The AI competition is fundamentally a computing power race, and the foundation of computing power lies in stable and massive electricity supply. Consequently, the demand for powering AI data centers is surging at an unprecedented pace. Recently, the CEO of Saudi Aramco stated that by 2030, data center power consumption could reach three times that of the global electric vehicle fleet.

Notably, on Monday Eastern Time, solid oxide fuel cell leader Bloom Energy surged significantly, becoming the market's focal point. The catalyst was a $5 billion collaboration plan jointly announced with global asset management giant Brookfield. The partnership will design and deploy SOFC power generation solutions for AI factories worldwide.

With the rapid advancement of large models like ChatGPT and Sora, global data center power consumption has transformed into an "electricity glutton." International Energy Agency data shows that in 2024, global data center power consumption accounted for 1.5% of total global electricity usage, and this proportion could double by 2030. More strikingly, a single ChatGPT response from OpenAI consumes approximately 2.9 kWh, with daily consumption equivalent to the total electricity usage of 20,000 American households.

Goldman Sachs Research recently published a report stating that the most critical obstacle to unleashing AI potential is not capital, but electricity. Goldman Sachs predicts that by 2027, global data center power demand will increase by 50%, with 60% of this growth requiring new capacity additions; by 2030, data center power demand will surge by 160%. To overcome the power bottleneck, comprehensive development of solar, wind, and other renewable energies is necessary, alongside actively embracing nuclear power.

Domestically, China has accelerated the construction of new power systems in recent years, continuously optimizing its energy structure with landmark projects and innovative achievements emerging constantly. China achieved its 2030 target of 1.2 billion kW total installed wind and solar capacity more than six years ahead of schedule.

Latest data from the National Energy Administration shows that as of the end of August this year, national cumulative installed power generation capacity reached 3.69 billion kW, up 18.0% year-on-year. Among this, solar power installed capacity reached 1.12 billion kW, up 48.5% year-on-year; wind power installed capacity reached 580 million kW, up 22.1% year-on-year.

Recently, China announced new national autonomous contribution targets, including achieving non-fossil energy consumption accounting for over 30% of total energy consumption by 2035, with wind and solar power total installed capacity reaching over six times the 2020 level, striving for 3.6 billion kW. The "15th Five-Year Plan" period represents a critical five years for new power system construction, serving as a bridge and breakthrough phase.

Related companies are accelerating their deployment. China Huaneng Group Chairman Wen Shugang stated that during the "14th Five-Year Plan," China Huaneng's new energy installed capacity historically exceeded 100 million kW, achieving four-fold scale growth in five years. The "15th Five-Year Plan" will jointly promote desert-gobi-wasteland base construction, advance deep-sea offshore wind development, and drive electricity-carbon coordination, electricity-hydrogen coordination, and electricity-heat coordination to meet society's energy needs with clean energy.

While power sources become greener, power grids should also become more resilient. State Grid Corporation General Manager Pang Xiaogang introduced that over the past five years, the company averaged annual investments of 574 billion yuan, with 2025 investments expected to reach 677 billion yuan. The "15th Five-Year Plan" grid annual investment is expected to further increase from the already high levels of the "14th Five-Year Plan."

Galaxy Securities points out that during the "15th Five-Year Plan," thermal power is expected to enhance its supply guarantee and regulation value, with individual stock recommendations including Datang Power Generation and Jiantou Energy; after new energy fully enters the market, power station operation capabilities will be tested, favoring companies with regional and cost advantages, with individual stock recommendations including Longyuan Power, China Three Gorges Renewables, Fujian Energy, and Zhongmin Energy; hydropower's dividend yield has attractiveness in a low interest rate environment, with individual stock recommendations including Yangtze Power and Chuantou Energy; nuclear power focuses on medium to long-term installed capacity elasticity, with individual stock recommendations including China National Nuclear Power and China General Nuclear Power.

**Related Concept Stocks:**

**CHINA RES POWER (00836):** CHINA RES POWER (00836) announced that its subsidiary power plants' electricity sales reached 20.7334 million MWh in August 2025, up 8.9% year-on-year. Among this, subsidiary wind farms' electricity sales reached 2.9779 million MWh, up 19.4% year-on-year; subsidiary photovoltaic power plants' electricity sales reached 1.0022 million MWh, up 30.1% year-on-year. In the first eight months of 2025, subsidiary power plants' cumulative electricity sales reached 144 million MWh, up 5.9% year-on-year, with subsidiary wind farms' cumulative electricity sales reaching 32.2722 million MWh, up 13.2% year-on-year; subsidiary photovoltaic power plants' cumulative electricity sales reached 6.1662 million MWh, up 33.2% year-on-year.

**HUADIAN POWER (01071):** On August 28, HUADIAN POWER released its interim results for the six months ended June 30, 2025. The group achieved total operating revenue of RMB 59.953 billion, down 8.98% year-on-year; net profit attributable to parent company shareholders reached RMB 3.904 billion, up 13.15% year-on-year; basic earnings per share were RMB 0.33, with a proposed interim dividend of RMB 0.09 per share (tax inclusive). The decrease in operating revenue during the reporting period was mainly due to reduced power generation, declining electricity prices, and optimization of coal trading business models.

**CHINA POWER (02380):** CHINA POWER (02380) announced that the group's consolidated total electricity sales in August 2025 were approximately 11.7215 million MWh, up 4.78% from the same month last year, while consolidated total electricity sales for the first eight months of 2025 were approximately 86.8013 million MWh.

**CGN POWER (01816):** In late August, UBS published a research report stating that CGN POWER (01816) is well-positioned to benefit from China's accelerated deployment of small modular reactors (SMR) and could benefit long-term from nuclear fusion technology development. Benefiting from nuclear technology breakthroughs, the rating was upgraded from "Sell" to "Neutral," with current valuation considered reasonable and limited downside risk. Based on discounted cash flow, the target price was raised from HK$2.3 to HK$3.4.