Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [6][7]. Core Insights - The company is transforming into a full-stack intelligent computing infrastructure provider by acquiring 100% of Qinhuai Data, which is a leading operator of large-scale customized data centers. This strategic move marks a comprehensive reshaping of its core business logic [4][6]. - The collaboration with Qinhuai Data aims to build green electricity parks, leveraging the synergy between computing power and electricity supply, which is expected to drive demand for computing power towards regions with abundant low-cost green electricity [6][59]. - The company is positioned to benefit from the rising prices of refrigerants and the expansion of its layered foil and liquid cooling product lines, which are expected to contribute significantly to its revenue growth [6][7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 12,199 million - 2025: 14,703 million - 2026: 18,008 million - 2027: 20,570 million - The expected growth rates for these years are 12.4%, 20.5%, 22.5%, and 14.2% respectively [5]. - The forecasted net profit attributable to the parent company is projected to be: - 2025: 4.05 billion - 2026: 18.87 billion - 2027: 24.56 billion - The company anticipates a significant increase in profitability, with net profit growth rates of 189.8% for 2025 and 365.8% for 2026 [5][7]. Key Assumptions - The sales volume for layered foil is expected to grow from 1,000 million square meters in 2025 to 2,000 million square meters by 2027, with a 20% annual growth rate for capacitors [8]. - The average price for environmentally friendly refrigerants is projected to rise to 6.2 million per ton by 2027 [8]. Market Dynamics - The report highlights that the market may underestimate the cost advantages of the green electricity direct connection model for data centers, which is expected to enhance profitability and mitigate energy supply risks [9]. - The strategic location of the company’s production bases aligns with Qinhuai Data's future layout, enhancing resource acquisition efficiency and competitive advantages [9]. Catalysts for Stock Performance - Increased capital expenditures from cloud service providers and accelerated order signing and delivery for data centers are expected to drive stock performance [10].

Company and Industry Summary Company Overview - The company specializes in data center operations, specifically in IDC (Internet Data Center) and AIDC (Artificial Intelligence Data Center) services. The current operational capacity exceeds 200 MW, with significant contributions expected from ongoing projects in Zhangbei and Inner Mongolia [2][3]. Key Points Current Operations and Revenue - The company has fully operational data centers in Beijing, primarily serving vivo, which is expected to contribute approximately 65% of the revenue in 2024, translating to around 400 million RMB [3]. - The Zhangbei Phase I data center, with a total capacity of 60 MW, began delivery in October 2025, currently achieving a loading rate of 20-30%. Phase II, totaling 108 MW, is scheduled for delivery between July and September 2026, with a full ramp-up expected by early 2027 [3]. - Once the Zhangbei projects are fully operational, they are projected to generate an additional revenue of 500 to 600 million RMB, pushing total revenue beyond 1 billion RMB [2][3]. Future Projects and Expansion - The company plans to establish a 600 MW intelligent computing center in Inner Mongolia's Taipusi Banner, with a subsidiary already formed for this project [2][3]. - The company participated in a 1 GW data center tender from ByteDance in January 2026, with expectations of receiving energy consumption approvals by May or June 2026 [4]. Energy Consumption and Policy Environment - The energy consumption policy is expected to loosen in 2026, with the National Development and Reform Commission (NDRC) likely to release more energy consumption indicators if demand surges. Projects with over 3,000 cabinets will require NDRC guidance [4][6]. - The company has proactively engaged with the NDRC and local governments to facilitate the approval process for energy consumption indicators [4][6]. Pricing and Contractual Agreements - The Zhangbei project has a 10-year contract with a fixed price of nearly 300 RMB per kW/month, which is considered high within the industry. Future orders may see price increases due to rising demand for computing power [5]. - The company is implementing an integrated source-grid-load-storage model in the Inner Mongolia project to reduce costs and meet carbon neutrality goals, with local governments supporting green energy initiatives [5][6]. Financial Strategy and Funding - The company adheres to a "sales-driven production" principle, initiating construction only after securing orders. It expects to cover 80% of project funding through loans, with the remaining 20% potentially sourced from land sales, partnerships, or targeted equity offerings [8][9]. Client Diversification and Market Position - The company aims to avoid reliance on a single major client, having positioned itself to serve multiple internet giants, including Alibaba, Tencent, and others, in addition to ByteDance [9][10]. - The operational subsidiaries, Jin Yun Ya Chuang and Sheng Hua Yi Teng, will remain integrated within the company’s structure, focusing on traditional cabinet business without plans for divestiture [10]. Additional Insights - The approval process for green energy indicators is managed at the regional level, differing from energy consumption approvals, which require NDRC involvement [6]. - The focus of major internet clients in 2026 has shifted towards green energy capabilities and geographical alignment with project requirements [6]. This summary encapsulates the company's current status, future plans, and strategic positioning within the data center industry, highlighting key operational metrics and market dynamics.

