国泰海通｜公用事业：算电协同 绿电直连 TOKEN出海

Group 1 - The article discusses the benefits of collaborative computing, direct green electricity connections, and the international expansion of tokens, highlighting that both energy regulation and green electricity will benefit from these developments [1] - It is noted that the installed capacity growth of renewable energy is limited, making regulated power sources like hydropower and thermal power more likely to benefit as electricity demand increases [1] - By 2030, electricity prices in Northwest and Southwest China are expected to converge from 0.2 yuan to the national average of 0.35 yuan, benefiting hydropower and wind power in these regions [1] Group 2 - The demand for data center computing power is projected to grow at an annual rate of 39% from 2025 to 2028, with China's data center electricity consumption expected to reach between 390 billion to 820 billion kWh by 2030 [1] - The China Academy of Information and Communications Technology forecasts that China's intelligent computing power will increase from 1,037 EFLOPS in 2025 to 6,649 EFLOPS by 2030, reflecting an annual growth rate of 38.9% [1] Group 3 - The article mentions that as of now, 84 green electricity direct connection projects have been approved nationwide, with a total installed capacity of 32.59 million kW [3] - The implementation details for green electricity direct connections in Sichuan Province require that at least 60% of the annual self-generated electricity from renewable sources be used, and that renewable energy accounts for at least 30% of total electricity consumption by 2030 [3] - Liaoning Province has initiated 10 mature green electricity direct connection projects, involving 2.91 million kW of wind power and 400,000 kW of solar power [3] Group 4 - The article highlights that in 2025, 396 electricity sales companies in Guangdong are expected to be profitable, with an average profit of 0.196 yuan per kWh sold, while the total electricity traded is projected to be 654.18 billion kWh, reflecting a year-on-year increase of 16.2% [2] - The average electricity price on the consumption side is noted to be 0.380 yuan per kWh, which represents a year-on-year decrease of 14.2% [2] - The volume of green electricity transactions has surged to 11.63 billion kWh, marking a year-on-year increase of 602% [2]