The green energy sector has recently experienced dual tailwinds from both policy support and market dynamics. The elevation of computing-power synergy to a national strategy, coupled with volatile oil prices driven by geopolitical conflicts, has shifted the sector from its previous fluctuating pattern to active performance among leading stocks, attracting increasing market attention. On the capital front, the largest ETF tracking the CSI Green Power Index, Green Power ETF (562550), recorded a net inflow of 191 million yuan over the past ten days, with its latest scale reaching 595 million yuan, ranking first among ETFs following the same index. On March 11, the green energy sector strengthened again, with Green Power ETF rising over 2% during the session. Constituent stocks such as Cecep Wind-Power Corporation (601016.SH), Jiangxi Ganneng Co.,Ltd. (000899.SZ), and Green Development Electricity Group Of Tianjin Co.,Ltd. (000537.SZ) hit the daily limit up, while Gcl Energy Technology Co.,Ltd. (002015.SZ), Cecep Solar Energy Co.,Ltd. (000591.SZ), and Guangdong Baolihua New Energy Stock Co.,Ltd. (000690.SZ) also advanced.
A key meeting in early 2026 explicitly set a target to reduce carbon dioxide emissions per unit of GDP by 17% cumulatively and to continue promoting green and low-carbon transformation in key sectors. Simultaneously, the government work report included "computing-power synergy" for the first time, and the concept of "future energy" was introduced during the Two Sessions, positioning energy transformation at the core of national strategy. An industrial development framework centered on green power as the foundation and hydrogen energy as a breakthrough has been clearly established.
I. Computing-Power Synergy: A "New Infrastructure" Engine in the Government Work Report At the recently concluded National Two Sessions, "computing-power synergy" was written into the government work report for the first time. The report explicitly called for implementing new infrastructure projects, including ultra-large-scale intelligent computing clusters and computing-power synergy. This shift is not merely a change in terminology but signals a new phase of deep integration and holistic optimization between computing and power, two fundamental sectors. With the explosion of large AI models, it has become evident that the ultimate constraint on computing demand is power supply. According to predictions by the China Academy of Information and Communications Technology, under a scenario of rapid AI growth, electricity consumption by computing centers in China could exceed 700 billion kWh by 2030, accounting for 5.3% of total societal electricity consumption. Behind this figure lies not only immense energy consumption pressure but also a historic opportunity for green power adoption.
While computing demand in the Yangtze River Delta region grows at an annual rate of 28%, such demand is concentrated in the eastern regions, whereas green power resources are abundant in the west. The mechanisms for cross-provincial and cross-regional green power trading remain underdeveloped. This contradiction highlights a core issue: computing power without green energy is not truly green, and green power without computing demand struggles to maximize its value. Therefore, the essence of "computing-power synergy" is to align wattage with computing needs and proactively direct computing demand toward green power sources.
II. AI Computing Boom Amplifies Green Power Demand High-energy-consumption emerging sectors such as AI computing centers and data centers have become significant drivers of green power demand. The explosion of the large AI model industry has led to exponential expansion in computing scale. Data from the International Energy Agency shows that global data center electricity consumption reached 416 TWh by the end of 2024 and is expected to maintain strong growth through 2026, with electricity costs becoming a core component of AI operational expenses. Meanwhile, national guidelines require that new data centers in national computing hub nodes source at least 80% of their electricity from green power, further stimulating green power consumption.
III. Long-Term Logic of the Green Power Sector Solidified Driven by multiple factors including carbon neutrality goals, energy security, and cost advantages, the replacement of traditional fossil fuels with green power has become an irreversible long-term trend. The green power sector is poised for a sustained high-growth cycle.
1. Continuous Expansion and Strong Growth Momentum in the Green Power Sector In recent years, China's green power sector has experienced rapid development, with installed capacity and power generation continuously rising, leading to steady industry expansion. In 2025, newly installed photovoltaic capacity nationwide reached 317 million kW, a 14% year-on-year increase. By the end of 2025, total installed photovoltaic capacity hit 1.2 billion kW, up 35% year-on-year, while photovoltaic power generation reached 1.17 trillion kWh, a 40% increase, with a utilization rate of 95%. Additionally, hydropower capacity stood at 450 million kW, wind power at 640 million kW, and biomass power at 47 million kW, placing China's total renewable energy capacity among the global leaders.
Since 2026, growth momentum in the green power sector has accelerated further. Data from January to February 2026 show that national renewable energy generation reached 789 billion kWh, up 16.8% year-on-year, with non-fossil energy accounting for 23.5% of total electricity consumption. As green power direct-connection projects accelerate, technology advances, and costs continue to decline, the growth potential of the green power sector will be further unleashed.
2. Expanding Application Scenarios and Broadening Demand Space The application scenarios for green power are extending from traditional industrial sectors to construction, transportation, agriculture, and services, comprehensively opening up demand space. Additionally, green power consumption at the residential level is gradually emerging, with more households adopting green and low-carbon lifestyles through rooftop solar installations and green power purchases, further expanding the demand market. This diversification of applications provides stable demand support for the long-term development of the green power sector and offers broad growth opportunities for related enterprises.
IV. One-Click Exposure to a High-Purity Power Index Amid the resonance of multiple favorable factors, the structural dividends of the green power sector are set to be continuously released, making it one of the most promising investment avenues in the coming years. Green Power ETF (562550) tracks the CSI Green Power Index, offering one-click exposure to leading power companies. According to Shenwan industry classification, the index allocates 99.26% to the power sector, higher than the China Green Power Index and the CSI Power Index, making it the purest power-focused index in the market. A detailed breakdown shows that, under Shenwan's three-tier classification, the holdings include not only clean energy enterprises represented by hydropower, wind power, and photovoltaic power but also energy transition samples such as thermal and nuclear power. The index exhibits high concentration, with the top four industries accounting for 82.81% of the total weight.
The top ten constituents collectively represent 48% of the index weight, covering industry leaders such as China Yangtze Power Co.,Ltd. (600900.SH), China National Nuclear Power Co.,Ltd. (601985.SH), China Three Gorges Renewables(Group)Co.,Ltd. (600905.SH), Gd Power Development Co.,Ltd. (600795.SH), and Huaneng Power International,Inc. (600011.SH), ensuring high industry representativeness. Green Power ETF (562550) closely tracks the CSI Green Power Index, ranking first in scale among similar index products. It stands to benefit deeply from three major trends: clean energy demand from AI data centers, rising green certificate prices, and expanded power demand from token出海. It serves as an efficient tool for gaining exposure to the green power sector and capturing the energy transition opportunities of the AI computing era.
Furthermore, computing-power synergy and the AI computing boom will catalyze demand for grid upgrades. Grid Equipment ETF (159326) is the only ETF product tracking the CSI Grid Equipment Theme Index, with over 77% exposure to the grid equipment sector under Shenwan classification, making it the purest grid index in the market. It allocates 90% to smart grid and 69% to ultra-high voltage themes, both ranking first in the market. The product comprehensively covers industry leaders across the entire supply chain, including NARI Technology Co., Ltd., TBEA Co., Ltd., and Sieyuan Electric Co., Ltd., aligning precisely with three key themes: ultra-high voltage project advancement, smart grid upgrades, and grid transformation supporting AI computing needs. It serves as a core tool for conveniently capturing the high growth prospects of the grid equipment industry.
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