Green Power Enterprises Show Active Performance, AI Computing Power Demand Boosts Industry Sentiment

On March 17, the Wind Power Index entered a short-term consolidation phase after nearly a month of continuous gains, briefly rising over 1% during the trading session before closing down 0.47%. There was significant sector differentiation, with clean energy power generation companies becoming the main highlights, with several stocks hitting the daily limit up.

The government work report emphasized building a new type of power system, accelerating smart grid construction, developing new energy storage, and expanding green electricity applications. Industry insiders believe that policy support, combined with the global growth in AI computing power driving increased data center electricity consumption, continues to boost demand for power infrastructure upgrades. Under HALO trading logic, the power sector, as a “heavy asset, low淘汰 rate” infrastructure, remains highly focused by the market.

Multiple stocks of green energy companies hit the daily limit up

On March 17, within the power sector, clean energy power generation companies performed actively. Huadian Liaoning, Jiangsu New Energy, and Energy-saving Wind Power all hit the daily limit up; Zhejiang New Energy rose over 7%; Huadian New Energy and Xineng Technology gained more than 6%.

Overall, institutions believe that multiple factors still support the performance of the power sector. Policy-wise, the 2026 government work report explicitly states efforts to build a new power system, accelerate smart grid development, develop new energy storage, and expand green electricity use.

State Grid announced in January that during the 14th Five-Year Plan, the company’s fixed asset investment is expected to reach 4 trillion yuan, a 40% increase over the 14th Five-Year Plan, aiming to expand effective investment and promote the development of the new power system industry chain and supply chain.

Additionally, the growth in global AI computing power has increased data center electricity consumption, drawing attention to the value of power infrastructure.

Industry outlook supported by multiple factors

The growth of global AI computing power is changing the demand pattern for electricity. Huatai Securities believes that, amid exploding AI demand, there will likely be no power shortages in China and the U.S., but power supply tightness is an inevitable trend. During the later stages of AI training and inference, fluctuations in power demand will be more elastic than the growth in electricity consumption.

Currently, the gap between domestic and overseas computing power is narrowing, and token consumption in the Agent model is expected to grow exponentially. The market may see China’s large model token exports as a core competitive advantage based on electricity prices, which currently account for only 10%. As chip inference economics and efficiency improve, the proportion of electricity costs in per-token costs may continue to rise.

At present, both domestic and international power grid construction are entering a new investment cycle. CICC Research reports that the demand for grid upgrades overseas provides opportunities for Chinese companies to go abroad. North America continues to face power shortages, and the prosperity of the transmission and transformation sector is rising. With the clear investment plan of 4 trillion yuan during the 15th Five-Year Plan, ultra-high voltage (UHV) construction is expected to advance.

Furthermore, HALO trading logic is gaining market attention. This investment philosophy focuses on infrastructure assets with relatively stable value that are less likely to be淘汰 by technological progress.

In the context of rapid AI development, power infrastructure features “heavy assets and low淘汰 rate.” Compared to faster-changing AI chips and algorithms, power infrastructure has a longer lifecycle and relatively stable returns, making it a more certain investment during periods of rapid technological change.

Three key areas to watch

Looking ahead, many institutions believe that the power sector remains in an upward cycle, with three key segments worth attention: energy storage, overseas expansion of gas-fired power, and ultra-high voltage (UHV) construction.

First, energy storage. CICC Research indicates that the North American power shortage logic persists, with sectors like energy storage, lithium batteries, power equipment, and photovoltaics gaining attention. As one of the power sources supporting AI data centers, energy storage has high demand certainty. Currently, downstream integration and operation segments of energy storage generate higher profits than equipment segments. Future profits are expected to be passed upstream through price increases in materials and batteries, which present opportunities for volume and price growth.

The institution believes that with clearer downstream procurement and long-term order guidance in November and December 2025, demand expectations for 2026 will become clearer. Opportunities are particularly promising in fast-rising segments such as 6F (hexafluorophosphate lithium), VC, as well as companies involved in iron-lithium, anodes, separators, and aluminum foil.

Second, overseas expansion opportunities in the gas-fired power industry chain. Orient Securities reports that recent growth in North American data center self-built grids has increased orders for related gas-fired power companies. Under the background of tight supply and extended delivery cycles for gas turbines and gas generators overseas, domestic gas power industry chain exports are expected to become a trend.

Dongwu Securities analysis shows that the global gas turbine industry is experiencing simultaneous volume and price increases. Chinese companies have achieved domestication of F-class heavy-duty turbines. As the localization rate of core components improves, Chinese firms will have more order opportunities amid the global industry prosperity.

Third, UHV and transmission equipment. CICC Research notes that the domestic high-voltage sector benefits from the global boom in transmission and transformation construction, with increased attention; the approval of the Panzhihua UHV project provides a catalyst. The overseas market remains prosperous, with continuous growth in domestic transformer exports from January to August 2025, and opportunities in North America and the Middle East.