Core Insights - Schneider Electric held the 2025 Intelligent Computing Summit themed "AI Leading the Way, Symphony of Computing Power" in Ya'an, Sichuan, discussing the energy challenges and opportunities brought by AI technology [1][3] - The company launched the EcoStruxure Energy Operation system, showcasing comprehensive digital infrastructure solutions for data centers, aimed at enhancing reliability, efficiency, adaptability, and sustainability [1][5] Industry Trends - The computing power industry in China is accelerating towards clustering, greening, and intelligence under the dual drivers of the digital economy and "dual carbon" goals, with new intelligent computing centers being built alongside upgrades of existing facilities [3] - Data centers are recognized as critical infrastructure for the digital economy, necessitating a development model that balances efficiency and sustainability [3] Technological Innovations - Schneider Electric introduced the EcoStruxure Energy Operation system tailored for the Chinese market, focusing on key sectors like data centers, covering low and medium voltage distribution, microgrid monitoring, and comprehensive energy management [5] - The company is enhancing data center resilience through various technologies, including medium voltage ring network architecture and modular cooling solutions, addressing challenges posed by high-density computing [6] Collaborative Efforts - Schneider Electric is collaborating with Sichuan West Data Industry Co., Ltd. to explore innovative practices in the data center sector, leveraging its digital technology and sustainable practices to enhance energy efficiency and operational stability [7] - The partnership aims to drive the upgrade of the big data industry in the region, injecting new momentum into local digital economic development [7]

Group 1: Green Transition in Luliang - Luliang City is pursuing a unique green low-carbon transition that is tailored to local conditions and resources, emphasizing a "China-style solution" through systematic approaches in industrial restructuring and institutional innovation [1][3] - The city has implemented a comprehensive livestock waste management project in Wenxian County, which processes 1.5 million tons of solid waste annually, converting it into 80,000 tons of biomass fuel, effectively replacing 34,000 tons of standard coal [1] Group 2: Industrial Development - Luliang is promoting the development of low-carbon building materials by utilizing coal chemical by-products and solid waste, with an industrial park projected to process 1.3 million tons of industrial solid waste in 2024, generating approximately 140 million yuan in output [2] - The park also recycles 10,000 tons of rubber waste into modified asphalt, contributing an additional 30 million yuan in value, aligning with national strategies for energy and transportation integration [2] Group 3: Hydrogen Energy Initiatives - Luliang is leveraging its high demand for heavy-duty transportation and hydrogen by-products from coal chemical processes to promote hydrogen energy applications, addressing the dual challenges of "no vehicles available" and "idle hydrogen sources" [3] - The city is transitioning from gray hydrogen to blue and green hydrogen, aiming to establish a high-quality hydrogen energy ecosystem in inland regions [3] Group 4: Future Development Strategies - Future initiatives include promoting green industrial upgrades through smart microgrids that integrate photovoltaic, energy storage, and adjustable loads to enhance energy efficiency [4] - The city plans to utilize the "Tianhe-2" supercomputer and green electricity to deepen "computing and electricity synergy," supporting emerging industries with dynamic load matching [4]

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 电力 迎峰度夏有望提振电力需求，新型电力系统试点解决新能源消纳 本周行情回顾：本周（6.3-6.6）上证指数报收 3385.36 点，上涨 1.13%，沪 深 300 指数报收 3873.98 点，上涨 0.88%。中信电力及公用事业指数报收 2939.08 点，下跌 0.12%，跑输沪深 300 指数 1.00pct，位列 30 个中信一级 板块涨跌幅榜第 25 位。 本周行业观点： ➢ 新型电力系统建设试点工作发布，算电协同、煤电改造等 7 大方向，有 望解决新能源消纳。6 月 4 日，国家能源局发布《关于组织开展新型电 力系统建设第一批试点工作的通知》，提出围绕算力与电力协同、大规 模高比例新能源外送、新一代煤电等七个方向开展试点工作。 在算电协同方面，提出重点在国家枢纽节点和青海、新疆、黑龙江等能 源资源条件好区域协同规划布局算力与电力项目，探索新能源就近供电、 聚合交易、就地消纳的"绿电聚合供应"模式，提高数据中心绿电占比； 通过算力负荷与新能源功率联合预测、算力负荷柔性控制、智能化调度 等技术，提升源荷协同水平 ...

证券研究报告 环保 | 环境治理 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 06 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： | 基本数据 | | 2025 | 年 | 06 | 04 | 日 | | | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 21.79 | | | | | | | 一 年 内 最 | 高 | | | | 24.00/13.62 | | 最 | 低 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 12,281.79 | | | | | | | 流通市值（百万元） | | | | | ...

Group 1 - The National Energy Administration has initiated pilot projects for the construction of a new power system, focusing on seven key areas including grid technology, friendly renewable energy power stations, smart microgrids, and virtual power plants [1] - The pilot projects will encourage the adoption of new technologies and models, supporting the application of major national science and technology projects related to smart grids and energy technology [1] - The focus on computing power will involve planning and layout of computing power and electricity projects in regions with rich energy resources, enhancing the green electricity proportion for data centers [1] Group 2 - The electricity market reform allows IDC users to directly sign power purchase agreements with wind and solar power stations, enabling a strategy of relocating to areas with cheaper green electricity [2] - As peak and valley electricity price reforms and virtual power plants are implemented, data centers are increasingly considering proximity to renewable energy bases to reduce electricity costs and acquire green assets [2] - This trend indicates a shift in IDC site selection from traditional demand-driven to supply-side optimization, leading to a cleaner and more diversified energy structure [2] Group 3 - Companies involved in the sector include: - Distribution network/virtual power plants: Dongfang Electronics - Energy forecasting and trading: Guoneng Rixin - User-side/microgrids: Anke Rui - Energy digitalization: State Grid Information Communication - Others: Kaipu Cloud, Yuanguang Software, Weisheng Information, Zhiyang Innovation, Henghua Technology [3]

