CMB Securities: "Electricity prices + climate + computing power" triple catalysts optimistic about the structural market of the power sector.

CMB Securities research report stated, "Electricity price + climate + computing power" triple catalysis, bullish on the structural bull market in the power sector. The first catalyst: spot and settlement electricity prices exceed expectations, with impressive performance in the first quarters of 2025 and 2026 in the power sector. The second catalyst: the arrival of El Nino, favorable for growth in electricity demand and improvement in precipitation. The third catalyst: the strengthening of policy for the synergy of computing and electricity, highlighting the defensive attributes of the power sector during the adjustment period of the technology sector. Recently, the National Energy Administration and other departments issued the "Action Plan for Promoting the Bilateral Empowerment of Artificial Intelligence and Energy," further refining the development path of synergy between computing and electricity, injecting strong policy dividends into the industry development. Power companies with the capability of "direct connection to green electricity" or leading in positioning at the eight major computing hub nodes are experiencing value reshaping, driving the continued active performance and leading gains of related stocks in the secondary market. In addition, in the context of the periodic fluctuations in the technology sector, the defensive attributes of the power sector with high dividends and ample cash flow are further highlighted.