Group 1: Artificial Intelligence Development - Nearly 30 provinces in China have included artificial intelligence in their "14th Five-Year" plans, indicating a significant trend towards new and intelligent industries [1] - Local governments are focusing on establishing technological advantages and expanding international influence in the AI sector, with Beijing aiming to cultivate a leading AI industry ecosystem and Zhejiang promoting an optimal open-source environment [1] - Some regions are exploring the integration of AI with local advantageous industries, such as Inner Mongolia's plan to create a "green computing power + AI" application base [1] Group 2: Sustainable Development of New Energy - Local governments are prioritizing new energy as a key production factor to drive the transformation of traditional industries, with Chongqing aiming to become a global hub for smart connected new energy vehicles [2][3] - The development of new energy industries is expected to shift regional economies from resource-dependent to technology-driven models, enhancing the economic value and sustainability of these regions [3] - Various regions are implementing systematic planning for carbon reduction, with initiatives like Chongqing's comprehensive carbon emission control mechanism and Ningxia's efforts to achieve carbon peak [3]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 03 日 浙商早知道 2025 年 12 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 重要观点 http://www.stocke.com.cn 1/6 请务必阅读正文之后的免责条款部分 ❑ 大势：12 月 2 日上证指数下跌 0.42%，沪深 300 下跌 0.48%，科创 50 下跌 1.24%，中证 1000 下跌 1%，创业板 指下跌 0.69%，恒生指数上涨 0.24%。 ❑ 行业：12 月 2 日表现最好的行业分别是石油石化（+0.71%)、轻工制造（+0.55%)、家用电器（+0.43%)、建筑材 料（+0.32%)、通信（+0.27%)，表现最差的行业分别是传媒（-1.75%)、有色金属（-1.36%)、计算机（-1.34%)、 医药生物（-1.23%)、电力设备（-1.18%)。 ❑ 资金：12 月 2 日全 A 总成交额为 16073 亿元，南下资金净流入 41.01 亿港元。 ❑ 【浙商通信 张建民/邢艺凡】银轮 ...

Investment Rating - The report does not explicitly state an investment rating for the green computing industry Core Insights - The green computing industry is analyzed from three dimensions: computing side (hardware and software), energy side, and application side, with a focus on liquid cooling technology, efficient algorithms, high-density servers, and long-term attention on integrated systems and green electricity [1][2][12] - The transition from energy efficiency optimization to a collaborative system of "computing power, electricity, and carbon power" is highlighted as a core trend in the intersection of technology and energy [1][2] Summary by Sections 1. Research Framework - The demand for computing power is rapidly increasing due to global digitalization and intelligent transformation, with AI data center IT energy consumption projected to grow significantly from 55.1 TWh in 2024 to 146.2 TWh by 2027, reflecting a compound annual growth rate of 44.8% [11][12] 2. Computing Side: Role of Algorithms, Devices, and Carriers - Green algorithms are essential for optimizing AI computing efficiency, focusing on reducing computational and storage costs while maintaining performance [2][30] - Data center hardware is identified as a major source of energy consumption, with significant advancements in chip architecture and high-density integration driving energy efficiency [2][12] - Efficient cooling technologies, such as liquid cooling, can significantly reduce Power Usage Effectiveness (PUE) to below 1.3, with AI-driven management systems enhancing operational efficiency [2][12] 3. Energy Side: The End of Computing Lies in Electricity - The report emphasizes the need for energy structure transformation, with approximately 70% of China's data center energy coming from coal [2][12] - Innovations in energy management, such as integrated microgrids and direct connections to green electricity, are crucial for optimizing energy allocation [2][12] 4. Application Side: AI+ Achieving Green Empowerment Across Industries - AI computing is driving decarbonization across various sectors, with significant reductions in carbon emissions projected for energy (12%-22%), industry (13%-22%), transportation (10%-33%), and buildings (23%-40%) [2][3] - The development of edge computing and large models is expected to transform consumption patterns and production methods, leading to a comprehensive green and intelligent transition in the economy [3][12] 5. Summary and Recommendations - The report suggests focusing on key areas such as liquid cooling technology, efficient algorithms, and integrated energy systems as potential investment opportunities in the green computing sector [2][12]

