中银证券中银晨会聚焦

Core Insights - Industry demand recovery is below expectations, with a deteriorating market competition landscape and insufficient innovation in end-user applications, alongside rising raw material prices [1] Group 1: Electricity Market Developments - The National Development and Reform Commission has issued the "Basic Rules for Electricity Market Operation," marking the first revision in over 18 years, indicating significant changes in the electricity market structure [2][9] - The electricity data factor market is expected to shift from policy-driven to business model-driven, with short-term market space in energy storage projected to reach tens of billions, and long-term potential in demand-side management expected to reach hundreds of billions [2][10] Group 2: Power Demand and Supply Dynamics - The rapid development of generative AI is expected to significantly increase electricity demand, with a reported 9.8% year-on-year growth in total electricity consumption in the first quarter of 2024 [3] - By the end of 2030, electricity consumption in U.S. data centers is projected to triple compared to 2022 levels, exacerbating supply volatility due to the increasing share of renewable energy generation [3] Group 3: Data Asset Integration - The integration of data assets into financial statements and the initiation of data asset credit activities in provinces like Guangdong and Hebei indicate the establishment of a transformation channel for "data assets - credit capital - credit funds" [32] - The completion of the first batch of data asset entries into financial statements by several listed companies in Q1 2024 signifies the initial formation of a closed-loop in the data factor industry [32]