公用事业及环保产业行业研究：数据中心绿电需求有多大？如何匹配供电？

Investment Rating - The report suggests a focus on power generation assets in regions with tight supply-demand dynamics and favorable competition, particularly recommending companies like Anhui Energy and Zhejiang Energy in the thermal power sector, and China National Nuclear Power in the nuclear power sector [2]. Core Insights - The report highlights that new data centers are expected to drive an annual increase in electricity demand of 102 billion kilowatt-hours, with a total of 99.1 billion kilowatt-hours in green electricity consumption anticipated from both existing and new data centers [3][27]. - The establishment of the Inner Mongolia power market is noted as a significant step in China's electricity market reform, marking the fifth market to transition to formal operation [3]. - The report emphasizes the importance of matching renewable energy sources with data center operations to meet energy consumption and carbon neutrality goals, suggesting that companies involved in renewable energy and waste-to-energy projects will benefit [3][45]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.72%, while the ChiNext Index dropped by 4.87% during the week [1][7]. - The carbon neutrality sector decreased by 1.52%, and the environmental protection sector fell by 0.54% [1][7]. Industry Data Tracking - The report tracks coal prices, natural gas prices, and carbon market trends, providing insights into the current market conditions affecting the energy sector [4][47][62]. Industry News - The report notes significant developments in the energy sector, including the launch of major renewable energy projects by Huaneng Northern Company, which includes a total capacity of 7.2 million kilowatts [3]. - The report also discusses the performance of various sub-sectors within public utilities and environmental protection, highlighting the fluctuations in stock prices of leading companies [10][12]. Investment Recommendations - The report recommends focusing on renewable energy operators expanding their data center operations, as well as companies involved in virtual power plant services and distributed energy projects [3][45]. - It suggests that waste-to-energy operators located near load centers will have greater collaboration opportunities with smaller data centers [3][46].