Core Insights - Qinghai's potential in green computing power is highlighted, supported by its abundant clean energy resources, which are expected to bolster major national strategies like "West-East Power Transmission" and "East Data West Calculation" [1] Group 1: Research and Development - A research team from Tsinghua University, in collaboration with other universities, conducted an in-depth study on green computing power and its integration with clean energy in Qinghai [1] - The team visited key facilities including the first clean energy and green computing power dispatch center in the country, a ±800 kV ultra-high voltage converter station, and various renewable energy parks [1] Group 2: Technological Integration - The clean energy and green computing power dispatch center in Qinghai showcases real-time data on clean energy generation and energy consumption of major enterprises [1] - The ultra-high voltage converter station is capable of delivering thousands of kilowatt-hours of green electricity instantaneously [1] - The digital data center by China Telecom employs a blockchain system to trace the source of each kilowatt-hour of electricity, while China Unicom's data base leverages over 90% clean energy for various digital needs [1] Group 3: Challenges and Future Directions - The research team identified challenges in talent and technology within the industry, indicating areas for future development [2] - A specialized research report is planned to utilize the knowledge gained from the study to contribute to local development efforts [2]

Core Insights - Liquid cooling technology is emerging as a significant innovation in heat dissipation, leading advancements in modern thermal management [1][2] - China Mobile is actively pursuing green and low-carbon projects in alignment with the "dual carbon" goals, utilizing advanced technologies like liquid cooling [1] - The China Refrigeration Society is promoting the development and application of cooling technologies for data centers, focusing on green and efficient solutions [1] Group 1 - The China Refrigeration Society's Executive Director, Jing Hua Qian, highlighted the unique advantages of liquid cooling technology in leading the innovation of heat dissipation [1] - The establishment of the Liquid Cooling Technology Working Committee under the China Refrigeration Society aims to enhance research and application in the field [2] - A total of 20 technological achievements in the data center cooling sector were publicly solicited and announced during the forum [1] Group 2 - The forum also marked the unveiling of the Liquid Cooling Technology Service Station in Hohhot, which will focus on the green development needs of data center parks [2] - The service station aims to create a collaborative development model that integrates innovation and diverse services [2] - Professor Xuan Yimin from Nanjing University of Aeronautics and Astronautics was appointed as the director of the newly established working committee [2]

Core Insights - Hongxin Electronics reported a total revenue of 5.55 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 24.75% [1] - The net profit attributable to shareholders reached 90.51 million yuan, marking a significant increase of 65.47% year-on-year [1] Group 1: Business Strategy and Development - The company is focused on integrating flexible electronics with green computing power, aiming to create innovative AI hardware and software solutions to empower the intelligent world [1] - Hongxin Electronics has identified a historical opportunity in the market, emphasizing the need for all hardware to be re-evaluated in conjunction with AI [1] Group 2: FPC Business Performance - The FPC (Flexible Printed Circuit) business has reached a critical turning point this year, driven by breakthroughs in AI mobile phones, AIPC, AI glasses, and AI servers [1] - The continuous improvement in factory utilization rates and the recovery of shipment prices have made the FPC business a significant growth driver for the company [1] Group 3: Computing Power Business - The company has established a strategic layout that combines domestic computing power chips with NVIDIA's resources, enabling it to provide multi-scenario computing power services [1] - Hongxin Electronics has formed a complete commercial closed loop in the AI computing power industry, possessing rich key resources and hardware-software capabilities to offer comprehensive services to clients [1] Group 4: AI Strategy and Ecosystem - Since adopting the "ALL IN AI" strategy in 2023, the company has made significant progress in team building, precise industry entry points, and rapid business development [2] - Hongxin Electronics has constructed a full-stack ecosystem comprising "computing power foundation + large models + AI applications," achieving important breakthroughs in technology research and development, market expansion, and core resource reserves [2]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of scaling, intensifying, and green development of computing power infrastructure, focusing on resource conservation and efficient utilization [1] Group 1: Policy Initiatives - The NDRC will implement strict energy-saving reviews and carbon emission evaluations for new computing power projects [1] - Regions are encouraged to set higher requirements for new projects based on local conditions [1] Group 2: Resource Utilization - Support will be provided for the exploration of industrial waste cooling and the recovery of waste heat from computing facilities [1] - Promotion of efficient energy-saving and water-saving equipment will be prioritized, with a gradual phase-out of outdated and inefficient products that do not meet current national standards [1] Group 3: Technological Innovation - The NDRC will advance the application of more green technology innovations [1] - There will be a focus on promoting various efficient cooling and heat dissipation technologies, as well as increasing the utilization rate of natural cooling sources [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of scaling, intensifying, and green development of computing power infrastructure, focusing on resource conservation and efficient utilization [1] Group 1: Policy Initiatives - The NDRC will implement strict energy-saving reviews and carbon emission evaluations for new computing power projects [1] - Regions are encouraged to set higher requirements for new projects based on local conditions [1] Group 2: Technological Advancements - Support will be provided for the exploration of resource applications such as industrial waste cooling in computing facilities [1] - The NDRC aims to promote the application of more green technologies and innovations [1] Group 3: Equipment Standards - The promotion of efficient energy-saving and water-saving equipment will be prioritized [1] - There will be a gradual elimination of outdated and inefficient products that do not meet current mandatory national standards [1] Group 4: Cooling Technologies - The initiative includes promoting various efficient cooling and heat dissipation technologies [1] - There is a focus on increasing the utilization rate of natural cooling sources [1]

