Investment Rating - The report does not explicitly provide an investment rating for the green computing industry Core Insights - The report emphasizes the necessity of developing green computing to address the increasing energy consumption and carbon emissions associated with computing power, which is seen as a critical component of high-quality development in the digital economy [7][21] - It highlights the significant growth in computing power in China, with a total scale reaching 280 EFLOPS by the end of 2024, and an average growth rate of nearly 30% over the past five years [7][9] - The report outlines the integration of green computing into various sectors, including energy, manufacturing, retail, transportation, and construction, with over 86% of central enterprises adopting cloud services [9][21] Summary by Sections 1. Background of Green Computing Research - The report identifies the exponential growth in energy demand for computing infrastructure, driven by advancements in AI technologies and distributed computing [19][20] - It discusses the contradiction between the increasing demand for computing power and the limited environmental capacity, necessitating a transformation towards green computing [21][22] 2. Overall Progress in Green Computing - The report notes a tightening of global policies regarding energy consumption and carbon emissions in the computing sector, with various countries implementing stringent regulations [29][30] - In China, policies are shifting from intensive construction to a collaborative model focusing on efficiency, energy consumption, and application [30][31] 3. Development Trends in Computing Equipment - The report highlights the rapid growth of AI servers as a key driver of energy consumption in computing equipment, with global data center IT loads expected to increase significantly by 2030 [48][49] - It mentions that China's computing equipment efficiency is improving, with advancements in chip manufacturing and cooling technologies [51] 4. Industry Dynamics - The report outlines the green computing industry chain, which includes hardware suppliers, energy providers, infrastructure builders, and application customers [37] - It emphasizes the importance of energy efficiency technologies, such as liquid cooling, which is projected to grow significantly in the coming years [41][42] 5. Corporate Practices - The report details various corporate initiatives aimed at achieving carbon neutrality and enhancing energy efficiency, with major tech companies committing to renewable energy usage [43][45] - It highlights the proactive measures taken by Chinese telecom operators to promote green computing and energy collaboration [45][46]

Core Insights - The 2025 Green Computing (AI) Conference was held in Hohhot, Inner Mongolia, focusing on building a green computing ecosystem and creating a new future for artificial intelligence [1] - The China Academy of Information and Communications Technology released a report indicating that China's computing industry is transitioning to a high-quality development phase with a focus on sustainability [1] Group 1: Green Computing Development - Inner Mongolia and the Hohhot New Area have emerged as leaders in green computing development, achieving a data center PUE value as low as 1.15 and a green electricity usage rate exceeding 80% [1] - The report covers the entire process of computing production, supply, operation, and application, summarizing the latest trends and advanced practices in promoting green and low-carbon computing [1] Group 2: Computing Equipment and Infrastructure - China is advancing chip architecture innovation and deploying high-density liquid-cooled servers, with a total computing power expected to reach 280 EFLOPS by the end of 2024, reflecting an average growth rate of nearly 30% over the past five years [2] - The number of standard racks in operational data centers across the country is expected to exceed 9 million by the end of 2024, with hub node areas accounting for over 60% of new computing power [2] Group 3: Energy and Computing Synergy - In 2024, the electricity consumption of data centers is projected to reach 166 billion kWh, representing about 2% of total social electricity consumption, with total carbon emissions from data centers at 0.859 million tons [2] - Strategies include positioning computing power near energy-rich areas and promoting green electricity supply, energy storage, and microgrid models [2] Group 4: Utilization and Policy Initiatives - The implementation of computing vouchers and scheduling platforms has improved computing power utilization rates, with 22 provincial-level administrative regions having launched local computing voucher policies, distributing a total of 1.53 billion yuan annually [3] - Hohhot has established a dual-driven industrial model of "green electricity + computing equipment," with a total computing power of 101,000 P, expected to exceed 120,000 P by the end of 2025 [3]

Investment Rating - The report suggests a focus on power generation assets in regions with tight supply-demand dynamics and favorable competition, particularly recommending companies like Anhui Energy and Zhejiang Energy in the thermal power sector, and China National Nuclear Power in the nuclear power sector [2]. Core Insights - The report highlights that new data centers are expected to drive an annual increase in electricity demand of 102 billion kilowatt-hours, with a total of 99.1 billion kilowatt-hours in green electricity consumption anticipated from both existing and new data centers [3][27]. - The establishment of the Inner Mongolia power market is noted as a significant step in China's electricity market reform, marking the fifth market to transition to formal operation [3]. - The report emphasizes the importance of matching renewable energy sources with data center operations to meet energy consumption and carbon neutrality goals, suggesting that companies involved in renewable energy and waste-to-energy projects will benefit [3][45]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.72%, while the ChiNext Index dropped by 4.87% during the week [1][7]. - The carbon neutrality sector decreased by 1.52%, and the environmental protection sector fell by 0.54% [1][7]. Industry Data Tracking - The report tracks coal prices, natural gas prices, and carbon market trends, providing insights into the current market conditions affecting the energy sector [4][47][62]. Industry News - The report notes significant developments in the energy sector, including the launch of major renewable energy projects by Huaneng Northern Company, which includes a total capacity of 7.2 million kilowatts [3]. - The report also discusses the performance of various sub-sectors within public utilities and environmental protection, highlighting the fluctuations in stock prices of leading companies [10][12]. Investment Recommendations - The report recommends focusing on renewable energy operators expanding their data center operations, as well as companies involved in virtual power plant services and distributed energy projects [3][45]. - It suggests that waste-to-energy operators located near load centers will have greater collaboration opportunities with smaller data centers [3][46].