[Wind-Spotlight Research Report] Policy tailwinds stacked together with intensive industry-side implementation bring new opportunities for the green electricity sector—“computing and electricity collaboration”

The three major indices of the A-shares fluctuated differently today. By the close, the Shanghai Composite Index fell 0.25%, the Shenzhen Component Index dropped 0.47%, and the ChiNext Index rose 0.15%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets approached 3.3 trillion yuan, surpassing 3 trillion yuan for five consecutive trading days, but it decreased nearly 300 billion yuan compared to yesterday. Most industry sectors closed lower, with non-metallic materials, power grid equipment, and electric power sectors leading gains, while rare earths, aerospace equipment, energy metals, maritime equipment, internet e-commerce, and automotive services sectors saw the largest declines. In individual stocks, nearly 1,400 stocks rose, with close to 100 hitting their daily limit-up.

Recently, the National Energy Administration, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Data Administration, issued the “Action Plan for Promoting Mutual Empowerment of Artificial Intelligence and Energy.” It proposes strengthening the planning guidance for computing power infrastructure projects, using the proportion of green electricity consumption as an important reference indicator; exploring the coordinated construction of megawatt-level artificial intelligence computing facilities and supporting energy systems, and conducting pilot projects in qualified regions. By 2030, the goal is to significantly enhance the clean energy supply capacity for AI computing facilities and the level of AI applications in the energy sector, forming a new development pattern of mutual empowerment and deep integration of AI and energy.

The policy and industry-driven logic is becoming increasingly clear. Multiple research reports indicate that the “14th Five-Year Plan” explicitly accelerates the construction of a clean, low-carbon, safe, and efficient new energy system, and implements a ten-year doubling action for non-fossil energy. The National Energy Administration recently emphasized speeding up the construction of a new power system dominated by renewable energy. Coupled with rising green electricity trading volume and prices in multiple regions, and the accelerated implementation of capacity electricity price mechanisms after Document No. 114, the profitability model of green power operators is shifting from “electricity volume-based” to a three-dimensional value of “electricity volume + capacity + ancillary services.”

Everbright Securities states that we remain optimistic about application scenarios that enhance green electricity consumption, including the “compute electricity” and green hydrogen and ammonia sectors; from a long-term perspective, industry trends are clear, and optimism persists. CTF Securities’ research report suggests that this mechanism will shift grid dispatch logic from the traditional “source follows load” to “load follows source,” making computing facilities adjustable load resources, which places higher demands on grid-connected energy storage configurations and green electricity consumption stability. The value of green power systems will further be highlighted.

Everbright Securities: Continuing to Favor Application Scenarios that Improve Green Power Consumption

The launch of the “Action Plan” is a specific measure under the dual carbon control goals, aimed at application scenarios. Improving green power consumption and promoting the use of green energy are trends, and future policies related to increasing green power consumption are expected to be introduced successively. We remain optimistic about application scenarios that enhance green power consumption, including “compute electricity” and green hydrogen and ammonia sectors; from a long-term perspective, industry trends are clear, and optimism persists.

CTF Securities: The Value of Green Power Systems Will Further Be Highlighted

The “Action Plan” first proposes exploring direct connection energy supply for computing facilities using nuclear power, hydrogen energy, and other energy sources, and encourages flexible, adjustable computing facilities to engage in green power direct connection. This mechanism shifts grid dispatch logic from the traditional “source follows load” to “load follows source,” making computing facilities adjustable load resources, which demands higher standards for grid-connected energy storage and green power consumption stability. The value of green power systems will be further emphasized.

CMB Securities: The Industry Has Entered a Stage of Policy Implementation and Pilot Projects Running in Parallel

AI large model training drives exponential growth in computing power demand and energy consumption. Intelligent computing power energy use has surged sharply. Under the goal of “compute electricity synergy,” the increasing demand for computing power makes green electricity key to low-carbon development of computing. It can effectively fill gaps in traditional power supply and provide feasible pathways for computing facilities to achieve low-carbon, sustainable development. The industry has entered a stage where policy implementation and pilot projects run concurrently, with rich multi-party collaborative applications such as “compute optimization electricity” and “electricity supports computing.” Investors should focus on core beneficiaries.

Huachuang Securities: Domestic Token’s Global Competitiveness May Increase China’s Green Power Demand by 4%-33% from 2026 to 2030

Domestic tokens are expected to enhance China’s green power demand by 4%-33% between 2026 and 2030. The low electricity prices demonstrated by green power offer an effective way to reduce data center costs. Additionally, the introduction of green power provides a feasible policy pathway for data centers to break through traditional energy consumption bottlenecks and match increasing computing demands.

CITIC Construction Investment: The Revaluation of Green Power Operating Assets Is Sustainable

In Q1 2026, nationwide wind and photovoltaic new installed capacity increased by 28.6% and 41.3% year-on-year, respectively. The green power consumption rate rose to 97.2%. The mandatory proportion of storage and cross-provincial green power trading mechanisms are accelerating implementation. Against the backdrop of speeding up new power system construction, the revaluation of green power operating assets is sustainable.

Huatai Securities: Green Power Sector Expected to See Valuation Recovery

Whether through green power direct connection or compute electricity synergy, both are revaluations of renewable energy value. The green power sector is expected to see valuation recovery, with a recommendation for wind and photovoltaic companies experiencing rapid growth in green power capacity.

(This article does not constitute any investment advice. Investors operate at their own risk. All investment involves risks; please proceed cautiously.)

(Source: Oriental Fortune Research Center)