Huachuang Securities·2026-03-01 00:25Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [28]. Core Insights - The report highlights the emergence of new demands in the green electricity sector, driven by the integration of "electricity + computing power," which is expected to create new growth opportunities for green electricity companies [5][7]. - The State-owned Assets Supervision and Administration Commission has called for increased investment in computing power, promoting the synergy between computing power and electricity to enhance data governance capabilities [5][7]. - The report notes that as of now, 84 green electricity direct connection projects have been approved nationwide, with a total installed capacity of 32.59 million kilowatts [5][7]. Summary by Sections 1. Policy Support for "Electricity + Computing Power" Synergy - The report discusses the government's initiative to promote the synergy between computing power and electricity, which is expected to alleviate the current bottlenecks in renewable energy consumption and create new growth points for green electricity companies [8]. - The integration of computing power is seen as a solution to the challenges faced by green electricity firms, with recent projects like the Ulanqab Intelligent Computing Center being highlighted [9][10][11]. 2. New Models of "Green Electricity + Energy Storage" and "Green Electricity + Green Alcohol" - The report outlines the ongoing transformation in energy storage and green alcohol projects, with companies like Jinko Technology and Jiaze New Energy actively participating in these new models [14][15]. - Jinko Technology is shifting its focus from photovoltaic construction to energy storage, while Jiaze New Energy is developing a green hydrogen alcohol project in Heilongjiang [14][15]. 3. Investment Recommendations - The report suggests that the green electricity sector is currently at a relative valuation bottom, presenting significant investment opportunities. It emphasizes the potential for increased demand from data centers and computing power, which could alleviate existing challenges in the green electricity market [16]. - Companies such as Jinkai New Energy, YN Energy, and Gansu Energy are recommended for their deep integration with computing power, while Jinko Technology and Jiaze New Energy are highlighted for their advancements in energy storage and green alcohol [16].