天风证券：AI带动数据中心景气向上 电力需求有多少？

Group 1 - The core viewpoint of the articles highlights the significant growth potential of China's data center industry, driven by the increasing demand for computing power in the data economy era, with projections indicating a market size of 304.8 billion yuan by 2024 and a standard rack scale exceeding 10 million units, both achieving over 20% year-on-year growth [2][16] - The implementation of the "East Data West Computing" project is leading to a nationwide layout of data centers in China, with key hubs such as Beijing-Tianjin-Hebei and the Yangtze River Delta accounting for 21.5% and 24.5% of the rack distribution, respectively [6] - The data center market in China exhibits a distinct "East Hot West Cold" distribution, with regions like North China, East China, and South China being the primary gathering areas due to their economic development and high market demand [10] Group 2 - The introduction of AI technologies, particularly large models like ChatGPT, is expected to drive an increase in the demand for data centers, with global computing power projected to grow at over 50% annually for the next five years [12] - The global data center vacancy rate has fallen below 10% in most mature markets, with core areas dropping below 5%, leading to rising rental prices for data centers [15] - The energy demands of AI and data centers are prompting a shift towards greener computing solutions, with predictions indicating that China's data center electricity demand will reach between 3000 to 7000 billion kilowatt-hours by 2030, accounting for 2.3% to 5.3% of total electricity consumption [19][21]