Hong Kong Stock Concept Tracking | New Power System Construction Plan Released! The power industry may (attach concept stocks)

On the afternoon of August 3, the National Development and Reform Commission and the National Energy Administration issued the "14th Five-Year Plan for the Construction of a New Power System," proposing a series of specific measures from thirteen aspects to accelerate the establishment of a clean, low-carbon, secure, abundant, economically efficient, demand-supply coordinated, flexible, and intelligent new power system. Under this policy guidance, China's power system enters a new round of construction cycles, and the power industry may see robust development. The "Plan" sets the goal that by 2030, the new power system will be initially established: the green and low-carbon electricity supply structure will be basically formed, with the proportion of non-fossil energy power generation reaching 50%; the power supply capacity will continue to increase, with significant improvements in the complementary support and security resilience of the power system, maintaining a reasonable power supply adequacy that effectively meets the electricity needs of economic and social development and the people's pursuit of a better life; the establishment of a safe, reliable, green, low-carbon, resilient, and intelligent flexible new power grid will be initially completed, fully leveraging the role of resource allocation platforms and service functions, achieving a high-level absorption of over 2.8 billion kilowatts of new energy, and building a charging infrastructure network that can support the travel of over 110 million electric vehicles. Under the guidance of the "Plan," green and low-carbon will become important indicators for future electricity supply. The "Plan" proposes to strengthen the guidance on the development and consumption of new energy. Based on local realities, the utilization rate of new energy will be determined regionally by considering factors such as the penetration rate of new energy electricity, resource conditions, grid structure, regulation capacity, and load growth. The deployment layout of new energy will be optimized, with Shanxi Guoxin Energy Corporation maintaining a utilization rate of around 90%, supporting the target for the share of non-fossil energy consumption. "China has basically formed a clean electricity supply system with diversified development of coal, gas, nuclear, and renewable energy," said Yang Kun, Executive Vice Chairman of the China Power Enterprise Alliance. During the "14th Five-Year Plan" period, the dominant position of non-fossil energy power generation will be further consolidated, and the leading position of electricity in the end-use energy structure will be further strengthened, providing strong support for economic and social development and green and low-carbon transformation. China Securities Co., Ltd. released a report stating that the country will fully implement dual control of carbon emissions in terms of total volume and intensity, continually expanding the coverage of the carbon market, striving for full coverage of major industrial emitting sectors by 2027, and emphasizing the elimination of outdated production capacity for the first time. At the same time, it will vigorously cultivate hydrogen energy, green hydrogen, ammonia, and other green fuels, accelerating the construction of new power systems, energy storage, intelligent grids, and clean utilization of fossil energy. The policy direction is clear and beneficial for carbon sinks, leading low-carbon companies, carbon capture and technology renovation service providers, green electricity storage, and green hydrogen industry chains, suggesting a focus on high-certainty low-carbon transformation investment opportunities. In terms of promoting the collaborative and integrated development of power with related fields, the "Plan" mentions enhancing the power supply security capacity to meet the high-reliability power needs of various computing facilities. It calls for an overall coordination of energy resource allocation and computing facility construction, collaboratively planning the layout of computing and power projects, with "power strengthening computing" and "computing promoting power." Relying on computational facilities to develop new models, such as integrated resource networks, supply, and storage, and direct connection of green electricity, will facilitate aggregated green electricity transactions and on-site consumption, increasing the proportion of green electricity for computational facilities. It will also strengthen the recovery and utilization of waste heat resources from computational facilities. Supporting the development of new energy electricity also requires the continuous increase in demand on the consumption side. Among them, artificial intelligence is one of the fastest-growing electricity consumers, and the rapid development of high-tech industries like new energy vehicles drives significant growth in electricity consumption. According to data released by Cui Dongshu, Secretary-General of the Passenger Car Association, the market share of new energy vehicles has exceeded 60% in eastern plain regions, southern provinces and cities, and first-tier developed cities, showing significant regional characteristics in the differentiation of power structures. Meanwhile, the development of AI imposes higher requirements on the power grid, and a strong power system will provide advantages for AI competition, keeping market demand for electricity expanding. Data from the National Energy Administration indicates that during the "14th Five-Year Plan" period, the annual electricity consumption for computing is expected to increase by more than 100 billion kilowatt-hours, reaching 800 billion kilowatt-hours by 2030, with its share of total electricity consumption rising from the current 1.6% to about 6%. Computing is an important driving force behind future electricity consumption growth. "The plan not only focuses on the development of electricity itself but also promotes the collaborative integration of electricity with computing, transportation, and other fields, aiming to leverage the mutual promotion effects of the new power system and the modern industrial system," said Xiao Hongwei, Director of the Policy Simulation Laboratory of the Economic Forecast Department of the National Development and Reform Commission and a researcher. CITIC SEC's research report states that the massive demand for AI Tokens opens up long-term growth space for computing power, as companies in both China and the U.S. increase capital expenditure while domestic investments in computing power still have significant potential for growth. At the same time, Chinas electricity supply has notable advantages in terms of green electricity cost, with green electricity direct connections and integrated supply, network, load, and storage accelerating, constructing unique industrial advantages through power and computing synergy. On the industry chain side, the significant demand for AI metals like copper and tin driven by computing power construction, combined with the heavy asset characteristics of computing, allows IDCREITs to continuously widen funding sources and support industry expansion, showcasing medium- to long-term investment value in computing and electricity-related industry chains. Related concept stocks: CHINA RES POWER (00836): In the first six months of 2026, the cumulative electricity sales of its subsidiaries reached 120 million megawatt-hours, an increase of 12.8% year-on-year, among which, due to reduced wind speeds, the cumulative electricity sales of its subsidiary wind power plants reached 27.5456 million megawatt-hours, a decrease of 3.2% year-on-year; the cumulative electricity sales of subsidiary photovoltaic power stations reached 8.2571 million megawatt-hours, an increase of 42.8% year-on-year. HUADIAN POWER (01071): As of June 30, 2026, HUADIAN POWER Co., Ltd. and its subsidiaries cumulatively completed electricity generation of 108 million megawatt-hours according to the consolidated financial reporting scope under Chinese accounting standards; this was approximately 10.65% lower than the same period last year; the cumulative electricity sent to the grid was 101 million megawatt-hours, approximately 10.82% lower than the same period last year. CHINA POWER (02380): The group's total consolidated electricity sales in June 2026 were approximately 11.4637 million megawatt-hours, an increase of 1.45% compared to the same month last year, while the total consolidated electricity sales for the first six months of 2026 were approximately 62.0316 million megawatt-hours. CGN POWER (01816): From January to June 2026, the total electricity generation of the nuclear power units operated and managed by the group was approximately 117.766 billion kilowatt-hours, a decrease of 2.12% compared to the same period last year. The total electricity sent to the grid was approximately 109.597 billion kilowatt-hours, a decrease of 3.32% compared to the same period last year.