从"有算力"到"用好算力"存在断层。当前算力应用存在"最后一公里"问题。智算市场需求正从训练向推 理转变，但从"体验尝鲜"到"生产刚需"的转化仍不充分。许多企业拥有了算力资源，却不知如何将其转 化为实际生产力。 2025中国算 力大会开幕式现场。新华社记者 柴婷 摄 据《经济日报》9月2日报道，2025中国算力大会日前举办，会上发布的相关数据与成果：截至2025年6 月底，我国在用算力中心标准机架达1085万架，智能算力规模达788EFLOPS（每秒百亿亿次浮点运 算），干线400G端口数量大幅增加至14060个，存力总规模超1680EB，全国算力中心平均电能利用效率 （PUE）降至1.42，算力基础设施规模和水平不断提升。 从此次算力大会披露的数据可以看出，我国算力产业正呈现量质齐升的良好态势。但算力规模扩大只是 第一步，更重要的是如何让这些算力资源真正转化为高质量发展动能。当前我国算力发展仍面临供需对 接不畅、应用深度不足、区域发展不均等挑战，亟需从"建得好"向"用得好"转变。 算力发展不平衡，资源利用率有待提升。虽然我国算力总规模位居世界前列，但资源分布不均衡问题依 然突出。东部地区算力资源集聚，而中西 ...

Group 1: Renewable Energy Development - Inner Mongolia is actively pursuing breakthroughs in renewable energy, with significant projects in solar and wind energy, including a total installed capacity of 5.565 million kilowatts in the Dala flag area [3][5] - The "Junma" solar power station, consisting of 196,000 photovoltaic panels, symbolizes the region's efforts in desertification control and renewable energy generation [2][4] - The region's renewable energy projects are integrated with local tourism, creating a comprehensive economic model that enhances ecological and social benefits [3] Group 2: Smart Manufacturing and Technology - The Mingyang New Energy Intelligent Manufacturing Industrial Park in Baotou is producing large wind turbine blades for renewable energy projects, showcasing advanced manufacturing capabilities [5][6] - The wind turbines are designed to withstand harsh environmental conditions, utilizing innovative technologies to enhance performance and reduce maintenance needs [6] - Inner Mongolia is focusing on developing new production capabilities in artificial intelligence, low-altitude economy, and biotechnology to diversify its economic growth [6] Group 3: Digital Infrastructure and Connectivity - The Hohhot Digital Cluster has achieved low-latency connections, enhancing its role as a core node in the national "East Data West Computing" project [7][11] - Inner Mongolia's computing power has reached 165,000 P, with intelligent computing accounting for 154,000 P, positioning it as a leader in green computing [11] Group 4: Logistics and Trade - The Shaliang Logistics Park has implemented smart customs clearance systems, significantly improving unloading efficiency and reducing processing times [14][16] - The Manzhouli Port plays a crucial role in Sino-Russian trade, with over 30,000 China-Europe freight trains passing through, enhancing logistics capabilities [17][19] - The port has established a comprehensive transportation system and improved customs efficiency, facilitating faster trade and logistics operations [19][20] Group 5: Rare Earth Industry - Baotou, known as the "World Capital of Rare Earths," is developing a complete industrial system for rare earth materials, aiming to become a leading base for new materials and applications [11][13] - The production capacity of high-performance rare earth permanent magnet materials is set to double, reinforcing Baotou's position in the global market [13]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Group 1: Financial Performance - In the first half of 2025, the company reported total revenue and net profit of RMB 2.4 billion and RMB 287 million, respectively, aligning closely with updated forecasts of RMB 2.479 billion and RMB 285 million [1] - Gross profit reached RMB 1.203 billion, with a gross margin of 50.2%, while administrative expenses decreased to RMB 201 million, reflecting ongoing cost optimization and operational efficiency efforts [1] - Net profit attributable to shareholders increased by 4% year-on-year, driven by improvements in joint ventures, refinancing to lower financing costs, and reduced management expenses [1] Group 2: Wind Power Development - As of June 2025, the company had a total installed capacity of 4.9 GW in construction and approved projects, including 13 projects of 100 MW or more and 890 MW of projects awaiting approval [1] - The company’s wind power project capacity in Shandong is 234 MW, with an additional 991 MW in reserve, indicating a potential increase of over three times in grid-connected projects once all reserves are completed [1] - The company is also pursuing offshore wind projects in Shandong [1] Group 3: AI and Data Center Integration - By the end of 2024, China's computing power is expected to reach 414 EFlops, with a projected compound annual growth rate of 44% from 2024 to 2026, leading to significant increases in data center capacity and electricity consumption [2] - The company has formed a partnership with Century Internet for IDC business, utilizing both "base" and "city" models, with the Ulanqab base achieving a power density of 8 kW per rack, 60% higher than traditional data centers [2] - The integration of green electricity from the Ulanqab project is anticipated to provide substantial support for AI infrastructure [2] Group 4: Strategic Partnerships and Valuation - The company is collaborating with Shandong High-Speed Group to enhance integrated energy capabilities, aiming for mutual benefits and high-quality growth [3] - Compared to global leader Equinix, the company is building a competitive edge through its integrated AI computing ecosystem and deep involvement in renewable energy [3] - The company's stock is currently undervalued at HKD 2.15, with a market capitalization of HKD 48.3 billion, and a forward P/E ratio of 16, below the industry average of 20, presenting an attractive investment opportunity [3]

