Tianfeng Securities: The "Computing and Power Coordination" policy is generally favorable for leading companies in new energy infrastructure.

CICC Research Report states that the surge in demand for AI computing power has raised significant concern over the electricity pressure on data centers. Driven by policies, the new energy infrastructure sector has seen a noticeable increase in attention this week. Policies favor companies with the capability to invest in related new energy projects. From the impact perspective, we believe that the “Compute-Electricity Collaboration” policy is generally positive for leading companies, helping to open a second growth curve for new energy businesses. If policy benefits continue to be released and new industry models like direct green power connection accelerate, it is expected to drive sustained growth in the attention to the new energy infrastructure sector.

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CICC · Construction & Building Materials | “Compute-Electricity Collaboration” Included in Government Work Report, New Infrastructure Projects Gaining Attention

From the impact perspective, we believe that the “Compute-Electricity Collaboration” policy is generally favorable for leading companies, helping to unlock a second growth curve for new energy businesses. If policy benefits continue to be released and new industry models like direct green power connection accelerate, it could lead to sustained increases in sector attention.

Market Review

This week (March 9–13, 2026), the construction sector outperformed the CSI 300, but the building materials sector underperformed the CSI 300. Specifically, the building materials sector declined by 1.58%, underperforming the market (CSI 300) by 1.77 percentage points; the construction sector rose by 4.28%, outperforming the CSI 300 by 4.10 percentage points. Looking at specific sub-industries, all building materials sub-sectors declined, with other structural materials dropping over 5%, at -5.65%. In construction, all sub-sectors except architectural design and services III saw gains, with professional engineering, other infrastructure, and construction rising over 5%, at 6.32% and 5.48%, respectively.

“Compute-Electricity Collaboration” Included in Government Work Report, New Infrastructure Projects Gaining Attention

The rapid increase in demand for AI computing power has heightened market concern over data center electricity consumption. According to the China Academy of Information and Communications Technology, AI is the main driver of computing power growth, with electricity costs accounting for a major part of data center operating expenses. Electricity costs directly impact the economic returns of the computing industry. Against this backdrop, “Compute-Electricity Collaboration” has become an important choice for building new power systems. In 2023, “Compute-Electricity Collaboration” was mentioned for the first time. This year, it was included in the government work report. Premier Li Qiang, in the March 5 government work report, emphasized accelerating the cultivation and expansion of new drivers of growth, including large-scale intelligent computing clusters and compute-electricity collaboration as part of new infrastructure projects.

Zheng Ganjie, Director of the National Development and Reform Commission, stated at a press conference on March 6 that efforts will be made to advance the “Six Networks” and key area constructions, with an estimated investment exceeding 7 trillion yuan this year. Zheng explained that the “Six Networks” include the power grid and computing network, with key areas including infrastructure like “Artificial Intelligence+” and public service facilities. Driven by policies, this week’s attention to the new energy infrastructure sector has significantly increased. Policies favor companies capable of investing in related new energy projects. From the impact perspective, we believe that the “Compute-Electricity Collaboration” policy is generally positive for leading companies, helping to unlock a second growth curve for new energy businesses. If policy benefits continue to be released and new industry models like direct green power connection accelerate, it could lead to sustained growth in sector attention.

Investment Recommendations

1. Building Materials: Cement prices declined slightly compared to last week. Demand for cement increased noticeably this week, but overall growth remains slow, with more growth in the south and still low levels in the north. Therefore, we mainly recommend cement companies focusing on the southern market. Float glass prices rose slightly, but due to limited new orders, high inventory levels remain unchanged. For photovoltaic glass, local inventories increased slightly, and rising costs continue to compress profit margins. We recommend companies with diversified product structures. Regarding fiberglass, we believe that downstream high-frequency scenarios like AI continue to drive demand, so we continue to focus on fiberglass and “electronic fabric” concept companies. For consumer building materials, policies aim to curb past vicious price wars, with renovation and redecoration demand becoming the main support for future demand. If price increases are smoothly implemented in channels and projects, sector attention may rise. We recommend leading companies with strong brands and product advantages.

2. Construction: Policies favor the formation of funding sources and project implementation for infrastructure projects. We recommend high-growth regional state-owned enterprises, central construction enterprises, and steel structure manufacturers. For cleanroom sectors, we believe the sector will remain prosperous, with demand from high-end manufacturing fields like semiconductors and general semiconductors expected to continue releasing. As domestic substitution advances and consumer electronics upgrade drives new OLED display line construction and technical upgrades, order prosperity is expected to persist.

Risk Tips: Policy and funding implementation fall short of expectations; northern cement demand recovery is weaker than expected; waterproof material price increases are delayed; raw material costs rise beyond expectations.

(Source: First Financial)