Power investment has formed a logically rigorous ecological closed loop.
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<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O0GkIzqPAX1hyEcQHIL0fa9zFfZ88qkMhe_J0BCAslObkAA/1000?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O0GkIzqPAX1hyEcQHIL0fa9zFfZ88qkMhe_J0BCAslObkAA/1000"/>
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OK4RMiiGjHnjesa1YLmF7iHIeLRKtAJp0Z7EfN0ImzGTgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OK4RMiiGjHnjesa1YLmF7iHIeLRKtAJp0Z7EfN0ImzGTgAA/641"/> Author | Breaking Wave Editor | Xiaobai
The end of AI is electricity, which is no longer just a simple joke.
With the popularity of intelligent applications represented by OpenClaw, computing power consumption has officially entered a new level.
Computing power requires massive electricity consumption, and the stable supply of electricity and green transformation directly determines the cost ceiling and compliance threshold of computing power.
Currently, the investment logic in the power industry has evolved into HALO assets characterized by heavy assets and low elimination rates.
Against the backdrop of AI, the investment direction of the power industry chain can be simply divided into three links: power generation, power transmission, and power storage.
Today, Fengyunjun will clarify the differences between these three links and how to choose the relevant ETFs.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OIq_eZXttFo6SE22xBn-3qhLkoiCwtI9Oc6Nfrr3iJ0ysAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OIq_eZXttFo6SE22xBn-3qhLkoiCwtI9Oc6Nfrr3iJ0ysAA/641"/>
<h1>How to choose in power generation? Electricity or green electricity?</h1>
Many friends often cannot distinguish between the power index and the green electricity index when watching the market.
In simple terms, electricity is a general term for all electrical energy, regardless of whether it is thermal power, hydropower, wind power, photovoltaic, or nuclear power; as long as it is generated, it is called electricity.
Green electricity, on the other hand, is a cleaner and more environmentally friendly subcategory, such as electricity generated through clean and low-carbon methods like wind power, photovoltaic, hydropower, biomass, and nuclear power.
From an investment logic perspective, the two have different emphases.
<h1>01 The core attribute of the power index is public utilities and high dividends</h1>
The comprehensive power index has the broadest coverage and can be understood as the &#34;collection&#34; of the entire A-share power industry. It not only includes various clean energy sources but also incorporates thermal power, nuclear power, etc., serving as a &#34;barometer&#34; for the overall performance of the power industry.
The representative index is the &#34;Power Index,&#34; which, from an industry distribution perspective, mainly consists of thermal power and hydropower while also considering wind and solar power generation.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOUTjkPl9auZ6MZ8aBR7fB_HoTBUyJjgwEMCWmfCFElJQAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOUTjkPl9auZ6MZ8aBR7fB_HoTBUyJjgwEMCWmfCFElJQAA/641"/>
(Source: Choice Data)
The holdings of such assets are mostly giants like Yangtze Power and China Nuclear Power, and the core attributes of these assets are public utilities and high dividends, possessing typical defensive characteristics
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OhT8VZrLqjugCOUcKBfFrkBVvjS3X79aJt3Oz2VWgsYgQAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OhT8VZrLqjugCOUcKBfFrkBVvjS3X79aJt3Oz2VWgsYgQAA/641"/>
(Source: Choice Data)
<h1>02 National Green Power is More &#34;Green&#34;</h1>
Next is the green power index. It focuses on clean energy operations and is closely related to the green electricity trading mechanism and carbon neutrality policies.
The demand for green electricity driven by the expansion of artificial intelligence computing power is extremely rigid. According to policy requirements, the proportion of green electricity in newly built data centers at national hub nodes must exceed 80%. This means that green electricity is not only energy but also a compliance ticket for data centers.
Currently, there are two products in the market that track green power indices, namely the National Green Power and the CSI Green Power.
