Core Viewpoint - The development of green computing power is crucial for China's digital economy and showcases the country's commitment to energy conservation and carbon reduction [1] Group 1: Green Computing Power Development - The 2025 Green Computing Power (Artificial Intelligence) Conference will be held in Hohhot, focusing on building a collaborative ecosystem for AI and green computing [1][4] - Hohhot is positioned as a key city in the "East Data West Computing" project, leveraging its advantages in location, climate, green electricity, and policies to foster high-quality digital economic development [2][5] Group 2: Industry Chain and Infrastructure - Hohhot has established a dual-driven model of "green electricity + computing equipment," with over 86% of electricity used in data centers coming from green sources, achieving the lowest electricity costs in the country [3][5] - The computing power scale in Hohhot has surpassed 91,000 P, with intelligent computing accounting for over 95%, and the Hohhot data center cluster is expected to reach 120,000 P by the end of the year [3][4] Group 3: Policy Support and Investment - Hohhot allocates 128 million yuan annually to support the AI industry through various vouchers, enhancing the development of a trusted data space [3][4] - The conference will feature significant research reports that provide guidance for optimizing national computing power layout and promoting regional coordinated development [4] Group 4: Future Development Goals - Future initiatives include strengthening computing infrastructure, accelerating the construction of zero-carbon data centers, and enhancing the security of data circulation [6][7]

Core Insights - Qinghai Province is positioning itself as a leader in clean energy development, particularly in solar and wind power, with significant government support and strategic planning [3][4][5][12]. Group 1: Clean Energy Development - Qinghai has achieved a total installed capacity of over 71 million kilowatts, with clean energy and renewable energy accounting for more than 94% and 70% of the total capacity, respectively [4]. - The province is set to complete its first batch of large-scale wind and solar projects by the end of 2024, marking a significant milestone in its clean energy journey [4][6]. - The solar power park in Taratand covers over 600 square kilometers and is recognized as the largest solar power generation facility globally [5][6]. Group 2: Technological Innovation - Qinghai is at the forefront of clean energy technology, with advancements in solar, wind, and hydropower technologies that are among the best in the world [9][10]. - The province has established a high-altitude laboratory to test electrical equipment performance in challenging environments, supporting the development of clean energy infrastructure [8]. - Qinghai is also focusing on creating a diverse energy storage system, with significant projects in pumped storage and compressed air energy storage [11]. Group 3: Economic and Social Impact - The clean energy sector is becoming a new driving force for economic and social development in Qinghai, contributing to job creation and rural revitalization [12][16]. - The establishment of solar power stations has led to significant economic benefits for local communities, including increased income for impoverished households [16]. - Qinghai's clean energy initiatives are also enhancing the quality of life for residents, with projects aimed at integrating renewable energy into local economies [16]. Group 4: Policy and Strategic Planning - The provincial government is actively promoting policies to support the development of private enterprises in the clean energy sector, aiming to create a conducive environment for innovation [14]. - Qinghai's strategic plans include enhancing the innovation service system for enterprises and encouraging increased investment in technological advancements [14][19]. - The province is also working towards establishing a green computing industry that leverages its clean energy resources, aiming to create a comprehensive green energy supply system by 2025 [19].