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with revenue reaching 487 million yuan, a year-on-year increase of 208.66%, and net profit of 34.14 million yuan, up 172.44% [1][2]. Financial Performance - Revenue growth was primarily driven by the completion of the "Hainan Province Marine Disaster Comprehensive Prevention Capacity Construction Project (EPC+O)", contributing 328 million yuan, accounting for 67.32% of total revenue [2]. - The marine observation and detection equipment and systems generated 328 million yuan in revenue, reflecting a staggering year-on-year increase of 978.87%, while the smart ship and navigation systems brought in 147 million yuan, growing by 26.45% [2]. - The company's gross margin for the first half of 2025 was 25.03%, a decline of 9.81 percentage points, mainly due to the higher proportion of low-margin EPC project revenue [3]. Cost Management - The sales expense ratio improved significantly to 5.66% from 15.38% in the same period last year, and the management expense ratio decreased to 7.61% from 17.78%, indicating enhanced operational efficiency [3]. - The net cash flow from operating activities was 29 million yuan, an improvement of 203 million yuan year-on-year, attributed to project payments and government subsidies [3]. Strategic Developments - The company achieved a core breakthrough with the commercial launch of the Underwater Data Center (UDC), signing a contract for a 24MW project in Shanghai Lingang, with the first phase of 2.3MW included in the national green low-carbon technology demonstration list [4]. - The company completed the development of a 4500-meter underwater data warehouse and received orders, while the smart navigation sector secured EU certification for solid-state radar and achieved over 100 million yuan in overseas orders [4]. - Strategic partnerships were formed with Shenergy and Shanghai Telecom to build a computing power ecosystem, while the company terminated the "Marine Basic Engineering Technology Service Capability Construction Project" and permanently supplemented 216 million yuan of raised funds [4]. Profit Forecast - The company's performance aligns with market expectations, maintaining previous profit forecasts for 2025-2027, with projected net profits of 99 million, 124 million, and 134 million yuan, corresponding to PE ratios of 160, 128, and 119 times, respectively [4].

8月22日至24日，2025中国算力大会在山西大同举行，这是该盛会首次走入三晋大地。 智通财经（www.thepaper.cn）从大会上获悉，算力、存力、运力与模型能力的协同水平，正成为衡量地 区数字竞争力的关键因素，吸引众多大中城市积极布局。作为东道主，大同尤为引人注目。 自2018年引进首个数据中心项目以来，大同系统布局算力产业，七年来凭借能源、区位与气候优势，持 续完善政策体系，构建起服务国家战略的算力集群。如今，大同已跻身城市算力分指数全国第三，成为 环首都地区重要的算力节点城市。 千年古城为何聚焦算力？算力又为大同带来什么？大会期间，智通财经走访大同，对话多方人士，解读 这座"煤都"向"算力之城"转型的发展密码。 8月22日至24日，2025中国算力大会在山西大同举办。现场汇集国内众多专家学者、企业界人士，共论 算力产业发展话题。 中国算力大会 图 打造全生态数据产业链赋能千行百业 大同的算力产业是全生态的数据产业，是从"服务器生产、数据中心建设"到"云服务终端、数据应用"再 到"数据清洗、数据标注、数据呼叫"等覆盖数字经济全领域全链条的产业布局。这种新兴产业链条的特 点是：适度多元，韧性坚强。 据 ...