Summary of Conference Call for Dawi Technology Industry and Company Overview - The conference call pertains to Dawi Technology, focusing on its data center business and projects in Beijing, Zhangbei, and Inner Mongolia [2][3][4]. Key Points and Arguments Revenue Projections - The revenue contribution from the Beijing and Zhangbei projects is expected to reach 1-1.1 billion yuan once fully operational, with Zhangbei Phase 1 (60MW) anticipated to be fully operational by June 2026 and Phase 2 (108MW) starting deliveries in July 2026 [2][3]. - The company expects an incremental revenue of 200 million yuan in 2026 and an additional 300 million yuan in 2027 [2][7]. Data Center Operations - Current operational data centers in Beijing total approximately 50MW, primarily serving the major client Vivo, generating annual revenue of about 400 million yuan [3]. - The Zhangbei Phase 1 project, which serves ByteDance, was delivered in October 2025 and currently has a utilization rate of 20-30%. Phase 2 is in the equipment procurement stage, with expected delivery of 60MW by July-August 2026 and the remaining 48MW by the end of 2026 or early 2027 [3][4]. Investment and Financing - The investment per MW for data centers ranges from 17 to 20 million yuan, with financing primarily through bank loans (80% of capital expenditure) and a low-interest rate environment in Inner Mongolia (<2%) [2][4][5]. - The company has potential land disposals worth 800-1 billion yuan to support funding needs [2][4]. Market Demand and Pricing - IDC prices in Beijing have stabilized, with rates between 1,200 to 1,500 yuan per kW/month. The pricing for Zhangbei Phase 2 is expected to be on par with Phase 1 due to strong demand from major clients [2][6]. - The overall market is experiencing a structural difference in utilization rates, with core areas like Beijing and Zhangbei achieving near full capacity, while remote areas face underutilization [6]. Strategic Planning for Energy Consumption Indicators - The company plans to secure energy consumption indicators through self-application rather than acquisition, leveraging its geographical advantages and integrated energy models [5]. - The approval process for energy indicators is influenced by factors such as existing orders and project locations, with a high probability of success due to the growing demand from large internet companies [5]. EBITDA Expectations - The company anticipates an EBITDA margin of over 50% once projects are fully operational, although specific annual EBITDA forecasts have not been established [2][7]. Additional Important Information - ByteDance initiated a 1GW tender in January 2026, with the company actively participating in the bidding for a 1GW project in Inner Mongolia [2][4]. - The company is also exploring partnerships with financially strong competitors lacking customer resources as a contingency plan for funding [5]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, financial expectations, and market dynamics.

