电力及公用事业行业跟踪报告：电力+算力：电力+系列研究（一）：开启电算融合新周期

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector [1] Core Insights - The integration of electricity and computing power is becoming a national strategic priority, with policies supporting this development being continuously introduced [1][10] - The introduction of green electricity is expected to alleviate the constraints imposed by energy consumption control policies on data center growth [2][15] - The low electricity prices associated with green electricity are driving cost reductions for data centers, which currently face high operational costs primarily due to electricity expenses [2][21] Summary by Sections Policy and Economic Drivers - The government has included "computing power and electricity collaboration" in its work report, indicating a strategic focus on this integration as part of new infrastructure initiatives [1][10] - Central enterprises are encouraged to enhance investment in computing power, promoting the synergy between computing and electricity [10][12] - Policies are being implemented to ensure that new data centers utilize over 80% green electricity by 2025, reflecting a commitment to sustainable energy practices [12][13] AI and Data Center Demand - The demand for data centers is surging due to the rapid expansion of AI, with projections indicating that China's computing power will reach 767 EFlops by 2026, growing at a CAGR of approximately 31% from 2021 to 2026 [7][30] - The increasing electricity demand from data centers may lead to localized power shortages, particularly in high-demand regions like the Yangtze River Delta [36][37] - The "Token export" model is driving rapid growth in electricity demand as it allows overseas developers to utilize Chinese data centers for computational tasks [41][50] Green Electricity Initiatives - Green certificate trading is becoming a crucial mechanism for data centers to procure renewable energy, with trading volumes increasing significantly from 1.45 million certificates in 2022 to 17.64 million in 2024 [52][54] - The direct connection of green electricity is being promoted to enhance the efficiency of renewable energy consumption, with policies supporting this initiative being rolled out [56]