Although both are called green power indices, the National Green Power is clearly more &#34;green,&#34; while the CSI Green Power index includes a considerable proportion of thermal power stocks, with thermal power weight comparable to that of the power index.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OUbcubv8FG6ttu0tgm0ymkL1qv-uQsqt_PeM4TxNhRQBsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OUbcubv8FG6ttu0tgm0ymkL1qv-uQsqt_PeM4TxNhRQBsAA/641"/>
(Source: Choice Data)
Moreover, the overlap of constituent stocks between the CSI Green Power and the power index is extremely high.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OTkQ6sFoaLLBjpmtxgKqX8b1Fy3FDPQux9HRlab8_gzpAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OTkQ6sFoaLLBjpmtxgKqX8b1Fy3FDPQux9HRlab8_gzpAAA/641"/>
(Source: ifind)
Therefore, from the perspective of net value trends, the CSI Green Power and the power index do not differ significantly overall.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsyJXSh9vuaxb7kRVzdbvKGTDbTwCVLttR9J99LNE6n48AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OsyJXSh9vuaxb7kRVzdbvKGTDbTwCVLttR9J99LNE6n48AA/641"/>
(Source: Wind)
The National Green Power has a stricter definition of &#34;green,&#34; with a lower proportion of thermal power, focusing more on clean energy. Additionally, the average market capitalization of its constituent stocks is relatively small, which makes its elasticity and volatility correspondingly greater.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Onm4Cd2BhepssW0ob9RpwYDHPAIntRZob4bHmli6_INVkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Onm4Cd2BhepssW0ob9RpwYDHPAIntRZob4bHmli6_INVkAA/641"/>
(Source: Wind)
As of March 20, 2026, data shows that the power sector has demonstrated strong resilience, with related ETFs in the power generation segment showing an overall increase of about 14% this year (excluding newly listed varieties this year).
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O6iwQ4tFSMK9XJxDzTqlPW_UMUvju9hbICX2HNPv1UJlIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O6iwQ4tFSMK9XJxDzTqlPW_UMUvju9hbICX2HNPv1UJlIAA/641"/>
(Table created by: Market Value Wind APP; Source: Choice Data)
For the allocation in the power generation segment, investors who prefer stability, seek dividends, and are defensive can pay attention to power indices or products related to the CSI Green Power.
If you want to invest in purer clean energy such as &#34;wind, solar, and hydro,&#34; you can focus on products related to the National Green Power Index.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OzkRPRPhEgPypTHiPxWdh_6DotY6QPH4ty41ALndajcA0AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OzkRPRPhEgPypTHiPxWdh_6DotY6QPH4ty41ALndajcA0AA/641"/>
<h1>Looking at the more elastic power grid equipment from the power delivery end</h1>
The electricity generated must be delivered to data centers and households through the power grid.
If green electricity is the source, then the power grid is the electricity highway. Power grid companies do not produce electricity; they earn money from transmission fees and infrastructure investments.
Driven by the explosion of AI computing power, the power delivery segment, namely the power grid equipment sector, has shown stronger growth elasticity than the power generation end.
This is because AI has very high requirements for electricity: no power outages, stable voltage, and high load. The aging power grids in Europe and the United States cannot support the surging electricity load, which directly catalyzes the demand for our country's power grid equipment to go overseas.
Domestically, according to the planning disclosed by the State Grid, from 2026 to 2030, during the 14th Five-Year Plan period, the fixed asset investment is expected to reach 4 trillion yuan, a 40% increase compared to the 13th Five-Year Plan period, with an average annual investment scale of 800 billion yuan.
This is an extremely clear incremental space. The construction of ultra-high voltage and the intelligent transformation of distribution networks are key areas for this 4 trillion yuan investment.
Currently, there are two representative indices tracking power grid equipment in the market: the CSI Power Grid Equipment Theme Index (hereinafter referred to as &#34;Power Grid Equipment Theme&#34;) and the Hang Seng A-Share Power Grid Equipment Index (hereinafter referred to as &#34;Hang Seng A-Share Power Grid Equipment&#34;).
These two indices had a significant difference in returns last year (Power Grid Equipment Theme 32%, Hang Seng A-Share Power Grid Equipment 72%), mainly because the latter holds many stocks from market hot sectors such as optical communication (e.g., CPO) and non-ferrous metals.
In early December 2025, the Hang Seng Index Company made important adjustments to the Hang Seng A-Share Power Grid Equipment Index, and currently about 80% of the constituent stocks of the two indices overlap, resulting in similar overall trends.