Group 1: Company Operations and Performance - The company has produced over 82,000 cabinets, with a projected addition of 26,000 cabinets in 2025, primarily from projects in Tianjin, Yanjiao, and Shanghai [2][5] - The current cabinet utilization rate is approximately 60%, with a goal to improve this rate through ongoing construction and timely delivery of orders [5] - The company has a modular and compatible design for data centers, allowing for high reliability and low Power Usage Effectiveness (PUE) [3][8] Group 2: Financial Health and Valuation - The company recorded a goodwill impairment of approximately CNY 837.61 million for Zhongjin Yunwang and CNY 27.13 million for Guanghuan Zamp, with remaining goodwill for Zhongjin Yunwang valued at around CNY 200 million [3][4] - The company has a healthy cash flow, supported by a bank credit line exceeding CNY 12 billion, and is open to various financing models [9] Group 3: Market Trends and Customer Dynamics - The demand for intelligent computing is increasing, with a shift in customer structure towards major cloud service providers, internet companies, and the financial sector [6][7] - The company is adapting to changing market demands by offering flexible deployment options and high-density power solutions [3][6] Group 4: Future Plans and Projects - The Tianjin Baodi data center project spans 368 acres and is being developed in four phases, with the first phase fully delivered and the second phase partially completed [8] - The company plans to accelerate the construction of projects in Changsha and Hangzhou based on market demand [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 58.94 [6][5] Core Insights - The company is expected to achieve a revenue of RMB 11.432 billion in 2025, representing a year-on-year growth of 10.8%, and an adjusted EBITDA of RMB 5.404 billion, also up 10.8% [1] - The demand for AI applications is driving significant growth in data center orders, with new signed orders reaching 200MW and a framework cooperation agreement for 500MW [2] - The company anticipates capital expenditures of RMB 9 billion in 2026 to meet the increasing market demand, up from RMB 4.706 billion in 2025 [3] - Revenue for 2026 is projected to grow by 8.5%-12.8% to RMB 12.4-12.9 billion, with adjusted EBITDA expected to increase by 6.4%-11% to RMB 5.75-6 billion [4] - The company’s long-term growth prospects remain positive, supported by the expansion of AI applications and data center infrastructure [5] Summary by Sections Financial Performance - The company expects to achieve a revenue of RMB 12.590 billion in 2026, with a growth rate of 10.12% [21] - Adjusted EBITDA for 2026 is projected at RMB 5.784 billion, reflecting a significant increase from previous years [16] Market Demand - The company has seen a 6.4% year-on-year increase in operational area, reaching 670,106 square meters, with a cabinet utilization rate of 75.5% [2] - The rise in AI applications is expected to boost the demand for data centers, particularly in regions with abundant and cheap electricity [2] Capital Expenditure - The company plans to increase its capital expenditure to RMB 9 billion in 2026 to support the anticipated growth in demand [3] - The cash reserves as of the end of 2025 stand at RMB 14.306 billion, providing a solid foundation for expansion [3] Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a target EV/EBITDA multiple of 16.9x for domestic operations, leading to a total equity value of RMB 806.55 billion [5][15]

Core Viewpoint - The article emphasizes that data centers are transitioning from being viewed as heavy asset businesses to becoming core infrastructure in the capital market, driven by the demand for computing power in the AI era. This shift is exemplified by the financial performance of GDS Holdings, which reflects a broader value reconstruction in the digital infrastructure industry under the AI wave [1]. Financial Performance - GDS Holdings reported a revenue growth of 10.8% year-on-year to 11.4 billion yuan in 2025, with adjusted EBITDA reaching 5.4 billion yuan and a stable profit margin above 47%. The company achieved a net profit of nearly 1 billion yuan, indicating a recovery from previous high investment pressures and entering a phase of cash flow realization [3]. - The improvement in operational metrics is notable, with billable area increasing by 11.4% and the billing rate rising to 75.5%, suggesting effective absorption of new capacity and continuous utilization improvement. This is crucial for valuation recovery in the capital-intensive data center industry [6]. Capital Expenditure and Financing - Despite the positive operational indicators, GDS Holdings is expected to incur