环保及公用事业行业周报：AI时代，关注算电协同下的电力投资新范式-20260317

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the industry [4]. Core Insights - The report emphasizes the importance of "computing power and electricity synergy," which was mentioned for the first time in the government work report, highlighting the integration of computing infrastructure with the power system to optimize supply and demand [20][21]. - The demand for AI computing power is leading to a "power shortage anxiety," with a significant increase in electricity consumption by data centers, projected to reach 150 billion kWh in 2023, a 15.4% year-on-year increase [3][23]. - The report identifies a mismatch between the distribution of renewable energy resources and the demand for computing power, particularly in eastern regions, necessitating the "East Data West Computing" initiative to optimize resource allocation [3][27]. Summary by Sections 1. Special Research - The government work report highlights the implementation of large-scale intelligent computing clusters and computing power synergy as key infrastructure projects [20]. - The synergy involves two main aspects: providing stable, low-cost, and zero-carbon electricity to computing centers and using AI algorithms to optimize electricity supply based on demand fluctuations [21]. - The report notes that while the overall power supply is adequate, there is a significant mismatch in the timing and location of renewable energy and computing power needs [27]. 2. Market Review - From February 28 to March 13, the public utility index increased by 6.6%, outperforming the Shanghai Composite Index by 8.22 percentage points [38]. 3. Investment Directions - The report suggests focusing on green electricity operators, as the rapid growth of AI is making green electricity a core infrastructure and scarce resource [35]. - It also highlights the importance of ultra-high voltage (UHV) construction, with a projected scale of over 420 million kW for the "West-to-East Power Transmission" project [33]. - The report recommends attention to energy storage and integrated energy service providers, as they can enhance the reliability and efficiency of power supply for data centers [34]. - Additionally, it emphasizes the need for intelligent scheduling systems and virtual power plants to meet the high reliability and volatility demands of data centers [36].