证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 07 月 07 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 市场表现： | 基本数据 | | | 2025 | 年 | 07 | 月 | | 07 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 6.12 | | | | 一 年 内 高 最 低 | 最 | / | | | | 7.43/3.38 | | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 6,612.98 | | | | 流通市值（百万元） | | | | | | | 6,612.42 | | | | 总股 ...

Group 1: Development of Datong as a Computing Power City - Datong aims to transform from a coal and electricity supplier to a computing power and service provider, driven by the "East Data West Computing" initiative [1] - The city has established partnerships with major companies like Douyin Group and JD Group to accelerate its development as a computing power city [1][2] - Douyin Group has invested significantly in the Taihang Computing Power Center project, increasing its investment from 160 million to 2.36 billion yuan, marking a 1375% increase [2] Group 2: Key Projects and Investments - The Taihang Computing Power Center project consists of two phases, with the first phase involving an investment of approximately 2.8 billion yuan and the second phase projected at 4.5 billion yuan [3] - JD Group has also made substantial investments in Datong, with a total investment of 2.5 billion yuan for the first phase of its intelligent computing data center project [8] - By the end of 2024, Datong's planned investment in data centers is expected to reach 76 billion yuan, with over 24.3 billion yuan already invested [11] Group 3: Strategic Collaborations and Future Plans - Datong's government has engaged in discussions with JD Group to enhance cooperation in smart city development and computing power projects [6][9] - The establishment of the Shanxi Datong University Digital Economy Research Institute aims to foster collaboration between academia, industry, and government, supporting the city's digital economy initiatives [13] - Datong is focusing on green energy initiatives, including pilot projects for green electricity supply to attract more computing power projects [11]