Policy: Top-Level Design and Spatial Layout of Computing Power - The strategic position of computing power has been elevated from the "14th Five-Year Plan" to the "15th Five-Year Plan," with computing power first included in the new infrastructure system in 2020 [3][10] - The "East Data West Computing" project was fully launched in 2022, establishing 10 national data center clusters across eight national hub nodes [3][10] - The "15th Five-Year Plan" has classified computing power infrastructure as a major engineering project for the first time, highlighting its importance [12] Regional Layout: Strengthening Rigid Constraints and Focusing on "East Data West Computing" - Since the mid-point of the "14th Five-Year Plan," national policy has shifted from expanding cluster boundaries to enforcing rigid planning constraints, requiring computing resources to concentrate on hub nodes [4][15] - In 2023, the National Development and Reform Commission (NDRC) tightened restrictions, stating that no new large or super-large data centers should be built outside national hub nodes [4][15] New Proposals: Central Ideas and Local Initiatives - The "15th Five-Year Plan" emphasizes the construction of super-large intelligent computing clusters, with local governments initiating preliminary explorations concentrated in hub nodes [5][17] - The government work report introduced "computing power and electricity coordination" as a new infrastructure project, with pilot projects primarily in western provinces rich in clean energy [5][20] Domestic and International Landscape: Explosive Growth of Intelligent Computing Power - The intelligent computing power system in China is dominated by intelligent computing, accounting for over 90% of the total [6][27] - By 2025, China's intelligent computing power is expected to grow by 119% year-on-year, significantly exceeding IDC's expectations [6][27] - Internationally, as of last year, the U.S. accounted for 75% of global intelligent computing power, while China held about 15%, indicating substantial growth potential for China [6][30] Investment: Three Main Entities in Computing Power Investment - Local governments in eight sample provinces are projected to achieve a 44% year-on-year growth in planned computing power scale by 2026 [7][33] - Major telecom operators are maintaining stable computing power investment despite a decline in overall capital expenditure [7][35] - Technology giants like Alibaba and Tencent are expected to continue increasing their investment in computing power [7]

Policy Insights - The strategic position of computing power has been elevated from the "14th Five-Year Plan" to the "15th Five-Year Plan," with computing power first included in the new infrastructure system in 2020[3] - The "East Data West Computing" project was fully launched in 2022, establishing 10 national data center clusters across 8 key nodes[4] - The "15th Five-Year Plan" includes the national integrated computing power network as the first item among 109 major engineering projects[15] Regional Layout - Since 2023, policies have shifted from "expanding cluster boundaries" to "strengthening rigid constraints," requiring computing resources to concentrate on the "East Data West Computing" hubs[4] - By 2025, it is expected that 60% of new computing power will be concentrated in national hub areas[18] Investment Trends - The planned total computing power scale for sample provinces and cities is expected to grow by 44% year-on-year by 2026, maintaining high double-digit growth[7] - Major telecom operators' capital expenditures are declining, but computing power investments remain stable compared to last year[7] - Tech giants like Alibaba are expected to increase investments in AI infrastructure, while Tencent and ByteDance are also following suit[7] Market Growth - By 2025, China's intelligent computing power is projected to reach 1590 EFLOPS, a year-on-year increase of 119%, significantly exceeding IDC's previous forecasts[6] - As of last year, the global share of intelligent computing power was 75% in the U.S. and approximately 15% in China, indicating substantial growth potential for China[6]

智通财经APP获悉，中国银河证券发布研报称，2026年政府工作报告将"算电协同"纳入新基建工程，从 国家战略层面看，算电协同的核心是将我国电力系统的产业优势转化为数字经济的竞争优势。当前，数 据中心的成本和约束正越来越集中在两件事：电价贵不贵、用电效率高不高。而"算电协同"有望将 AIDC/IDC从机柜出租、重资产物业运营的模式，扩展为"电力资源+算力交付+能源运营"的复合型基础 设施平台模式。 当前，数据中心的成本和约束正越来越集中在两件事：电价贵不贵、用电效率高不高。而"算电协同"有 望将AIDC/IDC从机柜出租、重资产物业运营的模式，扩展为'电力资源+算力交付+能源运营'的复合型 基础设施平台模式。 中国银河证券认为，有望受益于"算电协同"发展的企业需符合以下特点：具有稀缺能耗/土地/节点资源 储备、靠近国家算力枢纽或核心需求区、具备绿电接入与高效供配电能力、能够承接高功率密度 AIDC、拥有液冷/HVDC/UPS/储能等节能降耗能力、或具备算力调度/智算云运营能力等。在此框架 下，通信行业内更值得重点关注的方向主要为AIDC/IDC运营商和液冷与节能配套等公司。 算电协同开启IDC多维降本路径，绿电 ...

