中国正大步向前，将长期的产业战略与对人工智能基础设施及其所需能源的巨额投资相结合。预计在2025年至2029年 间，中国的数据中心市场规模将增长近2750亿美元。2024年，中国在可再生能源领域的投资超过了美国、欧盟和英国的 总和。中国政府的目标是主导未来技术，并且深知能源政策将是关键所在。 凤凰网科技讯 4月27日，前美国财政部长亨利·保尔森在金融时报发文称，美国面临的最紧迫且最易被忽视的能源挑战之 一，是与中国在人工智能领域的竞争。中国正大力投资以缩小与美国的差距。问题在于：如果没有一项国家能源战略为 其提供动力支持，美国能否继续保持领先地位呢？ 与此同时，在美国，随着人工智能模型变得愈发复杂、部署规模不断扩大以及云计算能力的增长，电力需求的增长速度 超过了公用事业公司的产能建设速度。如今，一些数据中心的耗电量堪比中等规模的城市。2023年，弗吉尼亚州的数据 中心耗电量约占该州电力负荷的四分之一。这引发了人们对电力系统压力增大以及居民电费上涨的更多担忧，从而促使 该州出台了新的监管规定，并实际上暂停了数据中心的建设。 美国必须制定并实施一项清醒务实的国家能源战略，将速度、灵活性和成本效益放在首位。由于电力 ...

Industry Overview - The "Artificial Intelligence +" strategy was introduced as a national development strategy in 2024, with continued emphasis in 2025 to integrate digital technology with manufacturing and support the widespread application of large models [3][4] - The rapid development of domestic AI applications has led to significant increases in capital expenditures related to computing power by leading internet companies [3][4] - The strict control of the "dual carbon" policy has resulted in a scarcity of energy indicators and electricity resources in high-quality locations, particularly in major cities [4] Company Resource and Infrastructure - The company has significantly increased its energy resource reserves by the end of 2024 compared to the end of 2023, with five out of seven parks having secured necessary energy resources [4][22] - A new 220kV substation in the Beijing-Tianjin-Hebei region has been operational since January 2024, doubling the power supply capacity to 960MW, enhancing the ability to support large-scale deployments [4][23] - The company has established seven AI computing infrastructure clusters across six major regions, planning a total of 61 computing centers and approximately 320,000 cabinets [21][22] Strategic Development Plans - The company aims to implement four major strategies over the next 3 to 5 years, focusing on orderly delivery of computing centers, promoting low-carbon development, enhancing operational capabilities, and leveraging opportunities in the AI wave [6][9] - The company plans to execute a horizontal expansion strategy starting in 2025 to increase market share and position within the industry [5][9] Financial Performance and Projections - The company achieved a performance completion rate of 93.56% for 2024, with challenges primarily due to intense competition and the transition from traditional IDC to AIDC [24][26] - The company anticipates significant growth in billing capacity by the end of 2025, with a stable gross margin expected to be achieved [16][28] Market Demand and Customer Base - The demand for AIDC is expected to surge, driven by the rapid growth of AI applications, with a notable shift from training to inference [10][11] - The company has successfully attracted numerous high-quality AI clients through its "drainage strategy," enhancing customer diversity and trust [12][16] Mergers and Acquisitions Strategy - The company is preparing to initiate horizontal expansion through acquisitions, focusing on data centers and related industries, particularly in economically developed regions [20][22] - The acquisition strategy will prioritize companies with scarce core resources, strong technical capabilities, and advantageous geographic locations [20][22] Energy Supply and Sustainability - The company is actively expanding its energy supply capabilities, with plans for additional substations to ensure stable power supply across all parks [23][22] - The focus on green practices and low-carbon development is integral to the company's operational strategy, with innovations in cooling technologies being prioritized [6][9] Investor Relations and Shareholder Engagement - The company has initiated a share buyback program with a budget of 500 million to 1 billion RMB to enhance investor confidence and stabilize company value [30][31] - A stock incentive plan has been established with performance targets set for 2025 to 2027, aiming for a net profit growth rate of 50%, 75%, and 100% respectively [32]

