Huatai Securities: Recommend undervalued high-quality renewable energy stocks

Gelonghui April 2｜A research report from Huatai Securities said that since 2025, “direct green power connection” policies have been issued frequently, and “power-and-compute coordination” was even included for the first time in the government work report in 2026, being elevated to a national strategic level for new infrastructure. The market generally believes that power-and-compute coordination is a concept being speculated on. Huatai Securities, however, believes this is an opportunity for a value re-rating as “waste power” detached from the traditional meaning of “waste power” in the green-power context during the AI era. Although the share of direct green power connection in the short term may not be very high, users’ needs fundamentally reflect the market value of renewable energy. In the AI inference era, the integrated scheduling of computing power and electricity—after breaking through chip bottlenecks—has the potential to become an important proposition. Huatai Securities believes that green power proactively exploring “new energy +” is an important way to solve power utilization issues and an innovative breakthrough to achieve value appreciation for wind and solar power plants; empowering China’s power sector strengthens our AI competitiveness not only through integration in terms of infrastructure, but also through a two-way adjustment in the optimization of “power-and-compute” coordination. It recommends undervalued high-quality renewable energy targets, including wind, solar, and waste-to-energy incineration.