Group 1 - The report indicates that A-shares demonstrated resilience with a rebound after initial declines, driven by positive signals from the Hong Kong market and increased attractiveness of RMB assets [1][8][10] - The report highlights two positive signals: the rebound of the Hong Kong market, particularly the Hang Seng Technology Index, and the enhanced appeal of RMB assets due to China's strong economic resilience amid global geopolitical tensions [1][8][10] - The overall market sentiment is described as average, with a trading volume of 23,253 billion yuan across the Shanghai and Shenzhen markets, indicating a mixed performance among the major indices [5][6] Group 2 - The report suggests a mid-term slow bull market trend despite short-term fluctuations, emphasizing the importance of timing in market operations [2][9] - Specific investment opportunities are identified, including focusing on high-quality oil and chemical stocks with stable dividends and strong earnings certainty, as well as technology growth stocks less affected by oil price fluctuations [2][9] - The report anticipates a return to the "performance is king" logic as annual and quarterly reports are set to be disclosed, indicating a potential focus on stocks that exceed earnings expectations [2][9]

Group 1 - The core viewpoint of the report is that the power equipment industry is transitioning from "high growth" to "accelerated growth," indicating strong sustainability and certainty in its performance [2][12][27] - The report highlights that the current investment strategy should focus on "marginal changes in growth," emphasizing both G (growth) and Δg (change in growth rate) [2][12][26] - The power equipment sector is expected to experience a high prosperity cycle comparable to the coal industry in 2022, driven by a reversal in performance anticipated in 2025 [3][14] Group 2 - Energy security is projected to bring further valuation premiums to the power equipment sector, as the geopolitical landscape emphasizes the need for energy independence [4][5] - The report outlines three macro trends driving demand for power equipment: reshaping of supply-side dynamics, enhancement of energy system resilience, and the reconfiguration of national strategic reserves [4][5] - The power equipment industry is positioned to benefit from the transition towards domestic energy sources, particularly in wind, solar, and nuclear energy [4][5] Group 3 - Investment recommendations suggest prioritizing segments within the power equipment industry that align with both energy security and growth metrics [5][9] - Key focus areas include battery storage, grid equipment, synergistic computing and electricity solutions, and domestic energy sources [5][9] - The battery storage sector is identified as a core component of national strategic reserves, transitioning from commercial exploration to a strategic material [5][9]

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in investment decision-making, focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1]. Group 1: Company Insights - The company is exploring the large-scale implementation of computing and electricity synergy through the construction of virtual power plants, enabling rapid cross-province transfer of computing power [1]. - The company has provided Micro LED optical module products to authoritative research institutions to replace traditional optical transmission solutions, with related solutions currently in the research and experimental stage [1].

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].

Core Viewpoint - Artificial intelligence (AI) is a key variable for China to seize development opportunities and shape competitive advantages in the face of a new round of technological revolution and industrial transformation. The government work report emphasizes the creation of a new intelligent economy and the implementation of new infrastructure projects like "computing power and electricity collaboration" as a national strategy [2][4]. Group 1: Infrastructure Development - The concept of "computing power and electricity collaboration" has been elevated to a national strategic deployment, marking a significant upgrade in AI-era infrastructure. This collaboration aims to enhance energy efficiency and stabilize computing power supply through digitalization and intelligent scheduling [4][12]. - China's data center electricity consumption is projected to increase from 82.4 billion kWh in 2019 to between 390 billion kWh and 820 billion kWh by 2030, with electricity and computing power depreciation costs accounting for about 70% of operational costs [4][10]. Group 2: Competitive Advantages - China has established a strong foundation in intelligent computing power, with a projected scale exceeding 1590 EFLOPS by 2025, and has become the second-largest globally in both total and intelligent computing power [9]. - The country has a significant advantage in renewable energy, with wind and solar power installations accounting for nearly half of the global total, providing ample low-cost green electricity for computing centers [10]. Group 3: Policy Support - Recent policies have increasingly emphasized "computing power and electricity collaboration," with various initiatives aimed at promoting green and low-carbon development in data centers and the construction of a new power system [11][15]. - The "East Data West Computing" project has established eight national computing power hub nodes and ten national data center clusters, facilitating the aggregation of large data centers in resource-rich western regions [13][14]. Group 4: Challenges and Recommendations - Despite rapid advancements, challenges remain in the integration of computing power and electricity, particularly in eastern regions where computing demand is high but energy supply is limited. Recommendations include encouraging computing power to follow electricity supply and enhancing infrastructure investments in eastern regions [15][16]. - There is a need for a more optimized national computing power strategy that includes a three-tiered architecture and promotes efficient allocation of resources, as well as innovation in collaborative mechanisms [16][19]. Group 5: Market Implications - The new model of "computing power and electricity collaboration" is expected to create a market increment of at least trillions, with significant impacts on capital market valuations for energy and technology sectors [20].