capital expenditures of 9 billion yuan in 2026, indicating that the company remains in a high-investment, high-debt expansion phase. This situation poses a natural valuation discount risk due to sensitivity to interest rates and capital market fluctuations [7]. - The company is enhancing its funding capabilities through asset-backed securities, public REITs, and equity financing, addressing the core constraint of balancing capital expenditure and financing ability in the capital-intensive data center sector [6]. AI Era Opportunities - The demand for computing power driven by AI is fundamentally changing the valuation logic of data centers. Unlike the traditional cloud computing era where data centers were seen as auxiliary facilities, they are now becoming core assets due to exponential growth in computing power demand [8]. - GDS Holdings stands to benefit from increased demand certainty as large tech companies and cloud providers are more willing to sign long-term contracts, enhancing revenue visibility. The company is experiencing growth in signed and pre-signed areas, particularly with leading cloud and AI model companies [9][10]. Market Divergence - There is a divergence in market perception of GDS Holdings, with some investors viewing it as a typical cyclical stock sensitive to capital expenditure and interest rates, while others see it as a core infrastructure asset for the AI era. This divergence reflects concerns about potential asset impairment if the AI trend wanes or if competition intensifies [12][13]. - The key question remains whether AI demand will be strong enough to cover the high capital expenditures. If so, GDS Holdings could transition from a heavy asset company to a critical player in the AI infrastructure landscape [13]. Conclusion - The current value of GDS Holdings lies in its position between the unabsorbed heavy asset cycle and the emerging AI computing power explosion. The market is pricing the distance between these two factors, with the potential for GDS to escape the cyclical stock fate if it can leverage high-margin AI orders to cover old asset depreciation costs [16].

Group 1: Goodwill Impairment - The goodwill impairment is primarily due to the acquisition of 100% of Beijing Zhongjin Cloud Network Technology Co., Ltd. in 2016 and 65% of Guanghuan Zamp (Tianjin) Technology Co., Ltd. in 2022, with impairments of ¥837.6094 million and ¥27.1296 million respectively [3] - After the impairment, the remaining goodwill for Zhongjin Cloud Network is approximately ¥200 million [3] - The main reasons for the impairment include intensified industry competition, declining prices, and increased operational costs due to outdated equipment [3] Group 2: Data Center Operations - The company has planned over 230,000 cabinets nationwide, with more than 82,000 cabinets in operation as of the end of 2025 [3][7] - In 2025, the company plans to deploy an additional 26,000 cabinets, primarily from the Tianjin Baodi project and other expansions [3] - The company is experiencing a decline in profit contribution from new cabinets due to supply-demand imbalances and rising operational costs [5] Group 3: Customer Structure and Market Position - The company's IDC customer structure is increasingly concentrated among major clients, including cloud service providers, internet companies, and the financial sector [6] - The company is expanding its data center business in regions such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the central and western regions of China [7] Group 4: Financing and Investment - The company has secured bank credit exceeding ¥12 billion, which is available for immediate use [9] - The company is considering various financing models and maintains a flexible approach to funding [9] Group 5: Green Energy Initiatives - The company is actively developing renewable energy projects, including solar power systems at various data center locations [9] - The company is participating in the green electricity market to optimize its energy structure [9]

