Policy Position Enhanced! Computing and Electricity Synergy Strengthens Again, Margin Clients Have Already Positioned These Stocks (List)

The computing synergy sector performed strongly in the early trading session on March 18, with Tongli Tianqi hitting the daily limit. Key stocks such as Kehua Data, Huazhi Technology, Zhongheng Electric, and China Energy Construction also rose.

In terms of news, at the recent NVIDIA GTC Developer Conference held in San Jose, NVIDIA CEO Jensen Huang reiterated his strong expectations for computing power. He predicted that demand for Blackwell and Rubin AI chips will reach at least $1 trillion by 2027, doubling last year’s forecast.

Huang added that actual computing demand will be much higher than this figure, and the industry will face a supply shortage. He also stated that future data centers will no longer be just electronic warehouses for storing files but massive factories continuously producing tokens. “Every data center, every factory, by definition, is limited by electricity. A 1GW (gigawatt) factory will never become 2GW—that’s a physical and atomic law. Under fixed power, whoever has the highest token throughput per watt will have the lowest production costs.”

Elevation of Computing-Electricity Synergy Status

Against the backdrop of rapid development in AI large models and the digital economy, demand for computing power is exploding exponentially, with data center electricity consumption surging in tandem. Computing-electricity synergy has become the core direction for integrating digital infrastructure and energy systems.

Huaxi Securities stated that “computing-electricity synergy” was first included in the 2026 Government Work Report, further elevating policy support. This synergy is supported by new power systems, guided by high-quality development of computing infrastructure and the construction of a nationwide integrated computing network. It considers all factors and the entire lifecycle, deepening intelligent scheduling, source-grid-load-storage, new power supply and backup, green power aggregation, and supply chain innovations. The goal is to optimize the overall industry planning, production operations, resource dispatching, and market systems, enabling the two major productive forces—computing and electricity—to develop holistically. The development of computing-electricity synergy involves two key elements: the computing system and the power system. The main entities in the computing system include providers of computing resources and network operators; the power system mainly involves power generators, grid operators, and energy storage providers.

Guotai Haitong Securities also pointed out that compared to the 2025 Government Work Report, the 2026 report explicitly emphasizes integrating computing-electricity synergy and intelligent computing clusters into new infrastructure projects. It highlights monitoring and dispatching of computing power as a hard task for nationwide integration, with a focus on coordinated planning and intelligent dispatch of power systems and computing infrastructure. Future digitalization of power grids, energy consumption management of data centers, power security, and AI platforms and industry intelligence for the energy sector are expected to accelerate deployment.

Broad Space for Computing-Electricity Synergy

According to data from the International Energy Agency (IEA), in 2024, global data centers will consume up to 415 TWh of electricity, accounting for 1.5% of the world’s total electricity consumption, equivalent to the annual electricity usage of the UK. Since 2017, global data center electricity consumption has grown at an average rate of about 12% annually. Developed economies’ data centers contribute over 20% of the overall electricity demand growth, with the United States accounting for the largest share at 180 TWh, or 45% of the global total. China and Europe account for 25% and 15%, respectively.

Recent research from Guosheng Securities indicated that some of China’s computing hubs may face power shortages, as existing grid capacity may struggle to meet the rapidly increasing electricity demand from computing facilities. Comparing the electricity consumption and generation in regions hosting these hubs in 2025, Beijing-Tianjin-Hebei, Jiangsu-Zhejiang-Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area all face supply gaps. Local green electricity supplies are insufficient to meet the needs, with Jiangsu, Zhejiang, and Guangdong experiencing the largest deficits at 245.8, 234.9, and 249.5 billion kWh, respectively. As these hubs are rapidly built and put into operation, the existing grid capacity may be unable to keep pace, necessitating upgrades.

IEA forecasts that, under the highest estimate, by 2026, the combined electricity consumption of data centers, AI, and cryptocurrencies will reach 1,000 TWh, comparable to Japan’s total electricity use. Domestically, based on China’s data center electricity consumption growth rate of 15% from 2019 to 2024 and the policy requirement that green electricity accounts for 80%, the scale of computing-electricity synergy is estimated to reach about 110 TWh by 2026.

By February 2026, 84 green electricity direct connection projects, including computing centers, had been approved nationwide, with a total installed capacity of 32.59 GW. Meanwhile, a preliminary national electricity market system has been established, with green electricity markets maturing. In 2025, green electricity trading volume increased by 38.3% year-over-year, and green certificate trading surged 1.2 times, indicating a broad prospect for integrating green power with computing.

Exposure of Capital-Driven Stock Picks

From a stock perspective, computing-electricity synergy has attracted significant capital interest this month. As of March 17, China Energy Construction rose over 30%, Green Power Generation increased over 20%, and Tongli Tianqi gained more than 10%.

Leverage funds have actively accumulated positions in Kehua Data, China Energy Construction, and Hengdian DMEGC, with net purchases of 301 million yuan, 228 million yuan, and 179 million yuan, respectively.

From an investment standpoint, Dongwu Securities stated that four types of targets in the computing-electricity synergy track possess core value: traditional power transformation companies leveraging energy resources to build data centers (highest valuation uplift); green power operators providing long-term green electricity supply for computing clusters; dispatching software service providers using algorithms to match load and electricity prices in real-time, improving operational efficiency; and leading power engineering firms with experience in UHV and source-grid-load-storage construction, solidifying the physical foundation of synergy. Together, these form a “energy-computing” closed loop.

(Source: Oriental Fortune Research Center)