Green electricity suddenly turned the tide.

Recently, the green power sector has unexpectedly regained investor attention with a strong comeback. As of March 12, the CSI Green Power Index has increased by 19.64% this year, nearly catching up with the booming coal industry.

Green power ETFs are riding the wave, with multiple products trading at continuously rising prices and a surge in on-market trading volume. On March 12, the trading turnover of Huaxia and E Fund’s green power ETFs hit new highs.

This “volume-driven push” indicates that, in the view of some investors, green power is transforming from a defensive “safe haven” into an offensive asset with growth potential.

This surge is not accidental; its underlying logic stems from a profound “computing and electricity” revolution. By 2026, as AI large models fully enter the trillion-parameter era, the energy consumption of data centers has shifted from a technical challenge to an economic lifeline. When the market realizes that “the end of AI is electricity,” green power is no longer just an environmental footnote but has become the fundamental fuel of digital infrastructure.

Especially this year, the “computing and electricity” collaboration was included in the government work report during the Two Sessions, explicitly mentioning “large-scale intelligent computing clusters, computing and electricity collaboration, and other new infrastructure projects,” directly shifting the valuation logic of power companies from traditional utilities to new technological foundations.

In this process, another concept has been repeatedly discussed in the capital markets: power is leveraging tokens to go global.

In the past, China, as the “world’s factory,” converted electricity into physical goods for export via container shipping; now, abundant and low-cost domestic green electricity is transformed into reasoning capabilities of large models through intelligent computing centers, ultimately flowing across borders in the form of tokens on the cloud.

For green power giants, this means downstream clients are shifting from traditional industries to demand for nearly unlimited computing clusters, endowing electricity with a financial attribute similar to “digital gold.”

Meanwhile, the Strait of Hormuz transportation has given the green power sector another boost. Although international crude oil prices recently surged and then fell back, as of 6 p.m. on March 12, ICE Brent crude remained high at $96, up 58% this year. The surge in oil and gas prices has directly triggered energy substitution effects. To hedge against high costs of fuel and natural gas power generation, demand for coal-fired and alternative power sources has surged.

In the context of spiraling costs for traditional energy, the “cost per kWh” of green power sources like wind, solar, and nuclear is almost unaffected by geopolitical fluctuations. Their low-cost advantage is being amplified infinitely, attracting a large influx of risk-averse capital into green power ETFs.

These events are partly coincidental, but one thing is certain: in this new era, due to frequent geopolitical conflicts and the reorganization of the international order, traditional energy industries such as oil, gas, coal, and green power are shifting from ordinary assets to strategic assets related to “energy security.”

When traditional energy routes could be cut off at any time, wind turbines and hydropower stations built in deserts, high mountains, and great rivers become the most resilient backbone of a nation’s economy.

There are always foresighted funds in the market. On January 16, the Harvest Green Power ETF experienced massive trading volume and high turnover. On March 12, several other ETFs saw large transactions and significant chip exchanges, indicating fierce competition between early profit-taking funds and new allocation funds.

This is the main storyline of green power in recent times. I am the cat from Jintai Road, here to watch the story with you where capital flows wildly.