Sinolink: Collaborative computing included in national strategy, multi-industry resonance on the same frequency.

Sinolink released a research report stating that the National People's Congress and the Chinese People's Political Consultative Conference (known as "Two Sessions") mentioned that the integration of computing and electricity has been included in the national strategy. There is a high demand for AI computing power, and the electricity usage in data centers has increased by 46.2% year-on-year. The combination of "green electricity direct connection" in China, combined with the spot electricity price mechanism, effectively solves the problem of electricity consumption, leading to a strong demand for independent energy storage and opens up the space for wind and solar energy storage. This trend will effectively drive the coordinated development of the power equipment, public utility, construction, and building materials industries. Sinolink's main points are as follows: Integration of computing and electricity into the national strategy, steep increase in AI computing power demand The mention of computing and electricity coordination in the Two Sessions and government work reports indicates that this integration has been included in the national strategy. From the perspective of demand, both domestic and international AI computing power infrastructure construction continues to be strong, driving steep growth in AI computing power. By 2025, China's data center electricity consumption is projected to reach 193.3 billion kilowatt-hours, accounting for 1.9% of the total national electricity consumption. The year-on-year growth rate is expected to be 17.0% in 2025, with a significant increase of 46.2% in January-February 2026. From the supply side, Shanxi Guoxin Energy Corporation's transformation process is accelerating, with wind and solar power accounting for 47% and 17% of China's total installed capacity and electricity generation, respectively. As one of the core downstream areas under the policy of green electricity direct connection, data center core nodes require new data centers to have over 80% of green electricity. Therefore, the demand for wind and solar energy integration is related to the use of green electricity in data centers. At the same time, under the drive of the green electricity direct connection policy, the savings in transmission and distribution fees significantly enhance the economic viability of computing and electricity coordination projects. Since 2025, the bank has observed continued implementation of demonstration projects, with point-to-point green electricity direct connection accounting for 71% in representative projects. Investment projects are mainly dominated by projects led by power sources and computing power. Computing and electricity coordination in building a new chapter of source-grid-load-storage, resonance across multiple industries The bank believes that computing and electricity integration projects as a new chapter of source-grid-load-storage can effectively drive various links in the industry chain. From the perspective of the industry chain: (1) Power equipment: The combination of "green electricity direct connection" with the spot electricity price mechanism in China effectively solves the problem of electricity consumption, leading to a strong demand for independent energy storage and opening up the space for wind and solar energy storage. Overseas data center Power Purchase Agreement (PPA) models are driving offshore wind power in Europe and accelerating the deployment of energy storage and ultra-high voltage projects in the United States. In order to accommodate computing power, the main grid and micro-grid are being laid out in a moderate and forward-looking way. AI also drives power grid digitization upgrades through reverse empowerment, with software and hardware such as power forecasting and smart dispatching experiencing definitive growth. (2) Public utilities: Due to the stable supply of electricity and green certificate demand matching, the coordination between the planning and investment entities of computing power and electricity is relatively strong. This may achieve economic improvement through saving transmission and distribution fees. The bank believes that the trend of computing and electricity coordination in the industry is clear. Taking a project in Ningxia as an example, the bank's calculations show that when the proportion of green electricity direct connection is 60%, the intermediate costs on the grid side will save about 0.05 yuan per kilowatt-hour, providing a source of income for green electricity operation projects and data centers, especially for off-grid projects. (3) Construction and building materials: In terms of building materials, there is a focus on companies that are involved in the construction of new energy projects and deeply involved in the construction of computing power centers. In the building materials industry, there is a focus on upstream green electricity-related energy materials. (4) Computer industry: With the steep increase in computing power demand, the gradual improvement of policies related to computing and electricity coordination, and the acceleration of infrastructure construction, large customers in computing power construction are paying more attention to the application of green electricity. Companies with projects integrating green electricity consumption and operation capabilities, as well as source-grid-load-storage integrated projects, are at an advantage. Industries related to computing and electricity coordination Power equipment and new energy: Wind power: Goldwind Science & Technology, Windey Energy Technology Group, Dajin Heavy Industry, Ming Yang Smart Energy, etc.; Solar energy: Trina Solar Co., Ltd., CSI Solar Co., Ltd., Jinko Solar, LONGi Green Energy Technology, etc.; Energy storage: Sungrow Power Supply, Beijing HyperStrong Technology, Shenzhen Kstar Science & Technology, etc.; Power grid equipment: Sieyuan Electric, NARI Technology, China Southern Power Grid Technology, State Power Rixin Technology, etc. Public utilities: Power operators Huaneng Power International, Inc., Huadian Power International Corporation, Shenergy, Gepic Energy Development, Sichuan Chuantou Energy, etc.; Power grid operators Chongqing Fuling Electric Power Industrial, etc. Computer industry: Guangdong Hec Technology Holding, Cambricon, Hygon Information Technology, Jiangsu Lettall Electronic, Henan Yuneng Holdings, Sharetronic Data Technology, Capitalonline Data Service, Wangsu Science & Technology, Youke Technology, Range Intelligent Computing Technology Group, etc. Construction and building materials: Integrated green electricity construction and operation China Energy Engineering Corporation, Power Construction Corporation of China, Ltd (POWERCHINA, Wuxi Taiji Industry, etc.; Green energy source materials Sinoma Science & Technology, China Jushi Co., Ltd, Chongqing Polycomp International Corporation, MEGA P&C Advanced Materials, Keda Industrial Group, etc. Risk warning AI demand falls short of expectations, policy advancement lagging, geopolitical impacts exceeding expectations.