Core Insights - OpenAI has launched the Stargate Norway data center project in collaboration with Nscale and Aker, marking its first AI data center in Europe and the second phase of the "OpenAI for Countries" initiative after the UAE [1][4] - The project focuses on renewable energy utilization and efficient computing power deployment, indicating a shift towards regional development in global AI infrastructure [1][2] Project Positioning: Scale and Technology - Stargate Norway's initial power capacity is set at 230MW, with plans to expand to 290MW, aiming to deliver 100,000 NVIDIA GPUs within two years [2] - The project will utilize fully renewable energy and high-efficiency closed-loop DLC liquid cooling technology, with a waste heat recovery system to support local low-carbon enterprises [2] - The choice of Narvik, located within the Arctic Circle, highlights the importance of natural conditions for AI infrastructure, leveraging abundant hydropower resources and low average temperatures to reduce cooling energy consumption [2] Regional Demand: AI Computing Power Gap in Europe - The rapid growth of the AI application market in Europe is driving OpenAI's expansion, with millions of users accessing ChatGPT and related API services daily [3] - In Norway, the monthly active user count for ChatGPT has quadrupled over the past year, indicating a burgeoning local developer community [3] - Localized deployment of computing resources is essential for improving service response times and reducing data transmission costs, especially in light of strict AI regulations in Europe [3] Exploration of "Sovereign AI Facilities" Model - The "OpenAI for Countries" initiative aims to provide customized AI infrastructure solutions that balance technological accessibility and data security [4] - The collaboration between OpenAI and local partners Nscale and Aker exemplifies a model that mitigates geopolitical risks while enhancing local AI capabilities [4] - This partnership not only accelerates project implementation but also promotes technology transfer to improve local industries' digitalization, showcasing the social benefits of AI infrastructure [4] Future Challenges: Demand Fluctuations and Geopolitical Balance - The Stargate Norway project faces challenges such as potential resource underutilization if AI computing demand does not meet expectations [5] - Geopolitical factors may impact supply chain stability, particularly concerning the availability of NVIDIA GPUs and changes in European energy policies [5] - As OpenAI's global strategy unfolds, the project serves regional market needs while exploring sustainable development paths for AI infrastructure [5]

此次人保财险发布的全国首个"东数西算"绿色算力产业风险解决方案做到了"三个着力"。一是着力 提供一揽子风险解决方案，上游为光伏风力储能电站的建造运营期间的常规风险提供保障，为新能源设 备提供长期质量与功率保证，补偿分布式光伏发电损失；中游为算力中心面临的网络攻击、软硬件故障 以及云服务中断等风险提供保障；下游为大模型与数据平台，提供网络及数据安全风险保障。 二是着力构建多维度风险减量服务体系，以风险评估、隐患排查、监测预警、教育培训、应急演练 为重点，通过派驻自主专业团队驻场、委托第三方机构开展协作、依托物联网平台及设备进行风险监测 等多种途径，构建"线上+线下"融合服务模式，系统性降低园区运营风险，全方位保障集群式绿色算力 园区安全稳定。 三是着力推出"数据泄露网络风险量化评估模型"，聚焦算力中心关键风险，创新研发"PICC数据泄 露网络风险量化评估模型"，模拟极端数据泄露场景，有效评估算力中心面临的数据泄漏风险，及时提 供防护措施，不断扩大防灾减损效应。 本报讯 记者戴梦希报道 7月12日，以"共筑绿色算力大生态 共创人工智能新未来"为主题的2025绿 色算力（人工智能）大会在内蒙古呼和浩特市举办。中国人 ...

