国泰海通｜计算机：算电协同引领新基建，能源IT景气度提升

Core Viewpoint - The reports from the National People's Congress and the National Development and Reform Commission emphasize the integration of "artificial intelligence +" to drive large-scale applications, focusing on the synergy between computing power and electricity as part of new infrastructure initiatives [1][2]. Group 1: New Infrastructure Initiatives - The government work report highlights the implementation of large-scale intelligent computing clusters and the synergy between computing power and electricity as key components of new infrastructure projects [2]. - The 2026 report places a stronger emphasis on the integration of computing power monitoring and scheduling as a critical task for national capabilities, enhancing the collaborative planning and intelligent scheduling of power systems and computing infrastructure [2]. Group 2: Energy System Development - The work report outlines plans to establish a new energy system, accelerate the construction of smart grids, develop new energy storage solutions, and expand the use of green electricity [2]. - The draft report calls for advancing energy-saving and carbon reduction transformations in key industries, as well as the construction of zero-carbon parks and factories [2]. Group 3: Financial Support and Investment - The State Grid announced a projected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, representing a 40% increase compared to the previous plan, focusing on digital infrastructure and AI initiatives [3]. - The Southern Power Grid disclosed a fixed asset investment plan of 180 billion yuan for 2026, marking a five-year high, with investments directed towards new energy systems and improved power supply services [3].