[Trend Report] "Computing and Electricity Collaboration" with Token Going Global
The green energy industry chain is expected to maintain its upward momentum.

The three major Chinese A-share indices diverged today, with the Shanghai Composite fluctuating and consolidating, while the ChiNext Index showed relative weakness. By the close, the Shanghai Composite fell 0.10%, closing at 4,129.10 points; the Shenzhen Component Index dropped 0.63%, closing at 14,374.87 points; and the ChiNext Index declined 0.96%, closing at 3,317.52 points. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets was 2.46 trillion yuan, 67.7 billion less than yesterday. Industry sectors mostly declined, with wind power equipment and coal mining sectors surging, while chemical fibers, electricity, and utilities led gains. Military, general equipment, electronic components, engineering machinery, and energy metals sectors declined the most. Nearly 1,500 stocks rose, with over 60 hitting the daily limit.

On March 12, the green energy sector defied the trend, with multiple stocks hitting the limit up. Recently, market attention on green energy has continued to heat up, attracting significant capital. The core driver behind this shift is the elevation of “computing and electricity collaboration” from local pilot projects and departmental policies to a national top-level design: this year’s government work report proposed implementing large-scale intelligent computing clusters and computing-electrical coordination as part of new infrastructure projects. In the AI era, computing and electricity collaboration is becoming a key element and engine of global technological competition. “Who has cheap electricity, stable power, and quick grid adjustments will hold the cost advantage in the AI era,” commented People’s Daily. The essence of going global with tokens is turning electricity into computing power, and then transforming computing power into intelligence. “The future of AI is electricity, and the future of electricity is China.”

Additionally, according to the “Special Action Plan for Green and Low-Carbon Development of Data Centers,” new data centers at national hub nodes are required to use over 80% green electricity, making renewable energy utilization a key focus of energy-saving reviews. Green electricity is the most direct energy source for data centers.

Huachuang Securities states that new downstream demands and emerging sectors for green electricity are continuously appearing. Since the industry peaked in 2021, current sector valuations are at a relative historical low, suggesting investment opportunities in the green energy sector should be valued. Huaxin Securities notes that from an industry perspective, “computing and electricity collaboration” will promote the synchronized expansion of computing infrastructure and power infrastructure, with investment opportunities mainly in three areas: green energy and new energy operations, grid and power equipment upgrades, and IDC and computing infrastructure expansion. The related industry chain is expected to remain prosperous.

Huachuang Securities: Recommend Attention to Investment Opportunities in the Green Energy Sector

New downstream demands and sectors for green electricity are emerging continuously. Since the industry peaked in 2021, current valuations are at a relative bottom historically. It is advisable to focus on investment opportunities in this sector. 1) The explosive growth in demand for computing and data centers will further boost green energy needs, effectively alleviating current industry volume and price challenges. Deep integration of green energy and computing is also expected to open new business models for green energy operators. 2) The development of energy storage and green alcohol presents new growth opportunities for operators.

Huaxin Securities: Industry Chain Prosperity Expected to Continue Improving

Against the backdrop of rapid development in AI large models and the digital economy, the surge in computing demand is significantly increasing data center energy consumption and electricity needs. Vertiv forecasts that from 2023 to 2028, global new intelligent computing centers will add over 100 GW of IT load; IDC data shows AI data center IT energy consumption will rise from 55.1 TWh in 2024 to 77.7 TWh in 2025, reaching 146.2 TWh by 2027, with a compound annual growth rate of about 44.8% from 2022 to 2027. The rapid expansion of computing power drives electricity demand, making energy supply a key constraint for AI industry development and promoting “computing and electricity collaboration” as a major policy direction. In recent years, policies like “East Data West Computing,” green low-carbon data center initiatives, and new power system construction have promoted the deployment of computing centers in regions rich in renewable resources, utilizing green power trading, integrated source-grid-load-storage, and joint scheduling of computing and power to match demand with supply spatially and temporally. From an industry perspective, “computing and electricity collaboration” will drive synchronized expansion of computing and power infrastructure, with investment opportunities mainly in three areas: green energy and new energy operations, grid and power equipment upgrades, and IDC and computing infrastructure expansion. The industry chain is expected to remain prosperous.

Caixin Securities: “East Data West Computing” Project Promotes Integration of Computing and Power Networks

By 2026, wind and solar installations are expected to continue growing, ensuring ample power supply. The combined capacity of wind and solar is projected to account for about half of total installed capacity, with solar power installations expected to surpass coal power for the first time in 2026. Meanwhile, electricity consumption for computing is expected to increase significantly, with the “East Data West Computing” project fostering the integration of computing and power networks. The government work report emphasizes accelerating comprehensive green transformation, building new power systems, advancing smart grid construction, developing new energy storage, expanding green power applications, and implementing new infrastructure projects like computing and electricity collaboration.

Zheshang Securities: Computing and Electricity Collaboration Is the Essential Path to Solve the “Electricity Cost” and “Green Power Consumption” Bottlenecks in the AI Era

The first inclusion of “computing and electricity collaboration” in the government work report, designated as a national new infrastructure project, marks a strategic leap from technological exploration to top-level design. As early as 2023, the “Implementation Opinions on Deepening the ‘East Data West Computing’ Project and Accelerating the Construction of a National Integrated Computing Power Network” proposed “computing and power collaboration,” with pilot projects in regions like Ulanqab and Qingyang. Its inclusion in the government report not only deepens the “East Data West Computing” initiative but also addresses the core bottlenecks of AI development—electricity costs and green power absorption.

Dongwu Securities: Market Potential for Wind, Solar, and Data Center Integration Is Expected to Continue Expanding

During the 14th Five-Year Plan, the maturity of related technologies and policies for computing and electricity collaboration will continue, expanding the market space for wind-solar data center integration. Renewable energy operators can mitigate absorption pressure and improve profitability through investments or equity stakes in data centers.

Great Wall Securities: Fundamentals of the Green Energy Sector Are Expected to Stabilize After Bottoming Out This Year

In the short term, with the completion of the first batch of bidding under Document 136, policy negatives have been exhausted, industry expected returns are stabilizing, and this will lead to inventory improvements and increased concentration among operators. The sector’s fundamentals are expected to stabilize after hitting bottom this year. In the long term, the resource attributes, zero variable costs, ongoing upstream cost reductions, and low LCOE of green energy ensure sustained industry growth and predictable profitability.

(This article does not constitute investment advice. Investors operate at their own risk. Market risks are present; please invest cautiously.)

(Article source: Eastmoney Research Center)