碳中和领域动态跟踪（一百七十八）：《政府工作报告》学习：展望2026年我国能源发展

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5]. Core Insights - The report highlights the importance of hydrogen energy and nuclear fusion as key components of future industries, with ongoing policy support and industry development creating a favorable investment environment [2]. - The target for reducing carbon dioxide emissions per unit of GDP is set at approximately 3.8% for 2026, with a cumulative reduction of 17% during the 14th Five-Year Plan period, emphasizing a shift from energy consumption intensity control to carbon emission control [3]. - The report outlines initiatives for large-scale intelligent computing clusters and green low-carbon economic development, including the establishment of a national low-carbon transition fund and the promotion of zero-carbon parks and factories [4]. Summary by Sections Section on Hydrogen and Nuclear Fusion - The report notes that the hydrogen and ammonia industry is entering a golden development period due to supportive policies and steady industrial implementation, with expectations for increased investment [2]. - The nuclear fusion sector is anticipated to experience rapid technological breakthroughs and accelerated project bidding and construction, indicating long-term growth potential [2]. Section on Carbon Emission Targets - The report states that the goal for carbon emissions per unit of GDP is to decrease by 3.8% in 2026, with an average annual reduction of approximately 3.7% during the 14th Five-Year Plan [3]. - The transition to a dual control system focusing on carbon emissions is expected to facilitate the achievement of the 2030 carbon peak target [3]. Section on New Infrastructure and Green Economy - The report emphasizes the development of a new energy supply structure that supports the "East Data West Computing" initiative, with power operators actively engaging in "computing and electricity" collaboration [4]. - Specific actions for promoting a green low-carbon economy include enhancing quality and reducing costs in key industries, establishing a low-carbon transition fund, and effectively managing high-energy-consuming projects [4]. Investment Recommendations - The report suggests continued investment in hydrogen and ammonia sectors, recommending companies such as Huadian Technology, China Power Green Energy, and Goldwind Technology [4]. - For computing and electricity collaboration, companies like Jinkai New Energy and Funi Co. are highlighted for their favorable valuation [4]. - The report also recommends investments in electric power equipment related to green electricity and zero-carbon parks, suggesting companies like Guoneng Rixin and Anke Rui [4].