China Galaxy Securities has released a research report stating that the 2026 Government Work Report includes "computing-power synergy" in new infrastructure projects. From a national strategic perspective, the core of computing-power synergy is to transform China's power system industrial advantages into competitive advantages for the digital economy. Currently, the costs and constraints of data centers are increasingly focused on two key factors: electricity prices and power usage efficiency. Computing-power synergy is expected to expand the AIDC/IDC business model from cabinet leasing and heavy-asset property operations to a composite infrastructure platform model integrating "power resources + computing power delivery + energy operations." Key viewpoints from China Galaxy Securities are as follows.
The 2026 Government Work Report includes "computing-power synergy" in new infrastructure projects. Computing-power synergy refers to the deep integration of computing infrastructure and the power system through digital and intelligent technologies, enabling bidirectional interaction and optimal allocation between computing load and power supply. China's AIDC IT energy consumption is projected to reach 77.7 terawatt-hours in 2025 and increase to 146.2 terawatt-hours by 2027, placing growing pressure on the power supply side. Computing-power synergy manifests at two levels: first, "power supporting computing," which involves providing stable, low-cost, zero-carbon power guarantees for computing centers through methods like direct green power supply and integrated source-grid-load-storage systems; second, "computing optimizing power," which utilizes AI algorithms and big data analysis to forecast fluctuations in renewable energy generation and regulate computing load in real time, transforming data centers from mere large electricity consumers into flexible regulatory resources for the power system, participating in grid peak shaving, frequency regulation, and other auxiliary services through virtual power plants, among other forms.
From a national strategic perspective, the core of computing-power synergy is to transform China's power system industrial advantages into competitive advantages for the digital economy. As computing power demand rises, electricity has become one of the most critical operational variables for AIDC. Currently, the costs and constraints of data centers are increasingly concentrated on two issues: electricity prices and power usage efficiency. Computing-power synergy is expected to expand the AIDC/IDC business model from cabinet leasing and heavy-asset property operations to a composite infrastructure platform model integrating "power resources + computing power delivery + energy operations."
China Galaxy Securities believes that companies poised to benefit from the development of computing-power synergy should possess the following characteristics: scarce reserves of energy consumption/land/node resources; proximity to national computing hubs or core demand areas; capability for green power access and efficient power distribution; ability to support high-power density AIDC; possession of energy-saving capabilities such as liquid cooling/HVDC/UPS/energy storage; or capabilities in computing power scheduling/intelligent computing cloud operations. Within this framework, the most noteworthy segments in the communications industry are primarily AIDC/IDC operators and companies involved in liquid cooling and energy-saving solutions.
Computing-power synergy opens multi-dimensional cost reduction pathways for IDC, restructuring the cost curve through green power trading and energy efficiency management. First, computing power follows low-cost green electricity, directly reducing per-kilowatt-hour costs. Second, tasks are scheduled according to electricity price and green power fluctuations, minimizing usage during high-price periods. Third, technologies like liquid cooling and AI energy management lower PUE, reducing non-IT energy consumption. Fourth, participation in green power trading, auxiliary services, and virtual power plants transforms part of electricity consumption from a fixed cost center into a flexible value center.
Taking Runjian Co., Ltd. as an example, the company's Wuxiang Cloud Valley Intelligent Computing Center is the highest-grade and largest-scale intelligent computing center in Guangxi to date. Simultaneously, leveraging its technical expertise and积累 in the power industry, the company has comprehensively布局 the energy network, developing full-process technical service capabilities spanning "power generation - transmission - distribution - storage - consumption - cloud services," positioning it to maintain a leading role in constructing the new power system and achieving dual-carbon goals.
Investment recommendations suggest that AIDC/IDC service providers with deep布局 in "East Data West Computing" hub nodes or those possessing green power resources, as well as data center infrastructure suppliers capable of providing efficient, stable, and green power distribution and temperature control solutions, are likely to benefit from the development of computing-power synergy. AIDC-related targets include Runjian Co., Ltd. (002929.SZ), Shanghai AtHub Co., Ltd. (603881.SH), Runtech Co., Ltd. (300442.SZ), and Beijing Sinnet Technology Co., Ltd. (300383.SZ). Optical module-related targets include Zhongji Innolight (300308.SZ), Suzhou TFC Optical Communication Co., Ltd. (300502.SZ), and Lantech (301205.SZ). Optical fiber and cable-related targets include Yangtze Optical Fibre and Cable Joint Stock Limited Company (601869.SH), Hengtong Optic-Electric Co., Ltd. (600487.SH), and Zhongtian Technology (600522.SH). Liquid cooling-related targets include Envicool (002837.SZ).
Risk warnings include the potential for slower-than-expected adoption of AIGC applications, uncertainties related to domestic and international policies and technological friction, and the risk of intensified competition in the computing power industry.