Group 1 - The new technological revolution is driving the demand for computing power, leading to challenges in electricity supply security, as highlighted in the "China Comprehensive Computing Power Index Report (2024)" [1] - Shanxi Province ranks among the top eight in the national comprehensive computing power index, with Datong City being in the top three for urban computing power sub-index [1][2] - Datong City is responsible for over 80% of Shanxi's data center construction and has been included in the "Beijing-Tianjin-Hebei Computing Power Corridor" [2] Group 2 - The electricity consumption of the internet data service industry in Datong has increased significantly, from 0.09% to 96.78% of the province's total, establishing it as a major hub for big data development [2] - The State Grid Datong Power Supply Company has actively supported the energy needs of data centers, optimizing the power grid structure and ensuring reliable electricity supply [2][3] Group 3 - By the end of 2024, Datong City will have four operational data bases and two under construction, with data center electricity consumption exceeding that of the coal industry [3][4] - Datong is rich in wind and solar resources, with a total installed capacity of wind and solar energy reaching 9.3992 million kilowatts, accounting for 53.57% of the total installed capacity [3] Group 4 - The PUE (Power Usage Effectiveness) of Datong's data centers is generally below 1.2, meeting the EU's requirements for green data centers, positioning Datong as a global cost-effective area for green computing power [3] - The State Grid Datong Power Supply Company is exploring direct green electricity connection models, which could reduce energy costs for computing centers by 8% [3] Group 5 - The China Mobile Shanxi Taiyuan Data Center has a high power capacity of 139,060 kVA and a monthly maximum electricity consumption exceeding 10 million kWh, making it the largest data center in Shanxi [5][6] - The Baidu Cloud Computing Center in Yangquan is the largest and most advanced in Asia, with a total power capacity of 233,900 kVA and an annual electricity consumption of 450 million kWh [6] Group 6 - The construction of the first full-stack intelligent computing power hub in North China, the Changzhi Intelligent Computing Center, is supported by the State Grid Changzhi Power Supply Company, which is actively involved in project planning and electricity supply [7] - The collaboration between electricity and computing power is essential for the high-quality development of the industry, with plans for coordinated development of computing power layout and power grid planning [7]

Core Viewpoint - The He Lin Ge Er New District in Hohhot is a key hub for the national "East Data West Computing" project, with over 80% of its data centers powered by green electricity, showcasing a commitment to sustainable energy in the digital economy [1][3]. Group 1: Data Center Development - The He Lin Ge Er New District hosts 46 data center projects with a total computing power of 91,000 P, of which 86,000 P is intelligent computing power [1][3]. - The district utilizes an integrated clean energy supply method combining wind, solar, and storage to provide green electricity, achieving over 80% usage in data centers [1][3]. - The local government aims for the green computing and AI industry to exceed 100 billion RMB by 2027, with a total computing power target of over 800,000 P [3][4]. Group 2: Artificial Intelligence Initiatives - The district is actively promoting AI industry development supported by green computing, with applications in various sectors such as industrial production, education, and agriculture [5][6]. - The Inner Mongolia Data Trading Center is accelerating the aggregation of regional industry data to build a cross-provincial data market [6]. Group 3: Business Environment and Infrastructure - The district has implemented innovative service systems to create a world-class business environment, including "zero-run" services for enterprises and expedited project approvals [8][9]. - Infrastructure improvements include the completion of a main road network and a 400G optical network connecting to major cities, enhancing interconnectivity for computing resources [9].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the collaboration between Junxin Co. and Changsha Digital Group to promote the integration of waste incineration and green computing, enhancing operational efficiency and revenue growth [8]. - It highlights the trend of decreasing capital expenditures in the waste incineration sector, leading to improved free cash flow and increased dividends [12]. - The report discusses the stable growth and high dividends in the water utility sector, driven by water price reforms that reshape growth and valuation [16]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a shift towards maturity, with capital expenditures declining and free cash flow turning positive in 2023, continuing to improve in 2024 [12][13]. - The report notes that the waste incineration sector is adopting new business models, including partnerships with data centers, which enhance profitability and return on equity (ROE) [14]. Key Recommendations - The report recommends several companies for investment, including Hai Luo Chuang Ye, Hanlan Environment, and Green Power, among others, based on their strong dividend potential and operational efficiency [4]. - It suggests focusing on companies with high dividend payout ratios and robust cash flow, such as Junxin Co. and Green Power, which are expected to maintain or increase their dividends significantly in 2024 [12][13]. Water Utility Sector - The water utility sector is projected to see stable growth, with a focus on water price reforms that enhance profitability and ensure reasonable returns on investment [18]. - The report highlights specific companies like Yuehai Investment and Xingrong Environment as key players benefiting from these reforms, with expected high dividend yields [18]. Environmental Equipment - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 73% and an increase in market penetration [26][27]. - It emphasizes the importance of transitioning to electric sanitation vehicles as part of the industry's modernization efforts [22]. Biofuel and Lithium Battery Recycling - The report indicates a recovery in the profitability of biodiesel, with prices increasing by 7.1% week-on-week, leading to positive margins [36]. - It also discusses the challenges in lithium battery recycling, with declining metal prices impacting profitability, but notes slight improvements in margins [39][40].

