Huatai Securities: In the era of AI inference, the joint dispatch of computing power and power is expected to become an important topic after overcoming chip bottlenecks.

According to a research report by Huatai Securities, citing Mars Finance, since 2025, policies on "direct green electricity connection" have been frequently introduced, and "computing-power synergy" was even included in the government work report for the first time in 2026, rising to the strategic level of national new infrastructure. While the market generally considers computing-power synergy to be a speculative concept, Huatai Securities believes this is an opportunity for green electricity to move beyond its traditional status as "waste electricity" and gain a revaluation in the AI era. Although the market share of direct green electricity connection will not be high in the short term, user demand essentially reflects the market value of renewable energy. In the era of AI inference, the joint dispatch of computing power and electricity is expected to become an important issue after overcoming chip bottlenecks. Huatai Securities believes that actively exploring "new energy +" is an important way to solve the problem of power consumption and an innovative breakthrough in realizing the added value of wind and solar power plants; China's power empowerment of its AI competitiveness is not only about infrastructure integration, but also about the two-way adjustment of "computing-power" synergy optimization. Huatai Securities recommends undervalued high-quality renewable energy stocks, including wind, solar, and waste incineration.