TOKEN 出海，全国电价趋同，西部或受益

Investment Rating - The report assigns an "Overweight" rating for the industry [1]. Core Insights - The report highlights that the overseas demand for computing power driven by Token's expansion may convert into domestic electricity demand, particularly benefiting low electricity price regions in the southwest and northwest of China [3]. - It is anticipated that domestic electricity prices will converge by 2030, with the current price of approximately 0.2 CNY in the northwest and southwest gradually aligning with the national average of 0.35 CNY [3]. - The report cites that the International Energy Agency projects a global electricity demand growth rate of 3.6% annually from 2026 to 2030, an increase from 2.8% over the past decade and 3% in 2025 [5]. - The report notes that the Chinese intelligent computing power scale is expected to reach 725.3 EFLOPS in 2024, a year-on-year increase of 74.1%, and is projected to grow to 2781.9 EFLOPS by 2028, with a compound annual growth rate of 40% [5]. - The report emphasizes that electricity has become a core production factor for computing power, with electricity and computing depreciation accounting for 70% of AIDC operating costs [5]. - The report mentions that the Chinese government has included "computing-electricity synergy" in its work report for the first time, indicating a focus on large-scale intelligent computing clusters and new infrastructure projects [5]. Summary by Sections - Electricity Pricing Trends: The report predicts that electricity prices in low-cost regions will rise to meet the national average, benefiting from the increased demand for computing power [3]. - Government Initiatives: The report highlights the government's commitment to reducing carbon emissions and enhancing energy production capabilities, with specific targets set for the 14th and 15th Five-Year Plans [5]. - Market Dynamics: The report discusses the competitive landscape, noting that the industrial electricity prices in western China provide a global competitive advantage, with companies like Yunnan Energy Holdings and Runze Technology leading the transformation [5].