央视网消息：最新统计数据显示，我国目前在用的算力机架总规模已超过900万标准机架，位居世界前列。其中，西部地区的算力新型信 息基础设施建设更是明显提速，在新疆的克拉玛依，这个靠石油闻名的城市如今不仅成了算力超万P的"算力新城"，更是拥有了全国最大的影 视动漫渲染基地。那么，这个西部的资源性城市是如何完成这样的转型呢？一起来看记者的《一线调研》。 在克拉玛依云计算产业园区的大型数据中心，记者看到一排排安装上百张高性能图形处理器的服务器正在高速运转，多部电影中的动画形 象正在这里渲染。技术人员介绍，动画片在这里渲染，可以使用更多的基础设施，40个小时的渲染的工作量相当于东部地区近一年的工作量。 所谓算力，就是计算机系统在单位时间内能够完成的计算任务量，通常以P为单位来衡量，1P约等于每秒1000万亿次的计算速度。在占地 15.09平方公里的克拉玛依云计算产业园区里，已落地并建成投用6个大型数据中心，可容纳标准机柜6.5万个，智能算力规模达到17000P。充 足的算力为电影渲染提高了效率，而相对较低的电价为电影渲染大幅降低成本提供了可能。 克拉玛依地处戈壁荒漠，远离地震带，干燥少雨，平均年降水量低，冬季漫长寒冷，最 ...

数据港（603881）公告，2025年第一季度营收为3.95亿元，同比增长3.57%；净利润为4405.59万元，同 比增长23.22%。 ...

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

Core Viewpoint - The company, AoFei Data, has experienced a doubling of revenue from 2022 to 2024, but its net profit has decreased by 25% during the same period, indicating a concerning trend of rising costs outpacing revenue growth [1][4]. Revenue and Profit Summary - In 2024, AoFei Data reported revenue of 2.165 billion yuan, a 62.18% increase from the previous year, while net profit was 124 million yuan, down 12.2% year-on-year [1][4]. - The company's revenue for 2022, 2023, and 2024 was 1.097 billion yuan, 1.335 billion yuan, and 2.165 billion yuan respectively, showing consistent growth, while net profit figures were 166 million yuan, 141 million yuan, and 124 million yuan, reflecting a downward trend [4][6]. - The first quarter of 2025 showed revenue of 536 million yuan, a 40.62% increase year-on-year, and net profit of 51.75 million yuan, up 2.47% [4]. Business Segments and Margins - Revenue in 2024 was derived from four main segments: IDC services (64.05%), other internet services (25.83%), distributed photovoltaic energy-saving services (4.07%), and optical module sales (6.05%) [6]. - The gross margins for IDC services and other internet services were 29.7% and 16.15% respectively, both showing increases from the previous year [6]. Expense and Debt Analysis - AoFei Data's expenses have risen significantly, with financial expenses increasing from 139 million yuan in 2023 to 224 million yuan in 2024, a 61.12% rise, primarily due to increased financing [7]. - Research and development expenses surged from 25.84 million yuan to 66.57 million yuan, marking a 157.6% increase as the company intensified its R&D efforts [7]. - The company's asset-liability ratio increased from 64.08% in 2023 to 71.12% in 2024, indicating a growing debt burden [8]. Strategic Transactions - In 2024, AoFei Data acquired 70% of Sichuan Huatuo for 1.174 billion yuan and later sold the same stake for 1.3 billion yuan, indicating a strategic move to focus on core business areas and improve liquidity [9]. - The sale of Sichuan Huatuo was aimed at reducing the company's asset-liability ratio and reallocating funds to core operations [9]. Project Development - The company is actively developing large data center projects in locations such as Langfang, Guangzhou, Tianjin, and Chengdu, with significant investments already made [10]. - As of the latest reports, the Guangzhou Nansha data center has seen an investment of 1.114 billion yuan with revenue of 231 million yuan, while the Langfang Gu'an data center has received 2.814 billion yuan with revenue of 514 million yuan [10].

Investment Rating - The report assigns a "Buy" rating for the company, Hewei Electric (禾望电气) [1][7]. Core Insights - Hewei Electric is positioned as a power electronics platform company with a strong moat, expected to leverage the AI wave to expand into new fields, particularly in AI data center (AIDC) power supply solutions [4][13]. - The company has a solid growth trajectory in its core businesses of new energy control and transmission, with significant opportunities in the rapidly growing AIDC market [7][28]. Summary by Sections 1. Business Overview - Hewei Electric focuses on new energy control and transmission, with its core business covering wind power converters, photovoltaic inverters, energy storage systems, and hydrogen production systems [4][13]. - The company has expanded its product offerings since its establishment in 2007, leveraging its expertise in high-power technology [4][13]. 2. AIDC Market Potential - The demand for AIDC is expected to grow significantly, with a projected CAGR of approximately 40% from 2023 to 2028 [29]. - By 2025, the global AIDC market is anticipated to account for 79% of new data center installations, with a substantial increase in power consumption [29][30]. 3. Product Development and Market Position - Hewei Electric is a leader in wind power converters, with a comprehensive product range covering 750kW to 30MW power segments, and is expected to see high growth in sales [4][5]. - The company is also well-positioned in the photovoltaic and energy storage markets, maintaining a strong market presence and competitive advantage [4][5]. 4. Financial Projections - Revenue forecasts for Hewei Electric are projected to reach 49.08 billion yuan in 2025, with a growth rate of 31%, and net profit expected to grow by 45% to 6.39 billion yuan [6][7]. - The company is expected to maintain a stable growth trajectory through 2027, with revenue and profit growth driven by its core businesses and new opportunities in AIDC [7][20]. 5. Competitive Landscape - The report highlights the competitive landscape in the AIDC sector, noting that Hewei Electric's early mover advantage in high-power technology positions it favorably against competitors [4][5][28]. - The company is expected to benefit from the increasing demand for high-efficiency power supply solutions in the context of rising AI computing needs [4][5][28].

