EBSCN·2026-03-02 15:15Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][9]. Core Insights - The report highlights the competitive advantage of Chinese AI models in terms of cost, with output prices significantly lower than those of mainstream American models, providing a nearly 7-fold price advantage [2]. - The ongoing "East Data West Computing" initiative is expected to enhance the integration of clean energy and intelligent computing, further solidifying the cost advantages of Chinese models in the global market [3]. - Several power operators are actively developing "computing and electricity" collaborative businesses, aiming to create new growth avenues through investments in data centers and related infrastructure [4]. Summary by Sections Industry Overview - The report discusses the recent rise of Chinese open-source AI models, which have surpassed global usage metrics, indicating a strong domestic capability in AI technology [1]. Competitive Landscape - Chinese AI models are achieving comparable performance to international leaders at a fraction of the cost, with prices around 10-20 RMB per million tokens, compared to over 10 USD for U.S. models [2]. Market Trends - The report notes that the integration of clean energy and computing power is being accelerated by national policies, which are expected to enhance the competitiveness of Chinese models in the global market [3]. Company Developments - Key players in the power sector, such as JinKai New Energy and Longyuan Power, are making significant investments in data centers and distributed computing projects, positioning themselves to benefit from the "computing and electricity" synergy [4][8]. Investment Recommendations - The report suggests focusing on power operators that are engaged in "computing and electricity" initiatives and have favorable valuations, recommending specific companies such as Funiu Co., Gansu Energy, and JinKai New Energy for investment consideration [4].