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Insights - The government work report highlights key areas such as carbon dual control, hydrogen energy, and collaborative electricity computing, with the latter becoming a current market focus. There is some divergence regarding the targets for carbon emissions reduction during the 14th Five-Year Plan and by 2026, indicating a need for more effort to achieve these goals [3]. - The report expresses optimism about hydrogen energy, particularly in hydrogen, ammonia, and methanol, suggesting that these areas will present ongoing investment opportunities as more projects are expected to materialize throughout the year [3]. - The concept of collaborative electricity computing is introduced as a strategic task for the 14th Five-Year Plan, encompassing power operation, source-grid-load-storage, and virtual power plants [3]. Summary by Sections North America Power Supply - The report notes a power shortage in North America, with major tech companies committing to self-supply power for their data centers, indicating a strong trend that may lead to increased volatility in high-value stocks [4]. Investment Opportunities - The report suggests focusing on power operators, highlighting low PB valuations and safety margins, with recommended stocks including JinkoSolar, Gansu Energy, and others [4]. - It emphasizes the potential for microgrids and virtual power plants to continue developing, with suggested stocks like Guoneng Rixin and Anke Rui [4]. - The report also mentions the favorable outlook for space photovoltaics, European offshore wind, and energy storage, which require ongoing monitoring [4]. Energy Storage - The report discusses the impact of domestic energy storage capacity pricing policies and the ongoing power shortages in the U.S., suggesting that North American storage stocks may rebound significantly [6]. - It highlights the UK's "Warm Homes Plan," which aims to install 3 million solar systems by 2030, benefiting the energy storage market [6]. Wind Power - According to the National Energy Administration, China's onshore wind power capacity is expected to grow by 9.68% in 2024, while offshore wind capacity is projected to decrease by 40.85% [7]. - The report indicates a significant increase in wind turbine bidding capacity, with a 90% year-on-year growth expected in 2024 [11]. Steel Prices - Current steel prices as of March 6, 2026, are reported, with medium-thick plate prices at 3,382 CNY/ton and rebar prices at 3,312 CNY/ton [14]. Investment Suggestions - The report recommends focusing on European offshore wind and complete machine directions, as the industry is expected to see significant growth from 2026 to 2030 [16].

Investment Rating - The industry investment rating is "Buy" with expectations for stock performance to exceed the market by more than 10% over the next 12 months [4]. Core Insights - The report highlights a historic investment opportunity in the "computing power and electricity collaboration" driven by government initiatives and the rapid development of renewable energy sources [4]. - The report emphasizes the importance of integrating artificial intelligence with electricity supply to enhance economic and social development, as outlined in the recent government work report and the draft of the 15th Five-Year Plan [4]. - The collaboration between computing power and electricity is expected to lead to significant infrastructure investments, particularly in green electricity and data centers, which are projected to see substantial growth in electricity consumption [4]. Summary by Sections Government Initiatives - The government has prioritized the development of a new intelligent economy, promoting the commercialization of artificial intelligence and the construction of large-scale computing power infrastructure [4]. - The draft of the 15th Five-Year Plan emphasizes the need for a robust data market and efficient supply of computing power, algorithms, and data resources [4]. Renewable Energy and Data Centers - The rapid growth of renewable energy in China, with over 430 million kilowatts of new wind and solar capacity added in 2025, is expected to provide competitive electricity prices and sufficient power supply [4]. - Data centers are projected to see an annual electricity consumption growth rate of approximately 20% from 2024 to 2030, with total electricity consumption reaching about 525.8 billion kilowatt-hours by 2030, accounting for 4.8% of total national electricity consumption [4]. Investment Recommendations - The report suggests focusing on companies providing power supply services for computing power, such as Southern Power Grid Technology and Fuling Power [4]. - It also recommends companies involved in computing power construction and services, including China Communication Services and State Grid Information & Communication [4]. - Additionally, it highlights data center power equipment providers like Sifang Co., Jinpan Technology, and Zhongheng Electric as potential investment opportunities [4].