" 欧米伽未来研究所 " 关注科技未来发展趋势，研究人类向欧米伽点演化过程中面临的重大机遇与挑战。将不定期推荐和发布世界范围重要科技研究进展和未 来趋势研究。（ 点击这里查看欧米伽理论 ） 《能源与人工智能》是国际能源署(IEA)于2025年2月发布的《世界能源展望》特别报告，共304页。该报告探讨了人工智能与能源部门的双向关系：AI需 要多少能源及其供应来源；以及AI如何应用于能源部门以提升安全性、可负担性和可持续性。 报告指出，AI已成为21世纪最具影响力的技术之一，大型AI数据中心耗电量相当于10万户家庭，而最大型的数据中心耗电量将达到20倍。在基准情景 下，数据中心排放将从当前的1.8亿吨增至2035年的3亿吨。 报告强调AI在能源优化方面的潜力，包括优化电力系统运行、资源勘探和能源技术创新。例如，在蛋白质结构测绘领域，AI实现了45,000倍的加速。然 而，能源部门尚未充分利用AI潜力，面临数据获取、数字基础设施和技能缺口等障碍。 报告分为五章：AI与能源关系概述、数据中心能源需求趋势、AI优化能源部门应用、AI推动能源创新、政策与行业影响。 概述 人工智能(AI)能力的阶梯式提升源于计算成本下降、 ...

本次会议为天风证券研究所闭门会议,仅限受邀嘉宾参会,未经天风证券研究所和演讲嘉宾书面许可 任何机构和个人不得联合形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为天风证券研究所保留追究相关方法律责任的权利好的谢谢会议秘书各位投资者朋友大家晚上好我是天风通信首席王一红 欢迎大家来参加数据杆的年报解读电话会议今天我们也是非常荣幸邀请到了公司的董秘易排总来跟我们做解读和交流那么今天这个电话会议的话是由我和我们组的洪浩共同主持那么今天这个电话会的话是分为三个环节 然后第一个环节是我简单的汇报一下我们的一个观点然后第二个环节是由公司来跟大家做分享和交流最后的话会有这个请问互动环节那么我这边的话主要简单是分享三个点那么第一个点的话就是 大家也知道我们在去年12月18号就在最底部发布了数据杆的深度报告然后做了我们想持续坚定的一轮的推荐因为当时的时候是看到我们讲数据杆的一个位置比较低EVB打那时候在启动的时候其实是在10倍不到的EVB打的一个 估值而且当时的时候的预期差是在整个市场都在关注字节的一个资本开支的时候我们明确的提出来就是说字节的这种豆包的一个免疫效应一定会去驱动BAT后续的一个资本开支的大 ...

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 欢迎接入广发通信数据港2024年报交流您已成功加入会议感谢大家参加本次会议会议即将开始请稍后 The meeting is ready to start.Please remain on the line.感谢大家参加本次会议会议即将开始请稍后Thanks for your participation.The meeting is ready to start.Please remain on the line. 感谢大家参加本次会议会议即将开始请稍后 大家好欢迎大家广发通讯数据稿2024联邦交流目前所有参会者听途已经到台下面开始播报免责声明免责声明本次电话会议内容仅供广发证券客户参考在任何情况下本次电话会议内容不构成对任何人的投资建议除非法律法规有明确规定在任何情况下广发证券不对应使用本次电话会议内容而引致的任何损失承担任何责任 相关人员不应以本次电话会议内容取代其独立判断或仅根据本次电话会议内容作出决策未经广发胜券事先书面许可任何机构或个人不得以任何形式复制刊登传播和引用本次电话会议内容包括未经授权对会议内容进行录音复制未经授 ...