GF SECURITIES·2026-03-06 04:07Investment Rating - The industry investment rating is "Buy" with expectations for stock performance to exceed the market by more than 10% over the next 12 months [4]. Core Insights - The report highlights a historic investment opportunity in the "computing power and electricity collaboration" driven by government initiatives and the rapid development of renewable energy sources [4]. - The report emphasizes the importance of integrating artificial intelligence with electricity supply to enhance economic and social development, as outlined in the recent government work report and the draft of the 15th Five-Year Plan [4]. - The collaboration between computing power and electricity is expected to lead to significant infrastructure investments, particularly in green electricity and data centers, which are projected to see substantial growth in electricity consumption [4]. Summary by Sections Government Initiatives - The government has prioritized the development of a new intelligent economy, promoting the commercialization of artificial intelligence and the construction of large-scale computing power infrastructure [4]. - The draft of the 15th Five-Year Plan emphasizes the need for a robust data market and efficient supply of computing power, algorithms, and data resources [4]. Renewable Energy and Data Centers - The rapid growth of renewable energy in China, with over 430 million kilowatts of new wind and solar capacity added in 2025, is expected to provide competitive electricity prices and sufficient power supply [4]. - Data centers are projected to see an annual electricity consumption growth rate of approximately 20% from 2024 to 2030, with total electricity consumption reaching about 525.8 billion kilowatt-hours by 2030, accounting for 4.8% of total national electricity consumption [4]. Investment Recommendations - The report suggests focusing on companies providing power supply services for computing power, such as Southern Power Grid Technology and Fuling Power [4]. - It also recommends companies involved in computing power construction and services, including China Communication Services and State Grid Information & Communication [4]. - Additionally, it highlights data center power equipment providers like Sifang Co., Jinpan Technology, and Zhongheng Electric as potential investment opportunities [4].