Huachuang Securities: Global Energy Restructuring, China's Manufacturing Going Global Welcomes Historic Window of Opportunity.

Huachuang Securities released a research report stating that under the reshaping of the global energy structure, Chinese companies are embracing new opportunities to go global. 1. Taking Europe as an example: radical transformation coupled with excessive dependence on foreign sources, seeking strategic adjustments. For example, the UK: abolishing wind power tariffs, positioning energy security in advance. 2. Continuously recommend Cosco Shipping Specialized Carriers (600428.SH): a leader in offshore transportation of wind power and new energy vehicles. 3. New types of going global: the overseas drive of domestic computational power tokens is driving rapid growth in electricity demand. 4. AI computational power ignites demand for gas turbines, bottleneck in the overseas supply chain of "two machines", China's manufacturing is ushering in a historic window. Huachuang Securities' main points are as follows: Energy structure transformation: the cornerstone of the energy security system 1. In recent years, through reforms and transformations, China's energy structure has become more diversified, with coal-fired power accounting for only 40% of installed capacity and photovoltaic and wind energy accounting for nearly 50% of installed capacity. 2. The "Fifteen Five-Year Plan" outlines goals for the construction of a new energy system, with five pillars including doubling non-fossil energy, developing new power systems, promoting energy security, transitioning consumption, and reforming systems. 3. Investment opportunities brewing in a diversified energy supply system. 1) New energy: the firm is particularly bullish on offshore wind power, with Fujian Funeng, Zhongmin Energy, CHINA SUNTIEN (H), and Jiangsu New Energy Development being recommended. 2) Nuclear power: China's accession to the "Triple Nuclear Energy Declaration" may lead to reevaluation of nuclear power value. China National Nuclear Power and CGN Power Co., Ltd. are recommended. Pay attention to hydropower: the Yarlung Zangbo River project has commenced, accelerating the strategic development of southwest hydropower. Also focus on coal-fired power: essential in energy security, gradually transitioning to adjustable power sources. New demand traction: AI data center demand explosion, electrical computation integration drives new growth poles 1. DRIVE 1: Top-level planning, continuous release of policies related to electrical computation integration. DRIVE 2: Green electricity is expected to alleviate the constraints of dual-control policies on data center growth. DRIVE 3: Advantages of low-cost green electricity to propel data center cost reductions. 2. Green certificate trading, direct green electricity connection jointly safeguard data center power supply. 3. Key three investment clues: 1) Companies expanding from the power sector to data centers, recommended companies include NYOCOR, Henan Yuneng Holdings; 2) Integrated energy management service providers with a background in power grids, recommended companies include China Southern Power Grid Energy Efficiency & Clean Energy, Chongqing Fuling Electric Power Industrial; 3) Power operators expected to benefit from direct green connections, recommend CECEP Wind-Power Corporation, and pay attention to Green Development Electricity Group of Tianjin, Jinko Power Technology, among others. Future energy construction: forward-looking layout in the field of nuclear fusion, industrial progress in the "Fifteen Five-Year Plan" may accelerate 1. The firm believes it may be the ultimate energy solution and is explicitly mentioned in the "Fifteen Five-Year Plan" as one of the future industries. 2. Global competition in the fusion field is accelerating, with the firm predicting a capital expenditure expansion cycle from 2026 to 2028. According to the firm's incomplete statistics, major nuclear fusion projects in China are expected to receive investments totaling 147.7 billion yuan. 3. Grasping key investment clues: Clue 1: Significant value proportions in magnetic systems, vacuum chambers, and power systems. Western Superconducting Technologies is recommended. Pay attention to Jiangsu Etern, Tongling Jingda Special Magnet Wire, among others. Clue 2: Core participating companies in key domestic nuclear fusion projects are recommended, such as Hefei Metalforming Intelligent Manufacturing, Jiangxi Lian Chuang Optoelectronic Science And Technology, and Guoguang Electric. Clue 3: Actively participate in core component manufacturers for nuclear reactors. Companies like Zhejiang JIULI Hi-tech Metals, Anhui Wanyi Science And Technology, Sun Create Electronics are recommended, with a focus on Advanced Technology & Materials, among others. Energy logistics system guarantee 1. Oil transport: "anxiety" over oil, coupled with optimization of patterns, driving the arrival of a major cycle. Factors like geopolitics may lead to a trend change in global oil trade patterns. Long-term perspective on the impact of the recent US-Iran conflict: increased demand for filling reserves and diversification of import sources. The firm calculates that for every 10,000 US dollars/day fluctuation in VLCCTCE, COSCO Shipping Energy Transportation and China Merchants Energy Shipping's VLCC fleet pre-tax profit elasticity exceeds 1 billion. 2. Coal logistics: 1) Outbound transport of Xinjiang coal: from "marginal supplementation" to "national backbone supply". Focus on Guanghui Logistics: a representative company for Xinjiang coal outbound transport, stable and rising profit center on the Hongnao Channel. 2) Continued recommendation for Jiayou International Logistics: a leader in cross-border multimodal transport with bases in China and Mongolia, and expansion into Africa. 3. Dangerous goods logistics: Confirmation of the turnaround at the cycle bottom. Great River Smart Logistics is recommended, with a focus on Hengtong Logistics. 4. The era of strategic value for ports has arrived. Various factors such as overseas geopolitics, US-China relations, global asset competition, etc., are shifting market perceptions of the port industry from "cyclical asset capacity" to "global supply chain security hub". Recommendations include China Merchants Port Group, Xiamen Port Development, Tangshan Port Group, QINGDAO PORT. Risk warnings: Global economic uncertainty due to overseas conflicts, intensified industry competition, rising costs.