According to a research report from Guotai Haitong Securities Co., Ltd., China's intelligent computing power is projected to reach 1,590 EFLOPS by 2025, with 42 10,000-card intelligent computing clusters established. IDC forecasts that from 2025 to 2028, China's intelligent computing power will increase from 1,037 EFLOPS to 2,782 EFLOPS, representing an average annual growth rate of 38.9%, and is expected to reach 6,649 EFLOPS by 2030. The rising demand for computing power is driving the need for optimized electricity supply. Amid the triple catalysts of computing-power coordination, direct green electricity connections, and TOKEN expansion, both regulating energy sources and green power are set to benefit. Key areas to watch include directly benefiting sectors such as green power and energy storage, as well as wind and solar power generation in Northwestern China. Furthermore, direct green electricity connections bypass intermediate grid intermediaries, establishing dedicated links between new energy power sources and electricity consumers. Key viewpoints from Guotai Haitong Securities Co., Ltd. are as follows:

The synergy of computing-power coordination, direct green electricity connections, and TOKEN expansion will benefit both regulating energy and green power. While green power and energy storage are obvious direct beneficiaries, regulating power sources with limited capacity growth—such as hydropower and thermal power—may see greater benefits. Increased electricity demand heightens the need for reliable power supply, potentially favoring regulating power sources more significantly. By 2030, electricity prices in Northwestern and Southwestern China, currently around 0.2 yuan per kWh, are expected to converge toward the national average of 0.35 yuan. This shift will benefit hydropower in the Southwest and thermal/wind/solar power in the Northwest, along with nationwide power plants. For instance, on March 10, 2026, the second phase of the Zhongwei Big Data Computing Power Industry Green Power Park in Ningxia designated China Datang Corporation Renewable Power Co., Ltd. as the implementing entity, involving 600 MW of photovoltaic and 2,000 MW of wind power capacity.

Data center computing power demand is projected to grow at an average annual rate of 39% from 2025 to 2028. The China Academy of Information and Communications Technology reports that China's data center electricity consumption was 166 billion kWh in 2024 and is expected to reach 390-820 billion kWh by 2030. By 2025, intelligent computing power in China is forecast to reach 1,590 EFLOPS, with 42 10,000-card intelligent computing clusters established. IDC predicts that from 2025 to 2028, intelligent computing power will grow from 1,037 EFLOPS to 2,782 EFLOPS, averaging 38.9% annually, and reach 6,649 EFLOPS by 2030.

European Commission President von der Leyen described Europe's move away from nuclear power as a "strategic mistake" at the Paris Nuclear Energy Summit. The share of nuclear power in Europe has declined from approximately one-third in 1990 to 15%. On the same day, the EU released a new nuclear energy strategy emphasizing small modular reactors, planning to invest 200 million euros to leverage further investments, with deployment targeted for the early 2030s.

In Guangdong province in 2025, 396 electricity retail companies reported profits, while 16 incurred losses. The average profit per kWh for retail companies was 1.96 fen. Total electricity transactions for the year reached 654.18 billion kWh, including 458.63 billion kWh from direct market transactions, a year-on-year increase of 16.2%. The average price on the demand side was 0.380 yuan per kWh, down 14.2% year-on-year. Green electricity transaction volume reached 11.63 billion kWh, surging 602% year-on-year. Market competition intensity continued to rise, with average HHI indices of 1,192 for the generation side and 383 for the demand side.

The National Energy Administration reported that fossil energy consumption in 2025 was 4.83 billion tons of standard coal, up 1% year-on-year, an increase of approximately 50 million tons. Of this, raw material use accounted for about 637 million tons, up approximately 66 million tons year-on-year. Fuel energy use was about 4.19 billion tons, down 15 million tons of standard coal year-on-year, marking the first decline.

Direct green electricity connections establish dedicated links between new energy power sources and electricity consumers, bypassing intermediate grid intermediaries. Currently, 84 direct green electricity connection projects have been approved nationwide, with a total new energy installed capacity of 32,590 MW. The "Sichuan Province Implementation Rules for Orderly Promotion of Direct Green Electricity Connection Development (Draft for Comment)" stipulates that the proportion of annual self-consumed electricity from new energy sources in a project should be no less than 60% of total available generation. Additionally, the share of new energy generation in total electricity consumption should be no less than 30%, increasing to 35% by 2030. Following the Liaoning Huadian Yingkou 100,000-ton hydrogen-ammonia tank project using wind power for hydrogen production, Liaoning has approved 10 relatively mature direct green electricity connection projects, involving a total of 2,910 MW of wind power and 400 MW of photovoltaic capacity.

Risk warnings include potential market volatility due to economic growth expectations and monetary policy, and uncertainty regarding the timeline for power marketization despite its clear direction.