Summary of Sifang Co., Ltd. Conference Call Company Overview - **Company**: Sifang Co., Ltd. - **Industry**: Power and Energy Solutions Key Points Business Performance - In the first three quarters of 2025, Sifang Co. achieved a new contract signing growth of approximately 20% year-on-year, with a target of 10 billion new contracts for the year [2][5][6] - The revenue growth rate reached over 30% in Q3 2025, with net profit growth exceeding 20% [3] - The gross profit margin has slightly declined due to changes in business structure, but overall profitability remains stable [3] Segment Performance - **Grid Automation**: Revenue growth of about 15% year-on-year [7] - **Power Plant and Industrial Automation**: Revenue growth of approximately 25% [7] - **New Energy**: Revenue growth of 40%-50%, driven by demand for booster stations [2][7] - **International Business**: New orders reached 410 million yuan, a significant increase from 150 million yuan in the same period last year [6] Strategic Focus - The company emphasizes the importance of grid transformation and safety, predicting continued growth in grid investment [4][10] - Data center business is a strategic priority, with expectations for commercialization of medium-voltage direct current distribution or SST (Solid State Transformer) by 2027 [4][11] - The company aims for international business to account for 30% of total revenue by 2030, focusing on Southeast Asia, the Middle East, Europe, and South America [4][29] Product Development - SST is viewed as a critical strategic layout, with significant potential in medium-voltage direct current distribution [8][17] - The company is developing distributed phase-shifting devices and static synchronous compensators, with expected revenue growth exceeding 100 million yuan [14] - The company has made breakthroughs in offshore wind power projects and digital twin technology in large base projects [14] Market Trends - The demand for distributed phase-shifting devices is expected to grow, with an estimated market of around 200 units in 2025 [19] - The company is adapting to different market demands, with variations in voltage requirements between domestic and international markets [24] International Strategy - The company has successfully localized its operations, enhancing competitiveness through local teams and partnerships [15][27] - The gross margin for international business is generally higher than domestic, particularly in primary systems [16] Future Outlook - The company is optimistic about the growth of the new energy sector, with a focus on the integration of renewable energy into data centers [21][28] - The storage business is expected to grow significantly, although specific targets for 2026 are still under planning [22][25] Challenges and Considerations - The company acknowledges the need for continuous improvement in core technologies related to SST applications in data centers [23] - There are ongoing considerations regarding the integration of high-voltage cascading storage solutions and their market acceptance [30][31] Conclusion Sifang Co., Ltd. is positioned for robust growth in the power and energy sector, with strategic focuses on international expansion, innovative product development, and adapting to market demands. The company is optimistic about future opportunities, particularly in new energy and data center applications.

Core Viewpoint - The company has secured multiple high-pressure lithium battery data center projects, including contracts in the U.S. and overseas, indicating a strong order backlog and growth potential in the data center market [1] Group 1: Company Developments - The company announced it has won several high-pressure lithium battery data center projects this year, showcasing its robust order book [1] - The current production capacity for data center lithium batteries stands at 1.5 GWh, with plans to expand by an additional 1 GWh next year, totaling 2.5 GWh [1] - The company possesses the capability to rapidly increase production to meet future customer demand [1] Group 2: Technological Advancements - The company has developed a third-generation high-pressure lithium battery product designed to address the high energy density and safety requirements of data centers [1] - This new product utilizes immersion liquid cooling technology, ensuring 100% fire and explosion safety in high-density backup applications [1] Group 3: Market Position and Strategy - The company is focusing on providing "energy storage + backup power" solutions to tackle the energy consumption challenges posed by increasing computational power in data centers [1] - Over the years, the company has diversified its customer base and rapidly expanded its business scale, positioning itself as a leading player in the high-pressure lithium battery data center sector [1]

