公用事业行业周报：“算电协同”驱动绿色转型，HALO催化价值重估

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The "Computing Power and Electricity Synergy" policy is driving the green transition, with significant investments in computing power expected to enhance the collaboration between computing and electricity sectors [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 power by the end of 2025 [25]. - The asset pricing paradigm is shifting from "light asset growth" to "heavy assets with low obsolescence," positioning HALO (Heavy Assets, Low Obsolescence) as a new global investment theme [30]. Summary by Sections Investment Highlights - The report emphasizes the importance of the "Computing Power and Electricity Synergy" policy, which aims to enhance effective investment in computing power and promote collaborative development [17]. - The report suggests that companies in the green electricity sector are likely to experience a revaluation of their assets due to the increasing recognition of their scarcity and barriers to entry [30]. 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]. Utilities Sector Dynamics 1. Electricity Tracking: - In February 2026, the average transaction price in Jiangsu was 312.80 CNY/MWh, down 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, a year-on-year increase of 1.46% [52]. 2. Water Conditions: - 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. Coal and Natural Gas Prices: - The coal price index rose to 744 CNY/ton as of February 27, 2026, reflecting a 22 CNY increase from the previous period [7]. - The LNG ex-factory price index was reported at 3654 CNY/ton, a decrease of 2.74% [8]. 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 like Wangneng Environment and Huanlan Environment [9].