智通财经网·2026-03-03 07:13Group 1 - The core viewpoint is that the expansion of computing power driven by Token overseas will lead to a significant increase in electricity demand, with data center electricity consumption expected to reach about 4% of China's total electricity consumption by 2030 [1][2][3] Group 2 - Rapid growth in AI computing power is driving a surge in electricity demand for data centers, with China's data center electricity consumption projected to grow from 82.4 billion kWh in 2019 to 166 billion kWh by 2024, reflecting a compound annual growth rate of 15.0% [2] - The consumption of Tokens by Chinese models accounted for 61% of the total Token consumption on the OpenRouter platform during a specific week, indicating a strong demand for domestic data centers to handle overseas data processing [2] - By 2030, data center electricity consumption could account for 2.9% to 6.1% of China's total electricity consumption, depending on the growth rate of intelligent computing power [2] Group 3 - The operation of data centers relies on stable and sufficient electricity supply, with the Chinese government aiming for over 80% of new data center electricity to come from green sources by the end of 2025, promoting renewable energy consumption [3] - The green electricity trading market is maturing, allowing data centers to lock in green electricity resources through long-term purchase agreements, thus mitigating risks associated with fossil fuel price fluctuations [3] Group 4 - Public utility companies with heavy assets and low turnover (HALO) are expected to see a return to value, as they offer stable business models and predictable cash flows, making them a defensive investment choice amid AI disruptions and geopolitical uncertainties [4] - Investment recommendations include traditional power leaders such as Changjiang Power and Guodian Power, as well as quality regional power companies like WanNeng Power and Funiu Shares [4]