GOLDEN SUN SECURITIES·2026-03-08 12:05Investment Rating - The report maintains a "Buy" rating for the industry, emphasizing the potential of "算电协同" (computing and electricity collaboration) as a new infrastructure category [9][10]. Core Insights - The concept of "算电协同" has been officially included in the government work report, marking it as a significant direction for new infrastructure development. This indicates a shift from local trials to a national strategic deployment [2][14]. - The report highlights the rapid growth of intelligent computing power in China, projected to reach 725.3 EFLOPS by 2024, a 74.1% increase year-on-year, significantly outpacing general computing power growth [2][14]. - The dual carbon goals are reinforcing the value of green electricity, with a focus on constructing a new power system and promoting the application of renewable energy [5][17]. Summary by Sections Government Work Report - The government work report emphasizes the importance of "算电协同" in building a new type of infrastructure and outlines plans for zero-carbon parks and factories, as well as the development of smart grids and new energy storage [2][14]. - The report sets ambitious carbon reduction targets, aiming for a 17% reduction in carbon emissions per unit of GDP during the 14th Five-Year Plan period [9][17]. Industry Trends - The electricity sector is experiencing structural changes, with increasing demand from data centers for green energy, which is driving upgrades in the power system [4][16]. - The report notes that the pricing and capacity value of electricity are being adjusted, making low-cost and high-green energy parks more attractive for data center electricity needs [4][16]. Policy Developments - Continuous policy support for "算电协同" has been observed, with initiatives aimed at establishing a comprehensive computing infrastructure by the end of 2025 [3][15]. - The report outlines several major projects under the 14th Five-Year Plan, including the development of new energy bases and zero-carbon initiatives [18]. Investment Recommendations - The report suggests focusing on companies involved in "算电协同," recommending specific firms such as 涪陵电力 (Fuling Power) and 金开新能 (JinKai New Energy) for investment [9][10]. - It also highlights the potential of traditional thermal power companies to adapt and benefit from the evolving energy landscape, suggesting firms like 华能国际 (Huaneng International) and 国电电力 (Guodian Power) as key players [9][10].