天风证券：需求和能源矛盾倒逼算力绿色化变革 建议关注新能源运营商等

Core Insights - The report by Tianfeng Securities highlights the increasing importance of computing power in the data economy, predicting that the market size of China's data center industry will reach 304.8 billion yuan by 2024, with a growth rate exceeding 20% year-on-year [1][3] - The International Energy Agency (IEA) forecasts that global data center electricity consumption will rise to approximately 945 TWh by 2030, more than doubling from 415 TWh in 2024, with a compound annual growth rate (CAGR) of about 15% from 2024 to 2030 [1][3] - The demand for computing power is driving a green transformation in the industry, focusing on energy efficiency and the use of renewable energy sources [1][3] Industry Overview - The data center sector in China has evolved through various stages, with the digital economy era marking a significant shift where data and computing power are seen as new productive resources [1][3] - The layout of data centers across China is characterized by "eight hubs and ten clusters," with a notable "east hot, west cold" distribution pattern in terms of signed projects [1][3] Market Dynamics - The emergence of large models like ChatGPT has significantly increased the demand for computing power, leading to a decrease in vacancy rates in mature markets, with many data centers reporting rates below 10% [2] - The supply-demand cycle in China's data center market has been affected by a combination of investment enthusiasm and slowing demand, resulting in pressure on service fees and occupancy rates from 2020 to 2023 [2] Investment Recommendations - The report suggests focusing on renewable energy operators such as Longyuan Power (001289.SZ), Datang Renewable (01798), and others, as well as companies involved in nuclear power and waste-to-energy projects [4]