来源：科技日报 国投集团雅砻江流域水电开发有限公司董事长、党委书记孙文良表示，项目充分依托两河口及周边丰富 的清洁能源，形成"水风光氢储+算力"多能互补、高效利用的稳定供能体系，可满足算力中心全年100% 可靠供电需求，真正实现"零碳算力"供给。 12月19日，依托两河口超级水库电站打造的"绿电+算力"融合项目"两河口算电融合示范项目"在四川省 甘孜州投运，这是国家首个水风光一体化基地——雅砻江流域水风光一体化基地首个算电融合项目，也 是全国首个高海拔岩洞式算力舱智算中心。 ◎ 科技日报记者 刘侠 受访者供图 该项目总投资约3.5亿元，部署2000张国产算力芯片，包括6个算力舱，提供峰值算力约600PFLOPS（每 秒浮点运算60亿亿次）。项目选址在两河口水电站施工隧洞内，隧洞设计年限为50年，抗震设防烈度达 8度。 ...

据了解，两河口算电融合示范项目共部署了2000张国产算力芯片。项目投运后，雅砻江公司将用部分算 力搭建人工智能创新平台，开发气象预测、生产运维等专业大模型。中国电信自研算力既能满足自有系 统智算需求，还能通过智算调度平台"息壤"向需求单位输出高效算力服务。中国科学院等机构依托本项 目算力服务"高海拔宇宙线观测站（LHAASO）"，以人工智能突破粒子物理数据分析瓶颈，探索科学数 据高效处理模式。 12月19日，在四川水电装机突破1亿千瓦之际，雅砻江流域水风光一体化基地的首个算电融合项目，也 是全国首个高海拔岩洞式算力舱智算中心——两河口算电融合示范项目在四川省甘孜藏族自治州正式投 运。 这个项目由国投集团雅砻江流域水电开发有限公司与中国电信股份有限公司四川分公司合作共建。项目 总投资约3.5亿元，包括6个算力舱，提供峰值算力约600PFLOPS（每秒浮点运算60亿亿次），投运后将 为"绿电+算力"发展模式探索新路径，推动数字经济与绿色能源协同发展。 项目包括6个算力舱，提供峰值算力约600PFLOPS（每秒浮点运算60亿亿次）。（国投集团雅砻江公司 供图） "隧洞通风条件良好，温湿度常年保持恒定，天然形成'恒温 ...

Core Viewpoint - Companies in the computing power infrastructure sector should focus on fulfilling their responsibilities for carbon reduction and achieving net-zero emissions by integrating key elements of the energy, computing power, and equipment industries with local cities, thereby promoting industrial upgrades and green transformations in those cities [1] Group 1: Carbon Reduction Initiatives - BCI Group utilizes a self-built "wind-solar-storage integrated" power generation base located 20KM away to directly connect renewable energy to its computing power infrastructure, achieving synergy between power generation and consumption, and reducing reliance on fossil fuels [1] - The "wind-solar-storage integrated" power generation base in the Dazhong Super Energy Complex is projected to supply over 80 billion kilowatt-hours of green electricity to local computing centers over a 25-year period, resulting in a cumulative reduction of carbon dioxide emissions by up to 10 million tons, thus achieving true "zero-carbon computing power" [1] Group 2: Vertical Integration and Innovation - BCI Group has developed vertical integration capabilities at the scale of ultra-large zero-carbon parks, enabling comprehensive utilization of waste heat by combining high-value thermal energy with excess green energy supplied to computing parks, which also provides heating to local communities [2] - The company has implemented the industry's first surface water diversion system for computing infrastructure in Dazhong, promoting environmentally friendly water resource recycling [2] Group 3: Local Sustainable Integration - BCI Group has introduced various prefabricated electromechanical equipment modules in Dazhong, injecting new industrial momentum into the city, which has a strong traditional industrial manufacturing base, and is cultivating a workforce skilled in prefabricated equipment modules for energy, computing power, and construction [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a 7.61% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, with a net profit of 5.51 billion yuan [1] - The operating revenue for the first three quarters reached 25.55 billion yuan, reflecting a growth of 5.18% year-on-year [1] - The company has signed new projects in the catering kitchen sector, which are expected to enhance core business revenue [3] - The financial structure continues to improve, with a 13.69% decrease in financial expenses year-on-year [3] - The company is actively exploring overseas markets and new business opportunities, including a strategic cooperation agreement for a zero-carbon computing center project [3] - Profit forecasts for 2025-2027 are projected at 32.39 billion, 34.06 billion, and 36.31 billion yuan in revenue, with net profits of 6.94 billion, 7.6 billion, and 8.01 billion yuan respectively [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross profit margin of 41.26%, up by 2.3 percentage points year-on-year [3] - The net profit margin was 21.81%, an increase of 1.3 percentage points year-on-year [3] - The weighted return on equity (ROE) was 7.87%, reflecting a year-on-year increase of 0.15 percentage points [3] - The basic earnings per share (EPS) for the first three quarters was 1.29 yuan, an increase of 8.40% year-on-year [1] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 32.39 billion, 34.06 billion, and 36.31 billion yuan respectively [5] - Net profit projections for the same years are 6.94 billion, 7.6 billion, and 8.01 billion yuan [5] - The company’s gross margin is expected to be around 38.8% in 2025, with a slight decrease in subsequent years [5]