Core Insights - The world's first offshore wind direct-connected underwater data center demonstration project was inaugurated in Shanghai Lingang, marking a significant milestone in integrating digital economy, renewable energy, and marine economy [1] Group 1: Project Overview - The project leverages the Sheneng Lingang offshore wind power project, utilizing optical-electrical composite cables for synchronous transmission of electricity and data, creating a new model of "wind-electricity-computing" synergy [1] - The project received the "International Data Center Edge Computing Node" plaque, highlighting its importance in Shanghai's strategy to become a global technology innovation center [1] Group 2: Future Developments - The underwater data center will integrate with deep-sea wind farms to establish a larger-scale computing center [1] - A strategic cooperation agreement was signed among Shenzhen Hailan Cloud Data Center, Sheneng Group, Shanghai Telecom, Shanghai Yidian, and China Communications Construction Company, focusing on a 500 MW offshore wind direct-connected underwater data center [1] - The collaboration will enhance efforts in energy supply, network support, computing operation, and engineering construction to promote the project's scale expansion [1]

Core Insights - The article emphasizes the strategic development of Ya'an, focusing on project investment and industrial chain strengthening through green computing and innovative mechanisms [1][2][10]. Investment and Project Development - In the first nine months of 2025, Ya'an completed investments of 149.6 billion yuan in 31 provincial key projects, achieving a completion rate of 99.3%, exceeding the planned progress by 24.3 percentage points [3]. - The city signed 72 new projects with investments exceeding 1 billion yuan, totaling 313.53 billion yuan, with 135 key projects under negotiation amounting to 659.67 billion yuan [3]. - The project implementation efficiency is notable, with a contract fulfillment rate of 94.79% and a commencement rate of 83.33% for new projects signed in 2024 [3]. Mechanism Innovation - The "Point Leader + Specialist" mechanism has been introduced to enhance project efficiency by addressing bottlenecks in land, funding, and approval processes [5][6]. - This mechanism involves 36 city leaders overseeing project progress monthly and 42 specialists providing on-site support weekly, creating a responsive problem-solving environment [5][6]. Green Computing and Industrial Development - Ya'an leverages its abundant hydropower resources to support AI computing centers and data storage facilities, significantly reducing operational costs for digital economy projects [2][10]. - The Ya'an Data Industry Park showcases a reliable power supply system, ensuring uninterrupted computing operations, which is crucial for attracting digital projects [7][8]. Cultural and Tourism Integration - The G318 Travel Museum in Tianquan County exemplifies the integration of green computing with cultural tourism, offering immersive experiences through AI and VR technologies [9][10]. - This initiative aims to enhance visitor engagement and promote local culture, contributing to the overall economic development of the region [9][10]. Future Development Path - Ya'an plans to focus on differentiated development by enhancing its green computing capabilities, optimizing project execution, and fostering innovation-driven growth [10][11]. - The city aims to deepen the integration of cultural tourism and digital economy, positioning itself as a significant cultural tourism destination while exploring new applications for computing in various sectors [11].

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Insights - The demand for computing power is surging, leading to rapid growth in electricity consumption by data centers. Global data centers consumed 460 TWh of electricity in 2022, with optimistic projections suggesting this could reach 1000 TWh by 2026. In China, data center electricity consumption is expected to reach 525.76 billion kWh by 2030, accounting for 4.8% of total national electricity consumption [1][18] - Long-term, green computing is seen as the ultimate development scenario, emphasizing the need for energy supply and computing power coordination. The integration of data centers with renewable energy sources and storage solutions is expected to become the mainstream model for large-scale data center development [2][23] - The integration of HVDC (High Voltage Direct Current) systems with energy storage is crucial for creating efficient and flexible data centers. This technology allows for better energy management and optimization, making it a key direction for future development [3][31] Summary by Sections Section 1: Computing Power Demand and Data Center Growth - The rapid increase in computing power demand is driving significant growth in data center electricity consumption, with projections indicating a rise to 1000 TWh by 2026 globally and 525.76 billion kWh in China by 2030 [1][18] - The shift towards green computing is essential, with a focus on integrating renewable energy sources and energy storage to meet the growing demand [2][19] Section 2: Market Performance - The public utility index increased by 2.73% from October 4 to October 17, outperforming the Shanghai Composite Index by 3.84 percentage points [10][35] Section 3: Market Information Tracking - In October 2025, the average transaction price for electricity in Jiangsu was 340.77 RMB/MWh, reflecting a 12.85% decrease from the benchmark price [52] - The average price of thermal coal in the Bohai Rim region was reported at 680 RMB/ton as of October 15, 2025, showing a slight increase [54] - The price of LNG in China was reported at 11 USD/million BTU, indicating a 0.91% increase [56] Section 4: Investment Recommendations - Recommendations include focusing on companies involved in green computing and energy storage, such as TianNeng Co. and Tongli Risheng, which are positioned to benefit from the growing demand for energy storage solutions in data centers [3][14]