EB SECURITIES: High-quality promotion of energy conservation and carbon reduction work, upgraded top-level design leading green transformation.

EB SECURITIES released a research report stating that the policies have set clear policy directions and development paths for energy conservation, carbon reduction, and green transformation work. The investment focus is on four core directions: firstly, the hydrogen and alcohol new low-carbon fuel industry that benefits from the accelerated release of clean alternative demand in the industrial and transportation sectors, secondly, the areas related to digital infrastructure that meet the dual requirements of energy conservation, carbon reduction, and enhancing absorption capacity, thirdly, the construction and operation of zero-carbon industrial parks that seize the opportunity for large-scale development by relying on the "green for green" model, fourthly, the intelligent microgrid that supports the efficient utilization of distributed energy and the integration of source-grid-load storage as the basic unit of the new power system. Event: On April 22, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Doing a Better Job of Energy Conservation and Carbon Reduction at a Higher Level and Quality" (hereinafter referred to as the "Opinions"). The main points of EB SECURITIES are as follows: Supply-side reform: Dual control of energy consumption and carbon emissions, accelerated elimination of outdated production capacity The "Opinions" is a strategic top-level design for energy conservation and carbon reduction in the "Fifteenth Five-Year Plan" and longer periods, with stricter requirements and broader coverage, based on the completion of the phased tasks in the "Fourteenth Five-Year Plan". In terms of industrial upgrading, the "Opinions" clearly control high-energy-consuming and high-emission projects, require new industrial projects to implement carbon emission equivalence or reduction substitution, and orderly promote the elimination of backward and inefficient production capacity and process equipment in accordance with the law. Traditional high-energy-consuming industries such as steel, non-ferrous metals, petrochemicals, chemical industry, building materials, etc., will face stricter energy efficiency and carbon efficiency constraints, and the industry's production capacity structure is expected to accelerate optimization. Leading enterprises with technological, scale, and financial advantages are expected to benefit directly. Energy transformation: Accelerated construction of a new electric power system, speeding up the commercialization process of low-carbon fuels The "Opinions" regard the green transformation of energy as the core support for energy conservation and carbon reduction, explicitly control fossil energy consumption, deepen coal and oil reduction, vigorously develop non-fossil energy and new energy storage, accelerate the construction of a new electric power system, innovate the development of green power direct connection, intelligent microgrid, and other formats, enhance the on-site absorption and flexible allocation capacity of distributed energy, facilitate the efficient consumption of green electricity. The "Opinions" propose to support the construction of zero-carbon industrial parks, promote the "green for green" model, rely on intelligent microgrids to achieve integrated coordination of source-grid-load storage within the park, create a full-chain low-carbon industrial cluster, drive the demand for new energy, energy storage, and comprehensive energy services in the park. In the field of low-carbon fuels, the policy supports the development of electric (hydrogen) heavy-duty trucks, green fuel ships, encourages the blending of clean low-carbon fuels, and opens up space for the application of new low-carbon fuels such as hydrogen and alcohol in the industrial and transportation sectors. The technological iteration and commercialization process of the related industrial chain are expected to accelerate. Digital infrastructure for energy conservation and carbon reduction: Multiple technological pathways in parallel, opportunities for development in the direction of algorithm-electricity synergy For the first time, the "Opinions" include digital infrastructure in the key areas of energy conservation and carbon reduction, requiring the promotion of energy conservation and carbon reduction transformation of facilities such as computing power, communication base stations, and data centers, strict inclusion of energy efficiency indicators such as electrical energy utilization efficiency, enhancement of consumption of renewable energy and recovery utilization of waste heat resources. In addition to market attention to algorithm-electricity synergy and liquid cooling technology, the policy also promotes multi-dimensional optimization and upgrading of equipment selection, cooling architecture, cabinet power density, system intelligent operation strategies, and supports the development of green, low-carbon, intensive, and cyclic computing facilities. Enterprises with the capacity for comprehensive energy-saving solutions are expected to usher in new market space and development opportunities. Risk analysis: The pace of policy implementation may be slower than expected; the progress of the elimination and transformation of high-energy-consumption industries may be disrupted by the pressure of local economic stability and growth; the commercialization iteration speed of technologies such as hydrogen and alcohol, intelligent microgrids may be slower than expected; macroeconomic fluctuations may lead to weak downstream demand, thereby affecting the willingness for energy conservation and green investment.