Summary of the Conference Call for the Company Company Overview - The company discussed its performance and outlook in the context of the AI-driven demand surge, particularly focusing on data center operations and capital expenditures. Key Points Industry and Company Performance - The company set a target for new orders exceeding 500 MW in 2026, representing a year-on-year increase of 67%, with 60%-70% of this demand driven by AI [2][3] - Revenue guidance for 2026 is projected between 12.4 billion to 12.9 billion RMB, reflecting a year-on-year growth of 8.5% to 12.8% [2][7] - Adjusted EBITDA guidance for 2026 is set at 5.75 billion to 6 billion RMB, with a year-on-year growth of 6.4% to 11% [7] - The company achieved a significant improvement in financial leverage, with net debt/EBITDA ratio decreasing from 6.8x to 5.8x, and expected to drop to 4.8x after recent financing [2][7] Capital Expenditure and Investment Strategy - Capital expenditure plans for 2026 are set to double from 4.7 billion RMB in 2025 to 9 billion RMB, focusing on key hubs in Inner Mongolia, Zhongwei, and Shaoguan [2][5] - The company aims to maintain a stable investment return rate of 10%-11% in new market investments [2][5] - The company plans to inject assets into a marine REIT in the second half of 2026, with the asset size expected to exceed the IPO scale [2][6] Market Dynamics and Demand Trends - The demand for data centers is primarily driven by AI, with traditional cloud business growth increasingly linked to AI needs [8][9] - The company has identified a strong pipeline of projects, including a 3 GW project line and a commitment to expand in new growth markets [3][9] - The average monthly recurring revenue per square meter has seen a decline due to market pricing pressures, but overall profitability remains stable [5][9] Order Acquisition and Client Base - The company reported a record high of over 96,000 square meters of new orders in 2025, with a target for 2026 to match or exceed this figure [3][4] - The company has secured 200 MW of new orders and has over 500 MW in memorandums of understanding, primarily from three major clients [3][4] Financial Health and Future Outlook - Cash reserves have reached approximately 28 billion USD, bolstered by recent equity sales and successful asset monetization [3][7] - The company anticipates a continued decline in MSA (Master Service Agreement) rental rates until 2028, but expects overall growth to offset this decline [9][10] - The company is confident in its ability to meet its sales targets and maintain a strong market position, particularly in the context of improving chip supply conditions [9][10] Competitive Positioning - The company believes it can maintain a competitive edge in new markets due to high entry barriers set by the government and its established client relationships [8][9] - The focus on AI workloads, particularly in training and inference, positions the company well to capitalize on the growing demand in the data center sector [8][9] Long-term Market Trends - The company expects the growth trajectory of the Chinese data center market to align more closely with that of the U.S. market in the coming years, driven by increased capital expenditures from major clients [11][12] - The potential for significant price increases in data center services is anticipated, driven by supply constraints and rising demand [12] This summary encapsulates the key insights and projections discussed during the conference call, highlighting the company's strategic direction and market positioning in the evolving data center landscape.

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The report highlights the increasing focus on hydrogen energy as a new growth point, with the establishment of a national low-carbon transition fund and the inclusion of hydrogen energy in government work reports as a frontier emerging industry [5][12]. - The company is strategically positioned in the hydrogen market with the world's largest integrated green hydrogen and ammonia project, which is set to commence production in December 2025, with a total investment of 6.946 billion yuan [12]. - The company is also actively involved in the construction of data center projects across several key regions, enhancing its capabilities in the computing power sector [12]. Summary by Relevant Sections Policy Catalysts - The report notes that hydrogen energy has been recognized as a new growth point in the 2026 government work report, indicating a shift towards commercialization and substantial economic contributions from the hydrogen industry [12]. Company Developments - The company has invested in the largest green hydrogen and ammonia project globally, with phase one set to produce 45,000 tons of green hydrogen and 200,000 tons of green ammonia annually [12]. - The company has also initiated several other hydrogen projects across different regions, including a 10,000-ton green aviation fuel project and a green methanol project [12]. Financial Performance - The company achieved a total new contract signing of 1.45 trillion yuan in 2025, reflecting a year-on-year growth of 2.88%, with significant contributions from the renewable energy sector [12]. - The report anticipates steady revenue growth, projecting total operating revenue to reach 636.12 billion yuan by 2026, with a net profit of 12.29 billion yuan [16].

