On May 19, the three major indices of A-shares rebounded after hitting a low, with the Shanghai Composite Index turning positive at midday. The total trading volume of the two markets exceeded 1.8 trillion yuan, and the power sector showed strong performance against the trend, with themes such as green electricity, ultra-high voltage, and grid equipment becoming collectively active, making it the most prominent main line of today's market.
In May, the power sector is expected to experience a dual catalyst from extreme weather leading to peak electricity consumption and AI computing network electricity consumption.
Meteorological departments have confirmed that the equatorial central and eastern Pacific officially entered an El Niño state in May 2026, with a moderate to strong El Niño event forming in the summer and autumn. El Niño will directly boost electricity demand, with research showing that for every 1°C increase in summer peak electricity load, the additional electricity demand could reach 20 million to 30 million kilowatts.
The National Energy Administration's latest forecast predicts that the national maximum electricity load this summer will reach 1.575 billion to 1.6 billion kilowatts, with a high probability of exceeding 1.6 billion kilowatts under extreme high temperatures, representing a net increase of 70 million to 90 million kilowatts compared to last year's peak, creating unprecedented supply pressure. Since entering May, many regions have already seen electricity loads surge, with cooling loads starting early, and summer supply assurance has shifted from &#34;preparation&#34; to &#34;combat readiness.&#34;
On the overseas front, the expansion of AI computing power in the United States is becoming a core source of new pressure on the electricity system. The forecast for peak summer load in the U.S. by 2030 continues to be revised upward, with an additional peak load of about 166GW, of which approximately 90GW is directly related to data centers. Driven by a 350% surge in Token demand, the capital expenditure forecast for hyperscale cloud service providers in 2026 has been significantly raised from $450 billion to $800 billion. Morgan Stanley predicts that data centers will face a power gap of 55GW.
In terms of policy, the investment completion amount for national grid infrastructure in the first quarter of 2026 reached 137 billion yuan, a year-on-year increase of 43%, the second highest growth rate in recent years; the total grid investment for 2025 is 639.5 billion yuan, continuously setting historical highs. The China Academy of Information and Communications Technology predicts that electricity consumption by data centers in China will reach 390 billion to 820 billion kilowatt-hours by 2030.
GF Securities pointed out that the accelerated implementation of computing electricity synergy projects proves that it is not a short-term hotspot. Similar projects are expected to continue to be launched in 2026, with power assets centered on green electricity ushering in stable profitability and predictable long-term growth, a Davis double hit. Guangdong Power's 300,000-kilowatt photovoltaic &#34;computing electricity synergy&#34; project in Karamay, Xinjiang has been put into operation, achieving integrated integration of &#34;light, storage, computing, and grid.&#34;
As of 13:56, the power ETF GF (159611) rose by 3.51%, with a transaction amount of 586 million yuan and a turnover rate exceeding 7%; major stocks such as Changjiang Power rose by 1.15%, China Nuclear Power rose by 1.55%, Three Gorges Energy rose by 1.45%, Guodian Power rose by 4.28%, Yongtai Energy rose by 3.43%, China General Nuclear Power rose by 2.29%, State Power Investment rose by 3.17%, Huaneng International rose by 2.93%, Chuan Investment Energy rose by 2.99%, and Shanghai Electric hit the daily limit
The power ETF GF (159611) has the latest scale of 7.309 billion yuan, making it the largest power-themed ETF fund in the entire market.
As of the previous trading day, the power ETF GF (159611) saw a net inflow of 21.45 million yuan, ranking first among similar ETFs. Over the past 20 days, it has received a net inflow of 340 million yuan, and a total net inflow of 2.731 billion yuan over the past 60 days; the average daily trading volume over the past month is 527 million yuan, ranking first among its peers, with active trading and strong liquidity.
The power ETF GF (159611) tracks the CSI All Share Power Public Service Index, which has consistently increased its dividend over the past 22-25 years, reaching the latest figure of 2.31%; the underlying assets, in addition to photovoltaic power generation, also include traditional energy giants such as thermal power generation (33%+), hydropower generation (20%+), and wind power generation (14%+), which not only have stable cash flows but may also see a revaluation in the wave of power development.
Offshore investors can pay attention to the feeder funds (A: 016185, C: 0161867)

159611

On May 19th, the A-share power sector performed strongly, with the GF CSI All Share Power Public Service ETF rising over 3%. It is expected that the national power load this summer will reach 1.575 billion to 1.6 billion kilowatts, an increase of 70 million to 90 million kilowatts compared to last year, facing unprecedented supply guarantee pressure. The expansion of AI computing power in the United States will lead to a power gap of 55GW, with data center electricity consumption expected to reach 390 billion to 820 billion kilowatt-hours by 2030. With policy support, investment in the power grid continues to grow

同壁财经

GF CSI All Share Power Public Service ETF

Morgan Stanley

GF SECURITIES

GF SEC

CYPC

CNNP

CTGR

GDPD

WTECL

CGN Power

CGN POWER

SDIC Power

HUANENG POWER

SCTE

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Huaneng Power International, Inc. Sponsored ADR Class N

The United States currently has a 55GW power gap, with electricity loads surging in multiple regions in May! The largest power ETF in the entire market, GF (159611), rose over 3%, attracting 340 million in funds in the past 20 days