State Data Bureau Reemphasizes Green Power Support Role, Multiple Stocks Including Huadian Liaoning Energy Hit Daily Limit

(Source: Caixin)

State Power Investment Corporation plans to invest 200 billion yuan this year, a 17% increase year-on-year. Among them, 23 billion yuan will be invested in the first quarter, achieving a 35% year-on-year growth.

On March 24, after a high open, the A-shares quickly declined, and market sentiment did not show a clear improvement. Under these circumstances, the green power sector became active again. Tuori New Energy (002218.SZ), China Power LiaoNeng (600396.SH), Hunan Development (000722.SZ), ShaoNeng Shares (000601.SZ), Zhongnan Culture (002445.SZ) hit the daily limit, while Zhejiang New Energy (600032.SH), GCL New Energy (002015.SZ), Energy Saving Wind Power (601016.SH), and others followed the rise.

In terms of news, 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, ensuring that the proportion of green electricity used in new computing facilities at key nodes exceeds 80%, maximizing the supporting role of green power. Liu explained that computing and electricity collaboration refers to deep integration of computing infrastructure and power systems through digital technology, intelligent algorithms, and information networks, promoting dynamic resource matching and optimized allocation, creating a new infrastructure project that fosters a virtuous cycle of “power-driven computing and computing-driven power.” Main initiatives include promoting direct supply of green electricity, green electricity aggregation, increasing green power support for computing, advancing waste heat recovery, and enhancing green low-carbon cycle benefits.

Additionally, China Power Investment Group held its first press conference for 2026. The State Power Investment Corporation plans to invest 200 billion yuan this year, a 17% increase year-on-year. In the first quarter, 23 billion yuan will be invested, achieving a 35% growth compared to the same period last year.

From an industry trend and allocation perspective, attention should be paid to the growth potential of new power system construction and the trend toward utility-like services in the power industry. Driven by explosive demand for AI, China’s leading power companies, with significant advantages in scale, cost, cleanliness, and reliability on a global scale, continue to demonstrate their scarcity value and are expected to undergo a fundamental valuation reassessment. Looking at the industry cycle, the total electricity consumption in society will break 10 trillion kWh for the first time in 2025, and the power industry remains in a large demand expansion cycle with broad growth prospects.

Everbright Securities believes that as the pace of offshore wind power project construction accelerates, offshore wind installations outside China are expected to see significant growth by 2026. Based on the construction pace outside China, it is estimated that overseas offshore wind capacity could reach 12 GW in 2026, a substantial increase from 3.1 GW in 2025. Among them, Europe is expected to reach 7.5 GW in offshore wind capacity in 2026, significantly higher than Europe’s 2 GW in 2025.

Dongwu Securities suggests that deepening electricity reform will lead to a reassessment of the power sector and create significant dividend opportunities. The three major constraints on green electricity—“consumption + electricity prices + subsidies”—are gradually easing, with new energy fully entering the market and market-oriented development leading to high-quality growth of new energy. Founder Securities believes that in 2025, long-term electricity prices in many regions will face downward pressure, with policies such as retail-price gap restrictions introduced to curb irrational competition. Starting in 2026, capacity electricity price compensation ratios are generally increased, and the short-term outlook for the power sector is expected to bottom out. The industry is shifting from a phase of “price and volume decline” to a new stage of “stabilized prices and increased revenue,” which may drive a valuation re-rating of the sector.