Group 1 - Generative AI technology is driving a surge in AI computing power demand, prompting tech companies, especially in cloud computing, to increase investments in AI and computing products to enhance competitiveness in the AI era [1][2] - North American tech giants are experiencing sustained high growth in performance driven by AI, with significant capital expenditures on AI infrastructure, as evidenced by a report from Pacific Securities [1][2] - The capital expenditure of the four major North American internet companies reached $95.8 billion in Q2 2025, a 64% year-on-year increase, indicating a strong growth trend [2][3] Group 2 - Microsoft is expanding its data center scale to meet the growing AI workload demands, planning to invest over $30 billion in capital expenditures next quarter, a 50% year-on-year increase [2][3] - Meta's capital expenditure for 2025 is projected to be between $66 billion and $72 billion, with a 20 billion increase from previous estimates, primarily to expand AI infrastructure capacity [2][3] - AI technology is positively impacting the performance and development of tech companies, with Meta's advertising revenue increasing by 21% year-on-year, driven by AI optimization of its recommendation system [3] Group 3 - The demand for computing power is expected to continue growing, with IDC predicting that China's accelerated server market will exceed $100 billion by 2029, with nearly 50% of that being non-GPU servers [3] - The Chinese government is actively supporting AI development through policies, which is expected to accelerate domestic AI application commercialization and increase computing power demand [3][5] - Lenovo Group is positioned as a leading provider of computing infrastructure and services, leveraging AI-driven product offerings to support the evolution of AI technology [5][6] Group 4 - Lenovo's heterogeneous computing platform aims to provide comprehensive computing support across various scenarios, addressing challenges in traditional AI deployment [8][9] - Lenovo's server business has shown strong growth due to its technological advancements and market positioning, with new product launches enhancing its competitiveness in the AI server market [8][9] - The company is focusing on green and sustainable computing solutions, with liquid cooling technology being a key feature of its offerings, which helps reduce operational costs for clients [9] Group 5 - The robust demand for computing power and strong server market performance highlight the continued high prosperity of the computing power sector [4][5] - Lenovo's comprehensive business layout and market performance are expected to drive significant revenue growth, with analysts predicting positive financial results for the company [9][10] - The outlook for the computing power sector remains optimistic, with North American cloud providers' capital expenditures showing high growth, indicating ongoing development potential for infrastructure products [10]

Investment Rating - The report does not explicitly state an investment rating for the green computing industry Core Insights - Green computing is driven by the dual engines of "decarbonization" and "digitalization," making it a crucial component of new productive forces in the AI era [2][3] - The global computing power is projected to grow at a rate exceeding 50% over the next five years, with China's computing power reaching 230 EFLOPS, averaging a growth rate of nearly 30% over the past five years [2] - The energy consumption of AI data centers is expected to rise significantly, with IT energy consumption reaching 77.7 TWh in 2025 and 146.2 TWh by 2027, reflecting a compound annual growth rate of 44.8% from 2022 to 2027 [2] - Green computing encompasses three main areas: indirect carbon emissions from energy sourcing, algorithm selection and data center operations, and enabling industry transformation for carbon reduction [4][5] Summary by Sections Macro Perspective - Green computing is an inevitable choice in the AI era, serving as a key driver for the development of new productive forces [2][3] - The report highlights the importance of balancing efficient supply and sustainable development in the computing power industry [3] Mid-level Analysis - The carbon footprint of green computing includes indirect emissions from energy sourcing, lifecycle emissions from infrastructure, and direct emissions from operations [4] - The ECCI framework emphasizes efficient computing, energy conservation, clean collaboration, and inclusive usage [5][36] Micro-level Practices - Leading tech companies are implementing innovative green computing practices, such as Amazon's AWS migration reducing carbon emissions by 99%, Google's 24/7 carbon-free energy operations, and Microsoft's circular centers achieving a 90.9% server remanufacturing rate [7][8] - Tencent's deployment of renewable energy facilities and Alibaba Cloud's immersion cooling technology are notable examples of green computing initiatives in China [8]