East Money Securities·2026-03-01 13:06Investment Rating - The report maintains an investment rating of "Outperform" for the sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The "Computing Power and Electricity Synergy" policy is being reinforced, promoting the collaboration between computing power and electricity sectors, which is expected to drive green transformation and value reassessment for related companies [17][18]. - The demand for green electricity is anticipated to rise rapidly, with a target set for over 80% of new data centers to utilize green electricity by the end of 2025 [25]. - The asset pricing paradigm is shifting from "light asset growth" to "heavy assets with low obsolescence," with HALO (Heavy Assets, Low Obsolescence) becoming a global investment theme [30]. Summary by Sections 1. "Computing Power and Electricity Synergy" Driving Green Transformation - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for effective investment in computing power and the synergy with electricity [17]. - The Ministry of Industry and Information Technology (MIIT) has initiated the construction of national computing power interconnection nodes, marking a new phase in the coordinated development of computing power [18]. 2. Weekly Review of the Sector - From February 24 to February 27, the Shanghai Composite Index rose by 1.98%, while the Utilities Index increased by 5.69% and the Environmental Index by 6.96% [37]. - Specific sectors within utilities saw significant gains, including thermal power (up 8.93%) and photovoltaic power (up 8.25%) [40]. 3. Utilities Sector Dynamics 3.1. Electricity Tracking - In February 2026, the average transaction price for electricity in Jiangsu was 312.80 CNY/MWh, a decrease of 3.67% month-on-month and 23.89% year-on-year [49]. - National total electricity generation in December 2025 was approximately 858.6 billion kWh, reflecting a year-on-year increase of 1.46% [52]. 3.2. Water Conditions Tracking - As of February 28, 2026, the water level at the Three Gorges Reservoir was 165.86 meters, which is normal for this time of year [64]. 3.3. Coal Prices and Inventory Tracking - The coal price index reached 744 CNY/ton as of February 27, 2026, showing an increase of 22 CNY/ton from the previous period [7]. 3.4. Natural Gas Price Tracking - The LNG ex-factory price index in China was reported at 3654 CNY/ton as of February 28, 2026, a decrease of 2.74% [8]. 4. Investment Recommendations - The report suggests focusing on renewable energy operators with a first-mover advantage, such as Jin Kai New Energy and Gansu Energy, as well as waste incineration power generation companies that can meet green standards [9].