Huatai Securities: Recommends undervalued high-quality renewable energy targets.

Huatai Securities research report stated that since 2025, the "green electricity direct connection" policy has been frequently introduced, and in 2026, "algorithm-electricity synergy" was for the first time included in the government work report and elevated to the strategic level of national new infrastructure. The market generally believes that algorithm-electricity synergy is a concept hype, but Huatai Securities believes that this is an opportunity for green electricity in the AI era to break away from the traditional notion of "garbage electricity" and undergo a value reassessment. Although the short-term share of green electricity direct connection will not be too high, the demand from users fundamentally reflects the market value of renewable energy. In the era of AI reasoning, joint scheduling of computing power and electricity is expected to become an important proposition after breaking through the chip bottleneck. Huatai Securities believes that actively exploring "new energy +" for green electricity is an important way to solve consumption and achieve innovative breakthroughs in the value-added of wind and solar power stations; China's power sector empowering our country's AI competitiveness is not just a fusion in infrastructure, but also a bidirectional regulation of "algorithm-electricity" synergy optimization. It recommends undervalued high-quality renewable energy targets, including wind, solar, and waste incineration.