Core Insights - The article emphasizes the critical role of energy in AI training, highlighting that AI consumes significant power, with ChatGPT's daily energy usage equivalent to that of a typical American household over 40 years [1] - The concept of "computing-energy integration" is explored as a solution for reducing emissions and energy consumption in the AI industry, particularly in Shanghai [1][2] Group 1: Computing-Energy Integration - "Computing-energy integration" and "computing-electricity collaboration" are identified as key terms for breaking through challenges in the AI industry, where AI technology can optimize energy allocation [2] - Successful global examples, such as Google's DeepMind improving the UK's energy grid efficiency by 20%, demonstrate the potential of AI in enhancing energy management [2] - Shanghai's initiatives include using AI to improve grid stability and reduce energy consumption, with a specific case where AI reduced the time for fault handling in substations to under 3 minutes [2] Group 2: Energy Quality and Management - AI industries, such as integrated circuits and data centers, have high demands for energy quality, with even minor voltage fluctuations potentially causing significant financial losses [3] - Shanghai's DaMao Intelligent has developed an energy model that transforms chaotic computing power fluctuations into orderly scheduling tasks, improving energy efficiency in data centers [3] - The energy utilization efficiency at SenseTime's Lingang Intelligent Computing Center improved from 1.74 to below 1.3 due to these optimizations [3] Group 3: Future Energy Solutions - The increasing demand for AI computing power necessitates new energy sources, with Shanghai focusing on advanced nuclear energy and new storage technologies [4] - Long-duration energy storage is seen as a potential solution for stabilizing the supply of renewable energy sources like solar and wind, with a projected market size exceeding 1 trillion yuan by 2030 [4] - Nuclear fusion is highlighted as a promising energy breakthrough for AI, with significant advantages such as unlimited fuel and zero carbon emissions [5] Group 4: Strategic Investments - Shanghai's strategic investment in the China Fusion Energy Company signifies a major move in the future energy sector [6]

Group 1: Market Performance - The environmental protection sector has shown localized strength, with several stocks hitting the daily limit up, including Jinjing Environment, Qiaoyin Co., and Boschke [1][2] - Notable stock performances include Qiaoyin Co. at 13.45 with a +9.98% increase, and Yuhua Tian at 21.31 with a +14.57% increase [2] Group 2: Industry Trends - The application of autonomous driving technology in sanitation services is rapidly advancing, driven by rising labor costs and recruitment challenges due to an aging population [3][4] - The integration of AI in waste incineration systems is being highlighted, with the first AI+ waste incineration power generation system launched in China [3] - The collaboration between waste incineration power generation and data centers is becoming a key solution for green transformation in eastern regions, achieving over 70% green electricity supply [5] Group 3: Future Projections - By 2024, the projected sales of new energy sanitation equipment in 19 first-tier and new first-tier cities is expected to reach 5,599 units, with a penetration rate of 24.4% [4] - The direct supply of electricity from waste incineration projects significantly reduces energy loss compared to conventional power grids, enhancing energy efficiency and cost control [5]

完善绿电、绿证交易制度。政府部门、电网企业、交易中心等相关方需要共同建立起常态化的绿证、绿 电交易等市场机制，同时保证其中环境权益的唯一性、权威性、可溯源性，提高其在全球范围内的认可 度。在绿电供给较为紧张的地区，宜进一步畅通跨省跨区绿电交易机制，从而提高交易频次、交易规模 和输电通道的可得性。 发展算力与电力系统的友好互动，有利于实现电网清洁化和数据中心用电低碳化的协同效应。 在碳中和背景下，解决算力增长带来的能耗和碳排放问题变得尤为迫切。随着全球产业数字化、智能化 转型升级趋势进一步加深，尤其在人工智能技术进步的带动下，算力已成为最受重视的战略性生产力， 市场需求快速攀升，预计未来五年内全球算力规模年均增速将超过50%。同时，由于算力产生于数据中 心的运行，伴随着大量的电力消耗，全球数据中心年用电量预计将从2022年的4600亿千瓦时快速上升到 2030年的7500亿~2.3万亿千瓦时，对应年碳排放将达到约3.4亿~10.4亿吨二氧化碳。要在大力发展数字 经济的同时实现碳中和目标，必须实现算力增长与电力消耗碳排放的解耦。若算力发展能在未来进一步 打破由传统能源带来的碳排放约束，实现规模化增长，算力驱动的数 ...

Core Viewpoint - The National Energy Administration has issued measures to promote the development of the private economy in the energy sector, aiming to enhance the role of private enterprises in the green and low-carbon transition of energy and the construction of a new energy system [1] Company Summary - Tongli Risheng has entered the renewable energy sector by acquiring a 51% stake in Tianqi Hongyuan in 2022, focusing on energy storage system integration and renewable power station development [1] - Tianqi Hongyuan offers comprehensive lifecycle services for renewable power stations, including development, design, construction, and operation [1] - The company has accumulated significant experience in electrochemical energy storage technology, enhancing its service offerings in energy storage system design and implementation [1] Industry Summary - The measures support the development of new energy business models, including virtual power plants and green electricity direct connection models, and encourage private enterprises to invest in new energy technologies [1] - Recent initiatives include a strategic cooperation framework agreement with the government of Qingyang City to establish a 2GWh energy storage equipment production line and a 1GWh lithium iron phosphate energy storage station [1] - Tongli Risheng is actively pursuing collaborations in the field of energy storage and intelligent scheduling, aiming to reduce energy costs and increase the proportion of green electricity used in data centers [1]