Report Industry Investment Rating No information provided in the text. Core Viewpoints - Global electricity consumption has been increasing in tandem with economic growth, with an average growth rate of 3.9% over the past five years. China's high - speed growth in electricity consumption is a key factor in the rise of global electricity consumption. By the end of 2025, global electricity consumption reached 30,678 TWh, a year - on - year increase of 3%. China's total social electricity consumption reached 10,360 TWh, ranking first in the world [3]. - In the next five years, global electricity consumption is expected to grow at an average rate of 3.5% - 4%. By 2030, global electricity consumption may exceed 36,000 TWh, an increase of about 6,000 TWh compared to 2025. China's electricity consumption is expected to grow at a rate of 5%, reaching over 13,000 TWh by 2030, an increase of about 2,800 TWh compared to 2025. The electricity consumption of the US and Europe is expected to grow at a rate of 2%. By 2030, the US electricity consumption may exceed 5,000 TWh, an increase of about 470 TWh compared to 2025, and Europe's electricity consumption may exceed 5,300 TWh, an increase of about 580 TWh compared to 2025 [4]. - The large - scale development of AI technology relies on the continuous expansion of data centers, which in turn depend on the power system. By the end of 2024, global data center electricity consumption reached 416 TWh. By 2030, global data center electricity consumption is expected to reach 950 TWh, with an average growth rate of over 21%. China's data center electricity consumption is expected to reach 277 TWh by 2030, accounting for 29% of the global total, with an average growth rate of over 28% [4][5]. - The global new - energy vehicle market has expanded significantly. By the end of 2025, global new - energy vehicle sales reached 2.054 million, a year - on - year increase of 19.2%. By 2030, global new - energy vehicle sales are expected to reach 4 million, and electric vehicle electricity consumption is expected to reach 790 TWh, nearly tripling compared to 2025. China is in a dominant position in the global new - energy vehicle market. By 2030, China's new - energy vehicle sales are expected to reach 2.12 million [6][7]. - The global industrialization process is advancing. In 2024, global industrial added value reached $28.9 trillion, a year - on - year increase of 1.3%, and industrial electricity consumption exceeded 11,000 TWh, a year - on - year increase of 4%. By 2030, global industrial electricity consumption is expected to increase to over 12,800 TWh, with an average growth rate of 2.5%. China's industrial electricity consumption is expected to increase to over 8,200 TWh by 2030, accounting for over 60% of global industrial electricity consumption [8][9]. - The global electrification rate has been increasing. In 2025, the global electrification rate reached 21%. By 2030, the global electrification rate is expected to increase to over 25%. China's electrification rate is expected to reach 35% by 2030 [10]. Summary by Directory I. Economic Prosperity Boosts Electricity Consumption, and China Becomes the Primary Growth Driver 1.1 Global Electricity Consumption Keeps Growing, and China's Electricity Demand Far Exceeds that of Europe and the US - Global electricity consumption has increased in line with economic growth, with an average growth rate of 3.9% over the past five years. By the end of 2025, China's electricity consumption accounted for one - third of the global total, exceeding the combined electricity consumption of the US, Europe, and Japan. In 2025, global electricity consumption reached 30,678 TWh, a year - on - year increase of 3% [18]. - China's electricity consumption scale has achieved remarkable results. By the end of 2025, China's total social electricity consumption reached 10,360 TWh, with the secondary industry's electricity consumption reaching 6,629 TWh, accounting for 64% of the total. The tertiary industry and residential electricity consumption have maintained high - speed growth [20]. - The US and Europe play a key role in global electricity consumption growth, accounting for 30% of the global total. However, the proportion of developed countries' electricity consumption is decreasing. By the end of 2025, Europe's annual electricity consumption reached 4,807 TWh, a year - on - year increase of 0.2%, accounting for 15.7% of the global total. The US's annual electricity consumption reached 4,537 TWh, a year - on - year increase of 3.1%, accounting for 14.8% of the global total [30][32]. 