HALO资产和TOKEN出海

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - AI is transforming efficiency through both light asset depreciation alongside innovation and heavy asset support for demand expansion. The report highlights that heavy assets have low obsolescence risk, making them attractive for investment. The concept of "TOKEN" is introduced, which involves converting electricity into computing power to provide intelligent services globally, allowing for domestic electricity demand to meet overseas computing needs. The report suggests that the current high valuation of light assets contrasts with the more favorable valuation of heavy asset industries, particularly in regions with low electricity prices, such as Southwest China's hydropower areas [3][7]. Summary by Sections Section: TOKEN - By 2025, China's intelligent computing capacity is expected to exceed 1590 EFLOPS, with the country ranking second globally in both total and intelligent computing capacity. In February 2023, China's AI model call volume reached 41.2 trillion tokens, surpassing the US for the first time [7]. - The report predicts that global data center electricity consumption will reach 945 TWh by 2030, with significant contributions from the US and China, which together account for 80% of the growth [12][11]. - The report emphasizes the cost advantages of China's electricity system, particularly in the western regions where electricity prices range from 0.2 to 0.3 CNY per kWh, compared to higher prices in the US and Europe [17]. Section: Project Deployment - The report indicates that 88.6% of current projects are either under construction or planned, with a peak in production expected between 2026 and 2027. The East China region has the highest number of operational projects, reflecting demand adaptability [24][26]. - The "East Data West Computing" initiative has established eight national computing hubs and ten data center clusters across 14 provinces, with over 60% of new computing capacity concentrated in these hubs [27]. Section: Power Supply and Cost - The report outlines various power supply projects and their characteristics, highlighting the integration of renewable energy sources such as wind and solar power in data center operations. This integration is crucial for maintaining low operational costs and achieving sustainability goals [28][29].