算电协同为AI和能源数智化注入攻守兼备增长极

Investment Rating - The industry investment rating is "Outperform the Market - A" and the rating is maintained [5] Core Insights - The concept of "computing and electricity collaboration" has been elevated to a national strategic deployment for the first time during this year's Two Sessions, indicating a significant policy shift [11][12] - The collaboration aims to achieve deep synergy between computing infrastructure and the power system through technological innovation and industry integration, forming a closed-loop system that includes green electricity, virtual power plants, power trading, energy storage, and data centers [12][13] - The investment value of the computing and electricity collaboration is characterized by its dual focus on AI computing power and green electricity, providing both offensive and defensive investment attributes [13] Summary by Sections Policy Developments - The government work report for 2026 emphasizes the implementation of large-scale intelligent computing clusters and the support for public cloud development, marking a clear policy trajectory for computing and electricity collaboration [11] - By the end of 2025, a dual collaboration mechanism for computing and electricity is expected to be initially formed, with over 80% of new data centers using green electricity [11][12] Industry Dynamics - The collaboration is expected to drive explosive demand for AI computing power, enhancing the investment appeal of the energy sector by introducing new growth drivers [13] - The integration of AI computing with green electricity is anticipated to lower operational costs and promote sustainable development in the digital economy [13] Investment Opportunities - Recommended sectors to focus on include energy digitization, IDC-related companies, and AI power-related firms, such as Guoneng Rixin, Nanfang Technology, and others [14]