Huatai Securities: In the era of AI reasoning, the joint scheduling of computing power and electricity is expected to become an important topic after breaking through the chip bottleneck.

Huatai Securities research report stated that since 2025, the "green electricity direct connection" policy has been frequent, and in 2026, "Calculating Electricity Coordination" was included for the first time in the government work report, rising to the strategic level of national new infrastructure. The market generally believes that calculating electricity coordination is speculative, but Huatai Securities believes that in the AI era, green electricity is gaining a reevaluation of value, breaking away from the traditional notion of "garbage electricity". Although the short-term market share of green electricity direct connection will not be too high, the essence of user demand reflects the market value of renewable energy. In the AI reasoning era, the 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 the problem of grid connection and to achieve innovative breakthroughs in the value-added of wind and solar power stations; China's electrification not only integrates into our country's AI competitiveness at the infrastructure level, but also optimizes the two-way adjustment of "calculation-electricity" coordination. It is recommended to invest in undervalued high-quality renewable energy targets, including wind and solar power, as well as waste incineration.