Institutions: Focus on Three Investment Themes of Computing Power and Electricity Coordination

China Securities believes that dual carbon goals and the construction of new power systems will remain the main themes throughout the 14th Five-Year Plan for the power sector. On one hand, a large number of ultra-high-voltage projects being approved or planned will strengthen expectations for the construction and development of major ultra-high-voltage projects. On the other hand, with AI development continuously increasing electricity demand and the global large-scale upgrade cycle of electrical equipment, new business models such as computing power collaboration are actively exploring and developing. It is recommended to focus on leading companies related to major domestic demand projects and those involved in the development trends of digital grids and computing power collaboration.

Guosheng Securities believes that recent policies on computing power development have been issued in various key regions, accelerating the practical implementation of computing power collaboration. It suggests paying attention to three main investment themes in computing power collaboration: First, the upgrade of business models for integrated computing and electricity operators, which has the greatest potential for revaluation. These companies simultaneously possess power generation resources, trading capabilities such as electricity sales, distribution, virtual power plants, and are beginning to enter computing power leasing and data center services. Their revenue models are gradually expanding from traditional “generation volume × electricity price” to “green electricity supply + energy services + computing power services + environmental rights,” potentially leading to the largest profit leap. Second, green electricity operators in regions with major computing power hubs—“computing follows electricity”—are the most mature and visible path in the industry. Direct connection of green electricity reduces per-kilowatt-hour costs and locks in long-term energy prices. Third, grid upgrades and intelligent dispatching are necessary. Data centers demand higher requirements for cross-regional grid capacity, dispatching capabilities, and intelligence. Some computing power hubs may face power shortages, as the existing transmission and distribution capacity of the grid may struggle to meet the rapidly growing electricity demand from computing power.