Analysis of the Logic Behind Northbound Capital's Increased Holdings in Zhejiang Wanma Co., Ltd. (002276.SZ)

Based on the collected data and information, I will provide a detailed analysis of the investment logic behind northbound capital’s significant increase in holdings of Zhejiang Wanma Co., Ltd. (002276.SZ).

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• Stock Code:
  002276.SZ (Shenzhen Stock Exchange)
• Company Name:
  Zhejiang Wanma Co., Ltd.
• Core Business:
  Wire and cable, polymer materials, new energy charging piles
• Industry:
  Industrials — Electrical Equipment and Components
• Latest Market Capitalization:
  USD 17.55 billion (approx. RMB 175.2 billion)
• Current Stock Price:
  USD 17.36 [0]

From September 2024 to January 2026, the stock price of Zhejiang Wanma Co., Ltd. rose from USD 6.56 to USD 17.36, representing a staggering increase of . Its full-year gain in 2025 exceeded 115%, far outperforming the market average [0].

According to northbound capital’s holding data at the end of 2025, Zhejiang Wanma Co., Ltd., as a key target in the power equipment industry, has received significant attention from northbound capital. From an industry perspective:

• The
  power equipment industry
  is the largest overweight sector of northbound capital, with a holding market value of
  RMB 449.557 billion
  [1][2]
• Hard technology and non-ferrous metals sectors were the core areas of northbound capital’s allocation in 2025 [1][2]

, a subsidiary of Zhejiang Wanma Co., Ltd., focuses on the construction and operation of urban intelligent charging networks. It is an important regional charging station operator with a relatively high market share in the Yangtze River Delta and other regions [3][4].

• The National Development and Reform Commission issued the “Action Plan for the ‘Three-Year Doubling’ of Electric Vehicle Charging Facility Service Capacity (2025-2027)”, aiming to build 28 million charging facilities by the end of 2027 [3]
• Policies clearly support the construction of charging networks, bringing sustained demand growth for charging pile operators

Zhejiang Wanma Co., Ltd. is a leader in the wire and cable industry. Centered on the strategy of “One Body, Two Wings, North-South Coordination”, it is committed to becoming a leading enterprise with a complete cable industry chain [5]:

• Achieved annual revenue exceeding RMB 10 billion in 2021
• Total assets exceed RMB 15.2 billion
• Qingdao Haikong Group invested in the company in 2020, realizing the integration of state-owned and private capital

The company is a national high-tech enterprise with strong R&D capabilities and market competitiveness in the field of polymer materials, providing key supporting materials for power equipment and new energy vehicles.

According to the 2025 Power Equipment Industry Research Report, the planned nature of domestic grid investment brings certainty to the demand for power equipment. In addition to focusing on UHV, grid investment is expected to structurally tilt towards distribution networks [6]. As a

, Zhejiang Wanma Co., Ltd. is expected to benefit from:

• Continuous advancement of UHV and main grid construction
• Demand for expansion and upgrading of distribution networks
• Construction of supporting facilities for new energy consumption

Indicator	Value	Signal Judgment
Stock Price	USD 17.36	In the historical high range
20-Day Moving Average	USD 16.62	Short-term support level
50-Day Moving Average	USD 16.44	Medium-term trend reference
200-Day Moving Average	USD 15.69	Long-term trend upward
Beta Coefficient	0.18	Relatively low volatility compared to the market
Support Level	USD 16.62	Key support level
Resistance Level	USD 17.60	Short-term resistance level

Technical analysis shows that the stock price of Zhejiang Wanma Co., Ltd. presents an

pattern, with the 20-day, 50-day, and 200-day moving averages in a bullish arrangement, and the medium-to-long-term upward trend remains unchanged [0].

The number of new energy vehicles in China is growing rapidly, which conflicts with the huge gap between the number of vehicles and charging piles, spawning huge demand for charging facility construction [3].

The overseas expansion of power equipment is in the “10-100” stage. The larger market space and the current low proportion of overseas revenue mean greater growth potential [6].

Domestic grid investment is expected to structurally tilt towards distribution networks in addition to focusing on UHV, and high-quality enterprises in main and distribution grids are expected to benefit [6].

1. Profitability Risk
   : The charging pile operation industry generally faces profitability difficulties, with high initial investment and long payback periods
2. Technology Iteration Risk
   : Technology updates rapidly. If the company fails to keep up with technological trends such as fast charging and ultra-fast charging, it may be eliminated by the market
3. Policy Change Risk
   : The industry is highly dependent on policy subsidies and support, and policy changes may have an impact on the company’s performance

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The core logic behind northbound capital’s significant increase in holdings of Zhejiang Wanma Co., Ltd. lies in:

1. Track Advantage
   : The power equipment industry where the company operates is the largest overweight sector of northbound capital, benefiting from the long-term positive factors of the new energy revolution and grid upgrading
2. Business Synergy
   : The company’s three-in-one business layout of “wire and cable + polymer materials + new energy charging piles” perfectly aligns with the development needs of the new energy industry chain
3. Policy Dividends
   : Policies such as the “Three-Year Doubling” action plan for charging facilities provide clear growth space for the company’s business development
4. Reasonable Valuation
   : With a PE ratio of 35.05x, it is in a reasonable range among growth-oriented power equipment enterprises [0]
5. Capital Recognition
   : As professional institutional investors, northbound capital’s continuous increase in holdings reflects recognition of the company’s long-term investment value

: The “146%” increase in holdings mentioned in the article may refer to the change in northbound capital’s shareholding compared to the previous period. Please refer to official disclosures for specific data.

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[1] Securities Times Network - Northbound Capital’s Holding Path Exposed! Global Lithium Battery Giant Has Been Continuously Increased Holdings for 7 Consecutive Quarters (https://www.stcn.com/article/detail/3585449.html)
[2] Sina Finance - Northbound Capital’s Holding Path Exposed (https://finance.sina.com.cn/roll/2026-01-12/doc-inhfyxfe0170654.shtml)
[3] Sina Finance - Summary of Leading Stocks in Charging Facilities (with Stock List) (https://finance.sina.com.cn/roll/2025-10-16/doc-inftznxw1470791.shtml)
[4] Private Equity Ranking Network - Northbound Capital’s 2025 Holdings Released! Overweight 22 Commercial Space Concept Stocks (https://cj.sina.cn/articles/view/1667856794/6369799a001019dww)
[5] China Home Appliance Network - 2025 Top 10 Chinese Wire and Cable Brands Released (https://hea.china.com/articles/20250627/202506271692049.html)
[6] Guohai Securities - 2025 Annual Outlook for Power Equipment: High Certainty of Domestic Prosperity, Overseas Markets Provide Growth Space (https://aigc.idigital.com.cn/djyanbao/)