Core Insights - The COP30 conference concluded with an agreement to double climate adaptation funding from developed countries to developing countries to $120 billion annually by 2035, but failed to reach consensus on a fossil fuel exit roadmap [4][5] - The focus of global climate governance is shifting from rule-making to commitment fulfillment, emphasizing the need for countries to submit more ambitious climate action plans and ensure funding commitments are met [5][6] Regulatory Voices - China will adhere to true multilateralism and assist developing countries in addressing climate change through material aid, low-carbon demonstration zones, and capacity training [3] - Technological innovation is driving industrial practices in China, promoting the development of green new productive forces tailored to local conditions [3] - Countries face a shared fate regarding climate change, necessitating a commitment to green transformation, practical actions, equitable pathways, and technological innovation [3] Policy Updates - The National Carbon Market expansion roadmap has been announced, aiming to include the chemical, petrochemical, civil aviation, and paper industries by 2027 [4] - New guidelines from the National Energy Administration emphasize integrated development of renewable energy and the creation of new industrial opportunities [4] - The National Energy Administration has set a baseline for renewable energy consumption, requiring an annual addition of at least 200 million kilowatts [4] Industry Insights - The new power system is creating opportunities for new business models, with the virtual power plant market expected to reach a scale of hundreds of billions, although challenges such as aggregation difficulties and imperfect revenue mechanisms remain [6] - Wuhan is actively implementing its green low-carbon transition, signing 14 green low-carbon technology agreements and promoting carbon-inclusive mechanisms [6] - Mercedes-Benz's new electric CLA model utilizes recycled materials and operates on green electricity, systematically advancing its carbon reduction process [6] COP30 Highlights - China, the EU, and Brazil initiated the establishment of a Carbon Market Open Alliance during COP30 to create a framework for international cooperation on carbon pricing mechanisms [7] - China reported a cumulative reduction of over 26% in energy intensity at COP30, showcasing its progress in green transformation and the establishment of the world's largest carbon market [7] - COP30 featured interactive elements to engage younger generations in climate action, transforming climate initiatives into tangible, participatory experiences [7] ESG Insights - Multilateral development institutions play a crucial role in climate financing by leveraging innovative financial tools to mobilize private capital and bridge significant funding gaps [8] - The textile industry must innovate water-intensive washing processes and promote energy structure transformation to achieve zero-carbon parks [8] - Sustainable aviation fuel development requires multiple technological pathways and urgent policy incentives to support large-scale industry growth [8]

作为新型生产力的算力，正在成为推动数字经济发展的重要底座，也是驱动经济社会加速数字化转型的新引擎。 今年中共中央、国务院印发的《数字中国建设整体布局规划》明确了算力基础设施的发展方向，要从系统优化算力基础设施布局，促进东西部算力高效互 补和协同联动，引导通用数据中心、超算中心、智能计算中心、边缘数据中心等合理梯次布局。近年来，在一揽子政策支持下，我国算力产业发展迅速， 绿色算力在技术产品创新和赋能传统产业转型升级等多方面取得积极成效，算力产业步入集成创新、快速发展、深度应用、结构优化的可持续发展新阶 段。 但在不少行业人士的观察和思考中，算力伴随着数字经济蓬勃发展迎来了需求爆发，其能耗问题也日益突出。如何优化算力的绿色、可持续发展路径，更 高质量地发挥对经济社会的赋能驱动作用，成为算力基础设施建设面临的重要课题。对此，人民网财经研究院于近日举行了"数实融合视野下的算力可持 续发展之路"金台圆桌研讨会，邀请政产学研代表共同探讨算力产业可持续发展路径，促进绿色算力更好地为千行百业赋智赋能，为高质量发展强根基、 添活力。 国家发改委宣传中心网络部主任左红军在发言中表示，在数智时代，用户对算力的需求呈不断增长趋势，大 ...

21世纪经济报道记者雷椰 李德尚玉 实习生刘诗媛 北京报道 全球气候治理迈入"落实《巴黎协定》十年"的关键节点，人工智能等前沿技术驱动的算力产业在持续扩 张，同时也带来了巨量的能源需求与碳排放压力。而有关AI、能源议题也成为《联合国气候变化框架 公约》第三十次缔约方大会（COP30）的讨论焦点。 在COP30召开期间，在巴西COP30中国角的现场，BCI Group创始人、CEO居静和他的团队向国际展示 了其绿色算力基础设施样本。居静在接受21世纪经济报道专访时表示，破解AI算力与能源消耗的矛 盾，不能仅靠单点技术，而必须通过"垂直一体化"的生态重构，在源头实现绿色电力直供与全链条协 同，才能真正支撑算力产业的可持续发展。 《21世纪》：今年COP30大会在巴西举行，作为数次参加COP大会的中国企业，从迪拜、阿塞拜疆到 今年的巴西贝伦，一路走来，你和团队有什么特别的感受？对本次大会有怎样的期待？又有哪些收获？ 居静：作为算力基础设施企业，对于今年COP30议题，我们期待气候融资的落实，特别是整合地方政 府、企业与民间社会力量，共同落实能源转型相关内容。具体有几方面的期待：一是可再生能源规模化 增长背景下，气候 ...