Core Viewpoint - The company has signed a strategic cooperation agreement with Changsha Digital Group to enhance its operational capabilities in various digital and environmental sectors [1] Group 1: Agreement Details - The strategic cooperation agreement is an intention-based arrangement, with specific matters to be further negotiated [1] - The agreement is valid for three years and focuses on areas such as green computing center construction, digital management of solid waste treatment, carbon asset digital management, and digital business expansion in Belt and Road countries [1] Group 2: Operational Impact - The collaboration aims to improve the intelligent operation level of the company's waste-to-energy projects [1] - The partnership seeks to create a model that integrates waste-to-energy projects with IDC/AIDC, enhancing operational efficiency and driving revenue growth and profitability [1]

凭借全球领先的绿色算力创新方案，上海临港海底数据中心项目于今年4月成功入选国家发改委《绿色低碳先进技术示范项目清单(第二批)》。该 项目实现了"海上风电直供绿电+海水自然冷却"双技术融合创新，是将海洋冷却、风电供能、模块化建设与智能化运维深度融合的颠覆性方案，将 充分利用海上风电资源，为海底数据中心提供绿色、稳定的电力供应，同时借助海洋冷源的冷却优势，降低数据中心的能耗，实现海上绿电与海 底算力的协同发展。 6月17日，由中交三航局二公司参建的上海临港（600848）海底数据中心示范项目EPCI工程在南通举行开工仪式。该项目作为全球首个海上风电 融合型海底数据中心零碳新基建标杆，将助力上海在算力基础设施绿色化、低碳化领域达到国际前沿水平。 据悉，上海临港海底数据中心项目总投资16亿元，建设总规模24兆瓦，分两期建设。一期示范项目规模2.3兆瓦，设计PUE不高于1.15，绿电供给 率超90%，主要建设内容为拆除并重建陆上集控中心，新建1座立式数据舱，敷设2条35千伏主海缆。 项目建设期间，中交三航局二公司将发挥在港航领域特有的技术优势、装备优势和人才优势，注重强化安全引领、科学管理、动态调控、生态优 先的施工举 ...

Core Viewpoint - The importance of data centers is increasing globally due to digital and intelligent transformation, with liquid cooling technology emerging as a necessary trend despite leakage risks hindering its widespread adoption [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology has transitioned from an optional solution to a necessity due to the explosive growth of AI models and high-performance computing, which has led to increased power density in data center cabinets [2]. - Traditional air cooling methods are being replaced by liquid cooling, which significantly enhances cooling efficiency and reduces Power Usage Effectiveness (PUE) [2]. Group 2: Leakage Risks - Leakage risks in liquid cooling systems arise from various components such as water-cooled plates, pipelines, and connectors, where any failure can lead to leaks [2]. - Common water-based coolants can corrode metal parts over time, leading to costly repairs and potential equipment damage due to leaks [2][3]. Group 3: Green Cloud's Solution - Green Cloud Technology has introduced the "Hurricane Waterless" cold plate solution, which utilizes a self-developed non-water-based non-conductive medium to mitigate leakage risks while enhancing heat exchange capabilities [1][3]. - The solution is designed to ensure that even in the event of a liquid leak, server integrity is maintained, thus improving the system's tolerance to liquid cooling failures [3]. Group 4: Innovative Design - The "Hurricane Waterless" solution features an innovative architecture that includes redundant airflow designs and a multifunctional integrated chamber to optimize cooling efficiency and space utilization [5]. - The design allows for online hot-swapping of power and fans, ensuring zero downtime for maintenance and continuous business operations [6]. Group 5: Industry Impact - The new solution has undergone rigorous testing and has been successfully implemented in collaboration with Guojijiang Precision Engineering Group, resulting in improved energy consumption, stability, and noise levels in the data center [6]. - The company aims to continue innovating and providing advanced liquid cooling solutions to support the sustainable development of global digital transformation [6].