(Source: ifind)
However, from the perspective of the Shenwan secondary industry, the Power Grid Equipment Theme Index has a higher purity of power grid equipment, with a weight ratio exceeding 77%. It also leads in coverage of sub-sectors such as ultra-high voltage and smart grids, which can better capture the equipment order dividends brought by the acceleration of power grid infrastructure.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OMe3cJRWqXaL797m64NxZQhIenoRrspOKggLCEntfwTbsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OMe3cJRWqXaL797m64NxZQhIenoRrspOKggLCEntfwTbsAA/641"/>
(Source: ifind)
As of March 20, 2026, the overall increase in ETFs related to the power delivery segment (excluding those listed this year) has been over 20% this year, higher than the approximately 14% increase in ETFs related to the power generation segment.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OYgWgrSbACASDkxX8hLi6RoBAOEqhZr-0Cq0K4Kuc1PBEAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OYgWgrSbACASDkxX8hLi6RoBAOEqhZr-0Cq0K4Kuc1PBEAA/641"/>
(Table created by: Market Value Cloud APP; Source: Choice Data)
The power grid equipment sector belongs to high-end manufacturing, and its volatility is usually greater than that of power generation companies. Its upward momentum comes from the release of confirmed orders and a global wave of energy infrastructure.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OM61WLDewWzGB5Wsg3XuqO3IkeQvmINDMUB4nw-dJsvXgAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OM61WLDewWzGB5Wsg3XuqO3IkeQvmINDMUB4nw-dJsvXgAA/641"/>
<h1>Re-evaluation of Energy Storage under Energy Security and Computing Power Synergy</h1>
Finally, regarding energy storage on the electricity storage side, the logic here is also quite smooth.
In China's electricity computing synergy system, green electricity is the basic foundation, and energy storage serves as the anchor for stability. New energy sources such as wind and solar have volatility, making it difficult to meet the stringent requirements for continuous power supply from data centers; thus, energy storage becomes the key hub connecting the two.
At the same time, frequent geopolitical conflicts have completely touched the global energy security bottom line. The recent escalation of the situation in the Middle East has led to a surge in global energy prices, exposing Europe's heavy reliance on imported fossil energy. Against the backdrop of high natural gas and electricity prices, the cost-performance advantage of integrated solar and storage has been infinitely magnified.
Currently, the two macro themes of technological development and geopolitical politics are intersecting in the energy sector, elevating the investment logic of energy storage to a new height of energy security and computing power synergy.
As for the investment in related ETFs, interested friends can click on the text below for reading.
(Source: Market Value Cloud APP)
In summary, power investment has formed a logically rigorous ecological closed loop. The power generation side provides a stable foundation and defensive value, the power grid equipment side undertakes the capital expenditure dividends of new infrastructure, and the energy storage side is experiencing explosive growth under the dual catalysis of computing power and energy security.
Note: Unless otherwise specified, all data in this article is as of March 20, 2026.
Disclaimer: Investment in funds involves risks, and caution is advised. This report (article) is based on publicly available market information (including but not limited to temporary announcements, periodic reports, and official interactive platforms) as the core basis for independent third-party research; Market Value Cloud strives to ensure that the content and views contained in the report (article) are objective and fair, but does not guarantee their accuracy, completeness, or timeliness; the information or opinions expressed in this report (article) are for reference only and do not constitute any investment advice. Market Value Cloud does not bear any responsibility for any actions taken based on the use of this report.
The above content is original from Market Value Cloud APP and unauthorized reproduction will be pursued

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The A-share power ETF map analyzes the ecological closed loop of power investment, emphasizing the relationship between computing power consumption and power supply. The power industry chain is divided into three links: power generation, power transmission, and power storage. Investors need to distinguish between the power index and the green power index. The power index covers all types of electric energy, representing the overall industry performance, while the green power index focuses on clean energy and is significantly influenced by policies. With the expansion of AI computing power, the demand for green power has become more rigid, becoming a key factor for data center compliance

A-share Power ETF Map: Breakdown of Generation, Transmission, and Storage ETFs