【Trending Sector Research Report】Policy Direction + Energy Transition Driving Force Green Power Industry May Usher in New Golden Period of Development

The three major A-share indices rebounded collectively today. By the close, the Shanghai Composite rose 1.78%, the Shenzhen Component gained 1.43%, and the ChiNext Index increased 0.50%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets approached 2.1 trillion yuan, a decrease of over 350 billion yuan compared to yesterday. Industry sectors saw rare full-line gains, with ground military, electricity, trade, environmental protection, healthcare services, decoration and building materials, industrial metals, utilities, professional engineering, power grid equipment, and textiles and apparel leading the gains.

In individual stocks, over 5,100 stocks rose, with hundreds hitting the daily limit-up.

On March 23, Liu Leihong, Director of the National Data Bureau, stated at the China Development High-Level Forum 2026 Annual Meeting that the next step will involve working with relevant departments to vigorously promote the computing and electricity collaboration project, ensuring that more than 80% of new computing power facilities at key nodes use green electricity, maximizing the support role of green power. The “14th Five-Year Plan” clearly defines pathways and quantitative targets for green and low-carbon transformation: by 2030, non-fossil fuel energy consumption will reach 25%, offshore wind power grid connection will reach 100 million kilowatts, and nuclear power installed capacity will reach 110 million kilowatts; simultaneously, efforts will be made to advance computing and electricity collaboration, requiring the proportion of green electricity consumption at new data centers at key nodes to be further increased beyond 80%. Rigid policy constraints combined with digital upgrades of the power grid are accelerating the implementation of green electricity absorption mechanisms, strengthening the regulation capacity of the new power system, and directly benefiting green power operators and supporting infrastructure.

Additionally, escalating Middle East geopolitical conflicts are accelerating global energy independence, with wind, solar, storage, and hydrogen networks becoming core energy infrastructure. Affected by tensions between the US and Iran, natural gas prices in Europe surged, electricity prices linked to them also rose, prompting many countries worldwide to accelerate renewable energy substitution, with Europe, China, and Southeast Asia as key markets. The UK has preemptively launched offshore wind bidding for AR8, GWEC has called for speeding up wind energy deployment, and offshore wind export chains have received key recommendations.

CITIC Securities states that this round of geopolitical conflicts is prompting a reassessment of the “security attributes” of the global energy system, shifting energy allocation logic from cost priority to a focus on independence, controllability, and diversification. Huatai Securities points out that the blockade of the Strait of Hormuz has gradually built market confidence that fossil fuel prices are prone to rise and difficult to fall, leading to a bullish outlook on the entire power sector, including green energy sources like hydro, nuclear, wind, solar, and biomass, which are expected to benefit fully.

CITIC Securities: The Certainty and Urgency of Energy Transition Are Increasing Simultaneously

This round of geopolitical conflicts is prompting a reassessment of the “security attributes” of the global energy system, shifting energy allocation logic from cost priority to a focus on independence, controllability, and diversification. This shift is accelerating strategic investments in new energy generation, energy storage systems, and grid infrastructure worldwide, leading to earlier investment cycles and faster construction, with the certainty and urgency of energy transition increasing in tandem.

Huatai Securities: Green Energy Sources Including Hydro, Nuclear, Wind, Solar, and Biomass Will Benefit Fully

The implementation of nuclear power pilot projects signifies that central and local governments are providing a mechanism-level response to the ongoing trend since 2023 of declining coal prices and electricity prices, marking a potential major policy turning point for clean energy represented by nuclear power, which has faced profit pressures over the past three years. Moreover, coal prices are inherently unsustainable; the blockade of the Strait of Hormuz has gradually built market confidence that fossil fuel prices are prone to rise and difficult to fall, leading to a bullish outlook on the entire power sector, including green energy sources like hydro, nuclear, wind, solar, and biomass, which are expected to benefit fully.

CICC: Long-term Development Space for New Energy and Power Grid Equipment Continues to Expand

The intensification of Middle East conflicts heightens global energy security concerns, further strengthening countries’ commitment to low-carbon development, thereby continuously expanding the long-term development space for new energy and power grid equipment. Notably, Europe’s accelerated energy transition is expected to boost grid investments, with the EU proposing a 1.2 trillion euro grid construction plan by 2040. Offshore renewable energy grid connection demands will significantly drive the construction of flexible direct current transmission and other new power system infrastructure.

Zhejiang Merchant Securities: Power Investment Effectively Promotes Overall Investment Stabilization

Infrastructure investment in January-February 2026 increased by 11.4% year-on-year, with investments in power, heating, gas, and water production and supply industries rising sharply by 13.6%, highlighting a key positive trend. Power investment has effectively promoted overall investment stabilization. State Grid Corporation has explicitly stated that during the “14th Five-Year Plan,” its fixed asset investment is expected to reach 4 trillion yuan, a 40% increase over the “13th Five-Year Plan.” 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 investments totaled 75.7 billion yuan, up 80.6% year-on-year, indicating significant support and investment-driven effects in power grid infrastructure. Effective investment in power will promote high-quality development of the new power system industry chain during 2026 and the “14th Five-Year Plan,” helping to stabilize and advance investment.

GF Securities: Power and Computing Power Collaboration Has Officially Become a National-Level New Infrastructure Strategy

From top-level design to token globalization, power has become a core asset in the AI era. The 2026 government work report first proposed “computing and power collaboration,” elevating the development of power and computing resources as a national-level new infrastructure strategy. Meanwhile, under the combined influence of cost advantages and continuous improvement in model capabilities, domestic model token usage is expected to continue rising, further driving global demand for AI computing power.

Guotou Securities: Green Power Operators Are Expected to Unlock a “Second Growth Curve” Through New Business Models of Computing and Power Integration

The explosive growth of AI computing power is driving the power industry to transition from traditional utilities to digital energy infrastructure. Green power operators, leveraging new business models of computing and power integration, are expected to open a “second growth curve,” with environmental premiums and growth attributes emerging simultaneously.

(This article does not constitute any investment advice. Investors operate at their own risk. All investments carry risks; please proceed cautiously.)

(Source: Oriental Wealth Research Center)