Core Insights - Ningxia aims to quadruple investment, standard racks, intelligent computing cards, and computing power scale by the end of 2024, with a comprehensive computing power index entering the top 10 nationally [1] - The region is recognized for its favorable climate for large data centers and is the first national new energy comprehensive demonstration zone, providing abundant green electricity resources [1] - By 2027, Ningxia's digital economy is projected to reach 270 billion RMB, accounting for over 40% of the total economy, with core digital economy industries expected to double their value added compared to 2021 [2] Investment and Infrastructure - As of now, Ningxia has established 9 large and super-large data centers, with 27 more under construction, and a total of 142,000 standard racks [1] - The region has built 116,000 intelligent computing cards and achieved a computing power scale of 74,000 P, ranking third among the top ten data center clusters in the country [1] Industry Ecosystem Development - Ningxia is fostering a new industrial ecosystem by attracting projects in electronic materials, photovoltaic equipment, high-performance servers, and smart wearable manufacturing [2] - Over 20 large models are being trained in Ningxia, with applications in AI healthcare and over 40 typical application scenarios developed [2] - The region has established more than 1,200 smart classrooms and laboratories, 186 smart factories, and 2,600 small and medium-sized enterprises utilizing cloud computing and data intelligence [2]

Core Insights - Inner Mongolia is advancing the construction of a green computing power base, achieving a computing power scale of 126,000 P, with intelligent computing power at 116,000 P, ranking first in the country [1] - The region's data center cluster has a green electricity usage ratio of 84.57%, leading nationally, and is supported by the national policy to accelerate the development of integrated computing power networks [1][2] - Inner Mongolia is leveraging its advantages in renewable energy to create a collaborative system of "green electricity + computing power + industry," contributing to high-quality economic development [1][2] Green Computing Power Development - The data center cluster in Inner Mongolia, including the Hohhot and Ulanqab data parks, is a key hub for the "East Data West Computing" project, benefiting from a unique geographical position [2] - The region's data centers are enhancing the green electricity ratio through direct supply and grid-based energy storage, aiming to establish a national green computing power base [2] - In Q1 2023, the data centers consumed 1.22 billion kWh of electricity, with green electricity accounting for 84.57%, significantly reducing electricity costs [2] Full-Chain Low-Carbon Development - Inner Mongolia's green computing industry encompasses a full low-carbon chain from production to operation, with companies like Baichuan Digital Technology producing energy-efficient servers [3] - The region is implementing policies to promote green computing power, including phasing out high-energy-consuming data centers and controlling new data center energy consumption [3] - Inner Mongolia has established national-level internet backbone direct connection points and dedicated international internet data channels, facilitating rapid information transmission [3] Comprehensive Industry Chain - Inner Mongolia has built a complete green computing power industry chain, covering various computing systems and involving 79 data center projects with an investment of 280 billion yuan [5] - The China Mobile Intelligent Computing Center in Hohhot is the largest single liquid-cooled intelligent computing center globally, capable of performing 67 trillion floating-point operations per second [5] - The region is developing applications in finance, AI diagnostics, and physical simulations, with a focus on enhancing operational efficiency [5] Market and Application Expansion - Inner Mongolia is accelerating the integration of digital technology with the real economy, promoting AI applications in agriculture, industry, and renewable energy [7] - The Inner Mongolia Data Trading Center is set to launch in June 2024, aiming to stimulate data market transactions and has already facilitated transactions exceeding 50 million yuan [7][9] - The region is establishing a multi-cloud computing resource monitoring and scheduling platform, enhancing connectivity with other regions for efficient computing power trading [8] Employment and Economic Impact - The rapid development of the digital economy in Inner Mongolia has created numerous job opportunities, with companies providing data labeling services employing over 500 people [9] - The information transmission and software service industry contributed 24.7% to GDP growth last year, highlighting the sector's significance in the regional economy [9] - The "green electricity + computing power + industry" model is driving high-quality development in Inner Mongolia, supporting national digital economic growth [9]