stages of charging pile construction: 1) **Installation**: New residential areas must comply with regulations to build charging facilities or reserve installation conditions for charging facilities in all fixed parking spaces. 2) **Operation**: By the end of 2027, 1,000 "coordinated construction and coordinated service" pilot communities will be established to ensure that charging piles in residential areas are "built by someone, managed by someone, and sustainable." 3) **Grid Weakness**: The connection needs for charging facilities will be incorporated into distribution network planning to enhance the grid's capacity and adjustment ability under high-load scenarios with high penetration. 4) **Fee Management**: Standardize charging fees, ensure price transparency, and improve operational and maintenance measures to significantly enhance the user charging experience.

**Policy Goals Are Fundamentally Supportive; Actual Completion May Exceed Expectations** Based on the target number of charging piles, calculations indicate that, as of August 2025, there are 17.348 million charging piles in China, a 53.5% year-on-year increase. To reach the target of 28 million charging piles by the end of 2027, an average of 380,000 new charging piles must be added monthly, higher than the average of 352,000 monthly additions in 2024. This indicates that the construction of charging piles may accelerate. Likewise, considering the goal for public charging capacity, the total rated power of public charging piles has reached 196 million kilowatts as of August 2025. To achieve a target of 300 million kilowatts by the end of 2027, an average monthly increase of 3.71 million kW is required, exceeding the average of 3.43 million kW in September 2024. We believe that the quantitative goals of the "Three-Year Doubling" initiative are relatively achievable, with the policy primarily serving as support, leading to actual performance potentially exceeding expectations.

**Positive Outlook for Performance Growth in the Charging Pile Supply Chain** We believe the action plan paves the way for the development of the charging pile industry at the strategic level and provides a foundational target, likely driving an increase in charging pile demand. We have a positive outlook for performance growth among charging pile manufacturers, charging module companies, and operators in line with the industry's high-quality development. Considering the near end of domestic price wars, international expansion, and the iteration of high-power products, leading firms in the pile and module sectors may enjoy a rise in both volume and profit, while operating companies could benefit from increased service fees. Given that the completion of charging facilities is expected to accelerate the electrification of vehicles in China further, we recommend close attention to companies in the lithium battery supply chain.

**Risk Warnings** Sales of new energy vehicles may fall short of expectations; new technologies or processes could alter industry dynamics; intensified competition may lead to lower than expected profitability; risks associated with changes in trade policies.