【环保】电力不出国境，价值全球流通——碳中和领域动态追踪（一百七十四）（殷中枢/郝骞/宋黎超）

Core Viewpoint - The article highlights the significant growth of China's AI model API usage, surpassing that of the United States, driven by competitive pricing and low electricity costs [4][5]. Group 1: AI Model Performance and Market Dynamics - From February 16 to 22, 2023, the weekly usage of Chinese AI models increased from 41.2 trillion tokens to 51.6 trillion tokens, marking a 127% rise over three weeks, while the U.S. model usage fell to 27 trillion tokens [4]. - China's AI models achieve comparable performance to leading international models at a significantly lower cost, with output prices around 10-20 RMB per million tokens, compared to over 10 USD per million tokens for U.S. models, representing a nearly 7-fold price advantage [5]. Group 2: Electricity and Computing Power Synergy - The "East Data West Computing" initiative and related policies have established a framework for the synergy between electricity and computing power, leading to a new energy supply structure that supports the development of computing hubs and renewable energy bases [6]. - Several power operators are actively investing in electricity-computing synergy projects, such as the construction of a 5000P intelligent computing center in Xinjiang and strategic partnerships to enhance computing capabilities [6]. Group 3: Industry Outlook and Valuation Recovery - The cyclical nature of renewable energy pricing is becoming more pronounced due to market-driven electricity pricing policies, with current valuations of power operators at relatively low levels [7]. - If the Chinese economy recovers from deflation and new applications for high electricity demand continue to emerge, the industry may enter a new upward cycle post-2027, leading to a potential recovery in valuations [7].