Carbon Neutrality Policies - China, the EU, and Brazil have jointly established the "Carbon Emission Trading Market Open Alliance" to enhance international cooperation on carbon pricing mechanisms and emission trading systems, aiming for a transparent global compliance carbon market network [1] - The National Energy Administration of China has issued guidelines to promote the integrated development of renewable energy, emphasizing multi-dimensional collaboration and non-electric utilization by 2030 [2] - China has signed 55 climate change cooperation documents with 43 developing countries, focusing on capacity building and technology transfer in climate governance [3] Local Developments - Wuhan has signed 14 green low-carbon technology projects, including a CO2 capture and electrochemical conversion technology, showcasing its commitment to a comprehensive green transition [4][5] Corporate Practices - Envision Group has launched the world's largest AI-driven power system, enhancing the economic viability and stability of renewable energy systems, successfully applied in a zero-carbon hydrogen industry park [6] - Green computing is emerging as a new investment focus, with a significant portion of data center emissions stemming from electricity consumption, prompting a shift towards energy efficiency and green electricity usage [7]

Carbon Neutrality Policy - The establishment of the Carbon Market Open Alliance by China, the EU, and Brazil aims to create a framework for international cooperation on carbon pricing mechanisms and emission trading systems, enhancing the voice of developing countries in the global carbon pricing system [2] - The National Energy Administration of China has issued guidelines to promote the integrated development of renewable energy, emphasizing multi-dimensional collaboration and non-electric utilization, with a goal for integrated development to become a key approach by 2030 [3] - China has signed 55 climate change cooperation documents with 43 developing countries, focusing on capacity building, technology transfer, and infrastructure support in climate governance [4] Local Developments - Wuhan has signed 14 green low-carbon technology projects, including advancements in CO2 capture and electrochemical conversion technology, showcasing a comprehensive green transformation approach [5][6] Corporate Practices - Envision Group has launched the world's largest AI-driven power system, enhancing the economic viability and stability of renewable energy systems, successfully applied in the global largest green hydrogen and ammonia industrial base [7] - Green computing is emerging as a new investment focus, with a significant portion of carbon emissions from data centers stemming from electricity consumption, highlighting the importance of energy efficiency and green electricity usage [8]

Group 1 - The Inner Mongolia Autonomous Region is focusing on high-quality development and modernizing its economy, emphasizing the urgency of planning for the 14th Five-Year Plan and next year's work [1] - The government aims to enhance high-level openness and promote the construction of a free trade zone, while also improving the capabilities of comprehensive bonded zones [1] - There is a strong emphasis on protecting and utilizing cultural heritage, as well as advancing ecological initiatives such as the "Three North" project and creating a national ecological civilization pilot zone [1] Group 2 - The region plans to strengthen modern agriculture and animal husbandry, focusing on brand cultivation and the revitalization of the dairy and seed industries [2] - There is a push for deep integration of technological and industrial innovation, including the establishment of a national-level innovation platform and a green computing power demonstration zone [2] - The government aims to leverage its energy industry advantages, promote renewable energy development, and enhance the coal chemical industry chain [2] - Infrastructure improvements are prioritized, including high-speed rail, highways, and civil aviation, to reduce logistics costs and develop a hub economy [2] - The government is committed to reforming state-owned enterprises and ensuring social stability through enhanced basic livelihood guarantees and risk prevention measures [2]

Group 1 - Qinghai Turing Town officially launched in Xining as a key green computing project in Qinghai Province, representing the province's commitment to developing the green computing industry [1] - The project is developed by H3C Group and aims to create an AI innovation community that integrates government, enterprises, innovation, and applications [1] - Qinghai's abundant water, solar, and wind resources provide a strong foundation for the development of clean energy and computing industries, with the province ranking fifth in water resources and second in solar radiation in China [1] Group 2 - Qinghai has implemented policies to transform its resource advantages into a clean energy development framework, with a focus on hydropower and large-scale clean energy bases [3] - As of September, Qinghai's clean energy installed capacity reached 72.52 million kilowatts, accounting for 93.8% of the province's total power capacity, with both installed capacity and generation exceeding 90% [3] - The computing industry in Qinghai is characterized as an eco-friendly industry with high energy capacity and near-zero emissions, which can help address green electricity consumption challenges and support AI and advanced manufacturing sectors [3] Group 3 - China Unicom's Sanjiangyuan National Big Data Base has invested 2.6 billion yuan, with a current computing capacity of 9,000 P, expected to reach 13,000 P by the end of the year [5] - The data center operates with high energy efficiency, achieving a Power Usage Effectiveness (PUE) below 1.2, which is 40% lower than the national average [5] - The Sanjiangyuan green electricity intelligent computing microgrid project integrates renewable energy sources with computing infrastructure, achieving 100% green electricity consumption and zero carbon emissions [5] Group 4 - As of September, Qinghai has built approximately 190,000 standard racks, with computing capacity increasing nearly 40 times in one year [5] - The province's green computing investment constitutes 40% of the fixed asset investment in the industrial park, with over 80% of computing projects powered by green electricity [5] - The establishment of a clean energy and green computing dispatch center has enabled real-time monitoring of energy generation and carbon emissions across the province [5]