On May 20, the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on Orderly Promoting the Development of Multi-user Green Power Direct Connection," marking the official transition of China's green power direct connection model from the "one-to-one" single-user era to a new "one-to-many" epoch. This policy upgrade is not merely a quantitative expansion but a systematic summary and institutional breakthrough based on the practical implementation of last year's single-user green power direct connection policy across various regions. Its core lies in effectively meeting the clean energy substitution demands of clustered energy consumers, such as industrial parks and zero-carbon parks, through mechanism innovation, thereby driving profound changes in energy consumption patterns.

From an industry chain perspective, the implementation of the multi-user green power direct connection policy will significantly broaden green power consumption channels and enhance the economic viability and investment attractiveness of green power projects. Previously, the single-user direct connection model was constrained by the electricity scale and stability of individual users, making project implementation challenging. The "one-to-many" model allows a single green power project to supply electricity to multiple users simultaneously, not only lowering the threshold for project development but also diversifying electricity consumption risks through multiple users, thereby strengthening the cash flow stability of green power assets. This change directly benefits the green power operation segment, particularly leading enterprises with high-quality wind and solar resource reserves and large-scale development capabilities. Meanwhile, the alleviation of green power consumption bottlenecks will also transmit upstream, driving order growth for wind power and photovoltaic equipment manufacturers, forming a virtuous cycle from equipment manufacturing to power station operation.

Recently, several securities firms have pointed out in research reports that as the green power trading mechanism continues to improve, the environmental value of green power is gradually gaining market recognition. The introduction of the multi-user direct connection policy further strengthens the "commodity attribute" of green power, enabling its price to better reflect its clean energy value. Against this backdrop, the profit model of green power operators is expected to shift from a single "electricity sales" model to a dual-driven model of "electricity + environmental value," with the valuation system poised for a reshuffle. Additionally, the release of green power demand in scenarios such as industrial parks and zero-carbon parks will provide the green power industry chain with a long-term, stable incremental market, significantly enhancing the certainty of industry growth.

For investors, participating in green power industry chain investments can be efficiently achieved through related ETF products. Among them, Green Power ETF Huaxia (562550) deserves special attention. This fund closely tracks the CSI Green Power Index, with constituent stocks covering leading clean energy operators in wind power, photovoltaics, hydropower, and other sectors, enabling it to fully benefit from the industry dividends brought by the green power direct connection policy. Compared to individual stock investments, ETFs diversify risks associated with single projects or companies, making them more suitable for capturing overall industry beta opportunities.

Data shows that as of May 22, the CSI Green Power Index has achieved a year-to-date return of 14.13%, with a dynamic price-to-earnings ratio (PE-TTM) of only 19.5 times, indicating that the overall valuation level remains relatively low. Against the current backdrop of intensive green power policy catalysts and continuous improvement in industry fundamentals, Green Power ETF Huaxia (562550) provides investors with a high-quality tool for one-click allocation to the green power industry chain, warranting close attention.