1.2 New and Old Economic Models Work Together to Promote the Increase of Electricity Consumption - In the future, global electricity consumption is expected to continue to grow steadily, with an average growth rate of 3.5% - 4% in the next five years. By 2030, global electricity consumption may exceed 36,000 TWh, an increase of about 6,000 TWh compared to 2025 [41]. - China is the main force in global electricity consumption. In the next five years, China's electricity consumption is expected to grow at a rate of 5%. By 2030, China's electricity consumption may exceed 13,000 TWh, an increase of about 2,800 TWh compared to 2025. The electricity consumption of the US and Europe is expected to grow at a rate of 2%. By 2030, the US electricity consumption may exceed 5,000 TWh, and Europe's electricity consumption may exceed 5,300 TWh [42]. II. The AI Market Has Great Prospects, and the Power System Provides Underlying Support 2.1 The AI Market Is Expanding Rapidly, and Data Centers Consume a Huge Amount of Electricity - The large - scale development of AI technology depends on the continuous expansion of data centers. Servers account for 60% of data center electricity consumption, cooling systems account for 20%, storage systems account for 5%, network equipment accounts for 5%, and other infrastructure accounts for 10%. 80% of AI electricity consumption is concentrated in the operation stage, and 20% is in the manufacturing stage [50][51]. - By the end of 2024, the global data center electricity consumption reached 416 TWh. The US data center electricity consumption reached 183 TWh, accounting for 44% of the global total; China's data center electricity consumption reached 102 TWh, accounting for 25% of the global total; and Europe's data center electricity consumption reached 68 TWh, accounting for 16% of the global total [54]. 2.2 The AI Market Has Great Growth Potential, and the Sino - US Competition Drives Electricity Demand - The global AI software market is expected to grow from about $174.1 billion currently to over $460 billion by 2030. By 2030, global data center electricity consumption is expected to reach 950 TWh, with an average growth rate of over 21% [57][60]. - China is expected to see a large - scale growth in the AI market and electricity consumption. By 2030, China's data center electricity consumption is expected to reach 277 TWh, accounting for 29% of the global total, with an average growth rate of over 28%. The US data center electricity consumption is expected to reach 426 TWh, accounting for 45% of the global total, with an average growth rate of over 22%. Europe's data center electricity consumption is expected to reach 113 TWh, accounting for 12% of the global total, with an average growth rate of over 11% [60][61]. III. New - Energy Vehicles Create New Growth, and the Scale of Electricity Consumption Is Expected to Increase 3.1 New - Energy Vehicles Increase Electricity Consumption, and China Dominates the Market - In recent years, the rise of new - energy vehicles has changed the pattern of the traditional automotive industry and increased electricity consumption. In the past five years, global new - energy vehicle sales have increased by more than six times. By the end of 2025, global new - energy vehicle sales reached 2.054 million, a year - on - year increase of 19.2%. By the end of 2024, global electric vehicle electricity consumption reached 180 TWh, more than four times that in 2020 [68]. - China is in a dominant position in the global new - energy vehicle market. In 2025, China's new - energy vehicle sales reached 1.649 million, a year - on - year increase of 28.2%, accounting for 80% of the global total. Europe's new - energy vehicle sales reached 392,000 in 2025, a year - on - year increase of 32.1%. The US new - energy vehicle sales reached 150,000 in 2025, a year - on - year decrease of 3% [72][73]. 3.2 The Global Market Sales Continue to Grow, and the Proportion of Electricity Consumption Is Expected to Increase - In the future, the global new - energy vehicle market is expected to continue to expand. By 2030, global new - energy vehicle sales are expected to reach 4 million, and electric vehicle electricity consumption is expected to reach 790 TWh, nearly tripling compared to 2025. The proportion of electric vehicle electricity consumption in total electricity consumption will increase from 0.7% in 2024 to 2.5% in 2030 [76]. - China's new - energy vehicle market will continue to grow. By 2030, China's new - energy vehicle sales are expected to reach 2.12 million, and the proportion of electric vehicle electricity consumption in total electricity consumption will increase from 1.2% in 2024 to 3.6% in 2030. Europe's proportion of electric vehicle electricity consumption in total electricity consumption will