"Computing and Electricity Synergy" Drives "Future Energy" Concept, Green Power Sector Repeatedly Active, Zhongnan Culture Hits Five Consecutive Daily Limits in Five Days

(Source: Caixin)

The three major constraints on green electricity—“consumption + electricity prices + subsidies”—are gradually easing. New energy sources are entering the market comprehensively, with market-oriented development leading to high-quality growth in the new energy sector.

On March 13, the green electricity sector saw repeated activity. As of the time of writing, constituent stocks such as China Electric Power (600726.SH) hit the limit up for four consecutive days, Zhongnan Cultural (002445.SZ) for five days, and TianShun Wind Power (002531.SZ), Dajin Heavy Industry (002487.SZ), Jixin Technology (601218.SH), Yabo Co., Ltd. (002323.SZ), China Power Construction (601669.SH), among others, also hit the daily limit. Taineng Co., Ltd. (688819.SH), Meilishin (301307.SZ), Hailiang Co., Ltd. (002203.SZ), Huadian New Energy (600930.SH), and others followed suit.

According to news, the 2026 government work report for the first time included “electricity and computing coordination” as a national strategy, elevating it to a strategic level. It also promoted the concept of “future energy,” clarifying the development pattern based on green electricity. Additionally, the “Data Center Green and Low-Carbon Development Special Action Plan” requires that new data centers at national hub nodes have a green electricity share of over 80%, strengthening green electricity consumption targets. Institutions believe that the green electricity sector is shifting from a “price and volume double suppression” phase to a “stabilizing prices and increasing income” stage. Deepening electricity reforms and policy combinations (such as increased capacity electricity price compensation) are expected to drive a reassessment of value.

Dongwu Securities believes that the deepening of electricity reforms will lead to a significant revaluation of the electricity sector’s benefits. The “consumption + electricity prices + subsidies” constraints on green electricity are gradually easing, with new energy sources entering the market comprehensively, and market-oriented development leading to high-quality growth. Founder Securities suggests that by 2025, long-term contract electricity prices in many regions will face downward pressure. Policies such as restricting retail and wholesale price spreads have been introduced to curb irrational competition. From 2026 onward, capacity electricity price compensation ratios are generally expected to increase, potentially bottoming out the short-term outlook for the power sector. The industry is transitioning from a “price and volume double suppression” to a “stabilized prices and increased income” phase, which may drive a reassessment of sector value.

Everbright Securities states that in terms of “electricity and computing coordination,” driven by the “East Data West Computing” project and related industrial policies, China has established a top-level design and implementation path for this coordination. It is gradually improving a new energy supply architecture centered on direct supply and backbone grid support, promoting coordinated deployment of computing hubs and new energy bases. Under this background, many power operators are actively developing “electricity and computing” collaboration to explore a second growth curve.

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