【电新环保】看好Token出海背景下电力运营商价值重估——电新环保行业周报20260301（殷中枢/郝骞/陈无忌/和霖/邓怡亮）

Group 1 - The article emphasizes the importance of power operators, highlighting the advantages of Chinese Token overseas, including low electricity costs leading to cheaper Token prices, comparable model performance, and tax exemptions for digital services, which can enhance long-term price competitiveness [4] - It discusses the cyclical bottom and expected reversal in the electricity market, driven by policies such as Document No. 136 and electricity marketization, which have led to a significant decline in electricity prices and a slowdown in installed capacity. The current market pricing reflects this, positioning power operators at a valuation bottom. A potential new upward cycle for power operators may emerge post-2027 if economic growth accelerates and new applications for computing power accept higher electricity prices [4] - The investment essence is identified as low cyclical bottom valuations combined with pro-cyclical factors and AI power enhancements, presenting an opportunity for sectoral valuation recovery. Stock selection strategies include focusing on companies with computing power layouts, low PB valuations, regional companies, and prioritizing clean energy along with stable output from thermal power [4] Group 2 - The article anticipates that carbon policies will become a key focus in the "14th Five-Year Plan," suggesting that carbon control indicators will be crucial for local and industry standards, with clear quantitative metrics for carbon emissions intensity and strict policy implementation [5] - It predicts a focus on controlling coal and oil/gas consumption to gradually peak consumption, integrating carbon constraints with efforts to reduce competition in key industries, and enhancing carbon price discovery through mature markets for quotas, CCER, and carbon futures [5] Group 3 - Updates on power equipment investment include directives from Trump for the Pentagon to secure power purchase agreements with coal-fired plants to support military operations, and reports of India considering easing restrictions on Chinese power and coal equipment [6] - The article mentions the potential for smart grid developments based on renewable energy consumption, direct connections to green electricity, zero-carbon parks, and new power system logic, with expectations for ongoing pilot projects and increased investment in microgrids and virtual power plants [6]