嘉实基金韩晓燕：绿色算力成 AI 时代投资新风口

Core Insights - The demand for AI computing power is surging, leading to high energy consumption issues in data centers, which is a significant bottleneck for sustainable development in the computing power industry [1] - Policies aimed at promoting green transformation in the computing power industry are being implemented, encouraging investment in energy-saving and low-carbon data center infrastructure [1][3] - The transition of data centers from a "cost center" to a "value center" is becoming a consensus in the industry, driven by the need for cost reduction and efficiency improvement [1][10] Energy Consumption and Growth Projections - It is predicted that from 2023 to 2028, the compound annual growth rates for general computing power and intelligent computing power in China will reach 18.8% and 46.2%, respectively [2] - Data centers' electricity consumption accounted for 1.51% and 1.63% of China's total electricity consumption in 2022 and 2023, respectively, and is expected to grow 2-3 times by 2025, reaching 2% of total electricity consumption [2] Investment Value and Market Dynamics - The green low-carbon transformation of data centers is becoming an inevitable trend, driven by global carbon neutrality goals and the digital economy's rapid development [3] - As major tech companies set carbon reduction and net-zero targets, data centers are under pressure to reduce emissions, as their carbon footprint constitutes a significant portion of the overall emissions of these companies [3][4] Cost Structure and Efficiency - Electricity costs account for approximately 70% of the total operating costs of data centers over their 10-15 year lifecycle, making energy efficiency a critical factor for economic viability [4][7] - The implementation of energy efficiency pricing policies in cities like Beijing and Shanghai is pushing companies to improve energy efficiency, with penalties for high PUE (Power Usage Effectiveness) projects [7] Renewable Energy Utilization - The transition to renewable energy is essential for deep decarbonization, with policies mandating that by the end of 2025, over 80% of electricity used by new data centers at national hubs must come from green sources [8][9] - The economic viability of renewable energy has been demonstrated, with examples showing significant cost savings when utilizing green electricity [8] Environmental Optimization and Site Selection - Optimizing site selection based on natural conditions can significantly reduce energy consumption and enhance renewable energy utilization, creating synergies between electricity supply and demand [9] - The low-carbon transformation of data centers is driven by a combination of policy compliance, social responsibility, and long-term cost reduction and value enhancement [10]