【电新环保】重点关注算电协同与HALO资产——电新环保行业周报20260308（殷中枢/郝骞/陈无忌/和霖/邓怡亮）

Overall Viewpoint - The government work report emphasizes carbon dual control, hydrogen energy and green fuels, and computing power and electricity synergy, with the latter becoming a current market focus [4] - There is some divergence in the market regarding the targets for carbon dual control during the 14th Five-Year Plan period and the goal of reducing carbon dioxide emissions per unit of GDP by 17% and 3.8% by 2026, indicating that more efforts are needed to achieve these targets [4] - The outlook for hydrogen energy, particularly hydrogen, ammonia, and methanol, remains positive, with related stocks having accumulated certain gains, although short-term profit-taking may occur [4] - The government work report mentions "computing power and electricity synergy" for the first time, marking it as a strategic task for the start of the 14th Five-Year Plan, with power operation, source-network-load-storage, and virtual power plants being key components [4] Group 1: Electricity Operators - The investment logic for electricity operators is based on the bottom of the electricity price cycle and mid-term expectation reversal, with actual projects demonstrating the synergy between electricity and computing power [5] - The sector has a low price-to-book (PB) valuation, providing a safety cushion and reasonable odds for investment [5] Group 2: New Energy Projects - Microgrids, virtual power plant projects, and new power system logic are expected to continue to be implemented based on new energy consumption, green electricity direct connection, and zero-carbon parks [6] - Compared to North American electricity equipment targets, related stocks in this sector are still undervalued [6] Group 3: Emerging Technologies - The sectors of space photovoltaics, European offshore wind, and energy storage for residential and commercial use show favorable conditions and require ongoing monitoring [7]