AI power logic continues to ferment, the power sector rebounds, triggering a surge of limit-up hits. Huadian Liaoning Energy hits 9 consecutive limit-ups.

On March 26, the power sector experienced a rebound after hitting a low, with China Huadian LiaoNeng (600396.SH) achieving its ninth consecutive limit-up, and multiple stocks such as Guangxi Energy (600310.SH), Jingyuntong (601908.SH), GanNeng Co., Ltd. (000899.SZ), and Shenzhen Nande Electric A (000037.SZ) also reaching their daily limit. Previously, JinKong Electric Power (000767.SZ), Zhongmin Energy (600163.SH), and Huitian Thermal Power (000692.SZ) hit their limit, while Hunan Development (000722.SZ) attempted to close at the limit, and Changyuan Electric Power (000966.SZ) and Lianmei Holdings (600167.SH) surged.

On the news front, the endpoint of AI is electricity, and the endpoint of electricity is green power. The explosion of AI computing power is significantly driving up the electricity demand for data centers, making green power the most direct energy source for data centers. The synergy between computing and electricity has for the first time been included in the government work report, combined with the National Bureau of Statistics clearly stating that new computing power facilities at key hubs must have at least 80% green power content, elevating green power from an energy supply component to a core production element of the computing power industry. Policy support has formed a closed loop from national to local levels, with a resonance of mandatory constraints and market-oriented guidance, promoting data centers to transition from “rigid electricity demand” to “green power first.” On the cost side, electricity accounts for about 45% of the total costs of data centers, and optimizing both PUE and electricity prices can significantly reduce operating costs. Direct supply of green power and the integration of source-grid-load-storage have become industry standards. On the demand side, the explosion of AI computing power is driving continuous high growth in electricity consumption by data centers, making green power the only path to solve the constraints of high energy consumption and carbon neutrality. The 14th Five-Year Plan will enter a stage of deep synergy between computing power and electricity, with green power demand being rigid and continuously expanding.

Huazheng Securities pointed out that the synergy between computing and electricity is not only a key lever for building a new type of power system but will also accelerate the implementation of integrated source-grid-load-storage projects, enhancing the priority dispatch rights and value realization capabilities of green power in new infrastructure.

Institutions estimate that the increase in green certificate prices and coverage rates will directly enhance the unit power generation revenue of green power operators. Green power is shifting from a single energy value to a dual value of “energy + environmental rights,” and the upgrade in the profit model brings about a valuation reconstruction, becoming a core driving force for long-term growth in the industry.