increase from 1% in 2024 to 4.3% in 2030. The US's proportion of electric vehicle electricity consumption in total electricity consumption will increase from 0.6% in 2024 to 2.2% in 2030, but it may not reach the expected target if relevant policies are not implemented [81][86]. IV. Industrial Electricity Consumption Remains the Main Force, and China's Dominance Is Hard to Change 4.2 The Global Industrial Scale Continues to Expand, and China's Industrial Electricity Consumption Accounts for Half of the Global Total - The global new - round of industrialization is in full swing. In 2024, global industrial added value reached $28.9 trillion, a year - on - year increase of 1.3%. Industrial electricity consumption exceeded 11,000 TWh, a year - on - year increase of 4%, accounting for nearly 40% of the global total [91]. - China is a leading manufacturing country. In 2024, China's industrial added value reached $6.8 trillion, a year - on - year increase of 1.8%, accounting for 23.7% of the global total. In 2025, China's industrial electricity consumption reached 6,737 TWh, a year - on - year increase of 4.3%, accounting for 64.8% of the domestic total social electricity consumption. China's industrial electricity consumption has accounted for more than 50% of the global total since 2019 and is still increasing [93]. - The industrial added value of Europe and the US is slightly lower than that of China, and their industrial electricity consumption is far less than that of China. In 2024, the EU's industrial added value reached $4.3 trillion, a year - on - year decrease of 0.9%, accounting for 14.9% of the global total. In 2025, Europe's industrial electricity consumption was about 1,850 TWh, a year - on - year increase of 1.5%, accounting for more than 30% of the global total [98]. 4.2 Industrial Transfer Increases the Electricity Consumption Base, and Technological Empowerment Increases Marginal Demand - In the future, the global industrialization process will continue. By 2030, global industrial electricity consumption is expected to increase to over 12,800 TWh, with an average growth rate of 2.5%. The proportion of industrial electricity consumption in the global total electricity consumption will decrease to 35% [100]. - China's manufacturing advantage is difficult to shake and is expected to be strengthened. By 2030, China's industrial electricity consumption is expected to increase to over 8,200 TWh, accounting for over 60% of the global total. The US's industrial electricity consumption may not improve significantly due to industrial hollowing - out. Europe's industrial electricity consumption is not optimistic. The industrial electricity consumption of developing countries is expected to increase [100][101]. V. China's Electrification Rate Leads Europe and the US and Is Expected to Take the Lead in a Few Years 5.1 The Electrification Rate Affects the Electricity Consumption Multiplier, and China's Electrification Rate Is Growing Rapidly - The electrification rate reflects the modernization process. In 2025, the global electrification rate reached 21%. Japan's electrification rate reached 30%, and the main countries in Europe and the US generally maintained between 20% - 25%. China's electrification rate was close to 30%, and India's was still below 20% [107]. - China's electrification rate has achieved all - round development. In 2024, the electrification rate in the industrial field reached over 27%, in the construction field reached over 55%, and in the transportation field reached over 6% [107]. 5.2 The Global Electrification Rate Continues to Improve, and China's Main Industries Are Improving Steadily - In the future, the global electrification rate is expected to further increase. By 2030, the global electrification rate may increase to over 25%. China's electrification rate is expected to reach 35% by 2030. By 2028, the electrification rate in the industrial field may reach over 33%, in the construction field may reach over 58%, and in the transportation field may reach over 9% [109][110]. VI. Summary - Economic development is the foundation for the growth of electricity consumption. China is one of the main forces leading global economic growth, and its electricity consumption has great upward potential, which will be the core force driving global electricity consumption [114]. - Globally, the development of AI technology, the replacement of traditional fuel vehicles by new - energy vehicles, and the progress of industrialization will lead to an increase in electricity consumption. With the improvement of the electrification level of the whole society, the importance of electricity as a special commodity will be more emphasized [114].