A research report from Guotai Haitong Securities Co., Ltd. notes that computing-power synergy has been included in the Government Work Report for the first time. Key points include: (1) Implementing new infrastructure projects such as ultra-large-scale intelligent computing clusters and computing-power synergy, while strengthening nationwide integrated computing power monitoring and scheduling. Efforts will focus on building a new-type power system, accelerating smart grid development, advancing new energy storage technologies, and expanding green power applications. (2) Beneficiaries in the industrial chain are expected to be: integrated computing-power operators holding the strongest competitive advantage. The addition of intelligent scheduling software can achieve precise matching of computing power and electricity demand. Green power operations can increase utilization hours, while computing power operations can reduce energy consumption costs. Technological upgrades will drive demand for power equipment and boost design and engineering volumes for power, computing, network, and storage sectors. (3) Thematic relevance strength is ranked as: integrated computing-power > intelligent scheduling > green power operations > computing power operations > power equipment > design engineering. Guotai Haitong's main views are as follows:
China Energy Engineering Corporation leverages its computing-power synergy advantages in constructing the East Data West Computing project. (1) Focusing on "AI + energy and power," the company actively utilizes its strengths in "data-energy integration" and "computing-power synergy," deeply participating in the construction of computing power hub centers in the eight node regions of the national East Data West Computing project. Its demonstration project in Qingyang, Gansu—an integrated smart zero-carbon big data center park with source-grid-load-storage capabilities—involves an investment of 4.1 billion yuan. In Wuzhong, Ningxia, the company is developing a 1000P intelligent cloud computing and AI computing center. (2) The company holds internationally leading advantages in survey and design technologies for ultra-high voltage AC/DC transmission. It was the first to release the world's initial 660MW compressed air energy storage solution and is constructing a dedicated 5GWh energy storage battery cell production line in Xiamen. It is also actively expanding into pumped hydro storage. (3) By mid-2025, the company had secured over 76 million kilowatts of new energy indicators, with grid-connected capacity reaching 20.28 million kilowatts.
Power Construction Corporation of China continues to enhance its "basic computing power" and "digital-intelligent public infrastructure services" capabilities. In 2024, newly signed contracts for computing data centers exceeded 10 billion yuan for the first time. (1) The company has participated in the construction of over 65% of large and medium-sized hydropower stations domestically, accounting for 90% of survey and design and 78% of construction share in domestic pumped storage power stations. It undertakes more than 60% of planning, design, and construction tasks for wind and solar power projects in China. (2) Notable digitalization contracts signed by mid-2025 include: Beijing Fangshan Data Center (2 billion yuan), Beijing Intelligent Transportation Computing Center (1.8 billion yuan), Hebei Huazhang Computing Hub (2.3 billion yuan), and Xinjiang Yiwu AI Computing Center (2 billion yuan). (3) By mid-2025, cumulative grid-connected capacity reached 35.16 million kilowatts, comprising 10.83 million kilowatts of wind power, 13.04 million kilowatts of solar power, 7.09 million kilowatts of hydropower, and 550,000 kilowatts of independent energy storage.
Huadian Engineering demonstrates outstanding capabilities in wind turbine towers, photovoltaic brackets, and offshore wind power construction. (1) The company signed contracts for the 100MW onshore wind turbine tower project with CGN New Energy in Xingbin Qidong, Guangxi, and the 1 million kilowatt photovoltaic + energy storage flexible bracket project in Dalad Banner, Inner Mongolia. By the end of June 2025, the company had participated in over 40 offshore wind and solar projects, constructing wind farms with a total capacity exceeding 3.5 million kilowatts. (2) It has developed gravity energy storage system process packages suitable for multiple scenarios and created molten salt heat storage technology with independent intellectual property rights.
Ningbo Construction strategically holds shares in Zhongjingyun Data Storage Technology Co., which builds green cloud data centers and actively explores next-generation cloud service platforms. Roman Technology employs a "photovoltaic + energy storage + smart microgrid" model to create urban low-carbon regional energy-plus scenarios. Its proposed acquisition target, Wutong High-tech, primarily engages in AIDC computing power infrastructure integration services. Guangdong Construction Engineering had put into operation 4.566 million kilowatts of clean energy capacity by mid-2025. Yongfu Engineering integrates power system planning, new energy, grid, energy storage, and intelligent operations to provide customers with integrated "source-grid-load-storage-intelligence" power system solutions.
Risk warnings include macroeconomic policy risks and power investment falling below expectations.
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