Triple catalysts in place, a structural rally in the power sector looks promising

CICC Research reports that the "electricity price + climate + computing power" triple catalyst will drive the power sector into a structural rally: spot and settlement electricity prices exceeded expectations, and performance is expected to be impressive in 2025-2026; El Niño brings improved demand and precipitation; the synergy between computing and electricity is strengthened by policies, highlighting the defensive nature of the power sector during tech sector corrections. The National Energy Administration and others have introduced action plans for the bidirectional empowerment of AI and energy, with power companies that connect directly to green electricity or control computing hubs set to benefit, leading to active trading in related stocks.