4 Trillion Blockbuster Positive! Computing Power Coordination Opens the "Second Curve"

Tuesday (March 24) saw a significant surge in the power concept sector, with Dison Shares hitting the 20% limit-up, and multiple stocks such as Energy Saving Wind Power, Guangdong Power A, and Huayin Electric Power also reaching the daily limit.

40 Trillion Yuan Major Positive Policy

Liu Liehong, Director of the National Data Bureau, stated at the China Development High-Level Forum 2026 Annual Meeting on March 23 that the next step will be to vigorously promote the computing power and electricity collaboration project with relevant departments, ensuring that the proportion of green electricity used in new computing facilities at key nodes exceeds 80%, maximizing the support role of green power. The rigid policy constraints combined with the digital and intelligent upgrade of the power grid will accelerate the implementation of green electricity consumption mechanisms, strengthen the regulation capacity of new power systems, and directly benefit green power operators and supporting infrastructure.

Zheshang Securities noted that infrastructure investment in January-February 2026 increased by 11.4% year-on-year, with investments in power, heat, gas, and water production and supply industries rising sharply by 13.6%, highlighting a key growth point. Power investment effectively promoted the overall investment to stabilize after decline. State Grid Corporation has clarified that during the 14th Five-Year Plan, its fixed asset investment is expected to reach 4 trillion yuan, a 40% increase over the 14th Five-Year Plan; China Southern Power Grid plans to invest over 24 billion yuan in grid infrastructure in the first quarter of 2026, a year-on-year increase of over 20%. Data shows that from January to February, State Grid’s fixed asset investment totaled 75.7 billion yuan, up 80.6% year-on-year, with significant support from grid infrastructure and investment pull effects. Effective investment in power will drive high-quality development of the new power system industry chain and supply chain during 2026 and the 14th Five-Year Plan, helping to stabilize investment.

CITIC Securities stated that the current geopolitical conflicts are prompting a reassessment of the global energy system’s “security attributes,” shifting energy allocation logic from cost priority to a focus on independence, controllability, and diversified alternatives.

Leverage Funds: Snatching Up These Stocks

According to Eastmoney Choice data, since early February this year, leveraged funds have been net buying a batch of power stocks, with China Power New Energy leading, with net financing exceeding 300 million yuan; China Power Investment Green Energy is second, with net financing over 290 million yuan.

Other stocks such as Datang Power, Yunnan Energy Holdings, Energy Saving Wind Power, GCL New Energy, State Grid Energy Storage, Jinko Solar, and Zhejiang New Energy have net financing ranging from 1 billion to 283 million yuan.

Institutions: Computing Power Integration May Open a “Second Curve”

According to the International Energy Agency, global data center electricity consumption has reached 416 TWh, and the situation in China is equally urgent: according to the National Energy Administration and related agencies, by 2030, China’s data center electricity consumption may exceed 7 trillion kWh, accounting for 5.3% of total social electricity use. More importantly, policies have already set firm targets—new data centers at key nodes must use at least 80% green electricity.

Guotou Securities noted that the explosion of AI computing power is driving the power industry to transition from traditional utilities to digital energy infrastructure. Green power operators, leveraging new computing and electricity integration business models, are expected to open a “second growth curve,” with environmental premiums and growth attributes becoming more prominent.

Huatai Securities stated that the pilot projects for nuclear power indicate that the central and local governments have, from a mechanism perspective, marked a phased end to the ongoing trend since 2023 of declining coal prices and electricity prices. This also suggests that the profitability pressure on clean energy sources like nuclear power over the past three years may soon face significant policy turning points. Additionally, the decline in coal prices is unsustainable; the blockade of the Strait of Hormuz has gradually strengthened market confidence that fossil fuel prices are prone to rise rather than fall, leading to a bullish outlook on the power sector, with green electricity sources such as hydro, nuclear, wind, solar, and biomass expected to benefit fully.

(Source: Eastmoney Research Center)