GUOTAI HAITONG SECURITIES·2026-03-08 06:20Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [1] Core Insights - The government work report from the Two Sessions highlights opportunities in computing power collaboration and green fuels for the first time, indicating a shift towards a new energy paradigm [3][4] - Significant investments are planned in the energy sector, with a focus on building a new power system, accelerating smart grid construction, and expanding green electricity applications [4] - The report emphasizes the development of hydrogen energy and green fuels as new growth points, with a projected investment of 7 trillion yuan in key infrastructure by 2026 [4] Summary by Sections Investment Highlights - The report outlines the implementation of large-scale intelligent computing clusters and the construction of a new type of power system, with a focus on smart grid and energy storage development [4] - China Energy Construction is focusing on "AI + Energy Power," participating in the construction of computing power hub centers, with significant investments in data center projects, including a 4.1 billion yuan project in Gansu [4] - The report mentions over 50 projects related to green hydrogen and sustainable aviation fuel, with notable projects like the green hydrogen production project in Lanzhou and the world's largest hydrogen energy industrial park in Jilin [4] Company Developments - China Electric Power Construction is advancing its "AI+" initiative, with a focus on enhancing its big data system and achieving green and low-carbon development goals [5] - The company has secured contracts for several data center projects, with significant investments including a 2 billion yuan data center in Beijing [5] - By mid-2025, the company aims to achieve a total installed capacity of 35.16 million kilowatts, with notable growth in wind and solar power generation [5] Industry Trends - The report highlights the integration of AI in engineering applications, with companies like Huadian Science and Technology exploring integrated projects in hydrogen storage and ammonia production [6] - The focus on digital transformation and the establishment of national-level data platforms is emphasized as a key trend in the industry [4][5] - The report anticipates a significant increase in hydrogen demand, projecting it to reach 37 million tons by 2030 and 130 million tons by 2060, indicating a strong growth trajectory for companies involved in hydrogen energy [10][19]