GUOTAI HAITONG SECURITIES·2026-03-15 06:21Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The concept of "computing power and electricity synergy" has been included in the government work report for the first time, indicating a significant policy shift towards new infrastructure projects [3][21] - The report highlights the potential for substantial growth in the construction and energy sectors, particularly in areas related to AI and renewable energy [5][12] - The report emphasizes the importance of integrating computing power with energy systems to enhance efficiency and reduce costs [16][18] Summary by Sections Investment Highlights - The report notes that the growth rates for China Energy Construction and China Power Construction are lower than historical themes, with significant past increases observed in related sectors [4] - Key projects include a 42 billion yuan investment in a smart carbon-neutral data center in Gansu and a focus on AI and energy integration [5][17] - China Power Construction has signed contracts exceeding 10 billion yuan for data center projects, indicating strong demand in the sector [6][18] Company-Specific Developments - China Energy Construction has completed over 90% of domestic thermal power designs and holds a significant share in hydropower and nuclear power projects [5] - China Power Construction is enhancing its capabilities in data center construction, with over 65% of large and medium-sized hydropower projects under its management [6][18] - Both companies are actively involved in the development of green hydrogen and renewable energy projects, positioning themselves as leaders in the transition to sustainable energy [12][24] Market Trends - The report identifies a growing trend towards integrating renewable energy sources with advanced computing technologies, which is expected to drive future growth in the industry [16][21] - The government is expected to invest heavily in new energy infrastructure, with a focus on green hydrogen and smart grid technologies [21] - The anticipated demand for hydrogen is projected to increase significantly by 2030, creating new opportunities for companies in the sector [26]