日前，中国星网公示2025年智能算力基础设施建设项目的中标候选人。中电信数智科技有限公司力压两 家竞争对手，排名第一。 本次招标吸引了中电信数智科技有限公司、中移系统集成有限公司、联通数字科技有限公司参与。最 终，中电信数智科技有限公司排名第一，报价2598.84万元（不含税，下同）；中移系统集成有限公司 排名第二，报价为2703.61万元；联通数字科技有限公司排名第三，报价为2638万元。 日前，中国星网公示2025年智能算力基础设施建设项目的中标候选人。中电信数智科技有限公司力压两 家竞争对手，排名第一。 本次招标吸引了中电信数智科技有限公司、中移系统集成有限公司、联通数字科技有限公司参与。最 终，中电信数智科技有限公司排名第一，报价2598.84万元（不含税，下同）；中移系统集成有限公司 排名第二，报价为2703.61万元；联通数字科技有限公司排名第三，报价为2638万元。 据C114了解，该项目此前已两次流标。 首次流标公告发布于2025年12月11日，中国星网明确流标原因是"至本项目投标文件递交截止时间，递 交投标文件的投标人数量不满足开标条件"。 此后2026年1月21日，中国星网发布2025年智 ...

Core Viewpoint - The AIDC (Artificial Intelligence Data Center) sector is entering a critical transition period from "concept narrative" to "performance verification" driven by policies, technology, and global computing power demand by the end of 2025 to early 2026 [1] Group 1: Market Dynamics - The AIDC industry is entering a new phase of market differentiation due to the ongoing global AI competition, the implementation of domestic policies like "East Data West Computing," and accelerated technological iterations such as liquid cooling and high-speed interconnects [4] - The capital expenditure of major North American cloud providers reached $257.4 billion in the first three quarters of 2025, a 65% year-on-year increase, indicating a strong demand-side momentum [5] - Major domestic internet companies are expected to reach a peak capital expenditure of 77.2 billion yuan in Q4 2024, reflecting the urgency for cloud providers to layout the next round of intelligent computing centers [5] Group 2: Supply Chain Challenges - The effective supply of AIDC is constrained by multiple hard constraints, particularly in energy and equipment, with electricity demand for data centers expected to rise significantly [7] - By 2028, data center electricity demand in the U.S. is projected to account for 6.7%-12% of total electricity consumption, leading to an expanded supply-demand gap and rising electricity prices [7] - The global supply of gas turbines is highly concentrated, with three major companies holding 88% of the market share, creating an opportunity for Chinese manufacturers to enter the global supply chain [7] Group 3: Technological Innovations - Liquid cooling technology is becoming essential as AI chip power consumption increases, with a projected global penetration rate of 30% by 2026, representing a market space of approximately 68.8 billion yuan [8] - The shift to liquid cooling is expected to reshape the cooling equipment market and drive structural upgrades in data center power distribution systems [8] Group 4: Investment Opportunities - Companies with core customer resources, technological advantages, or the ability to solve key bottlenecks are becoming focal points for investment in the AIDC sector [10] - Key investment targets include IDC leaders with core internet clients, second-tier firms capable of absorbing overflow demand, and upstream suppliers of power distribution and cooling equipment [10] - Specific companies such as Shenghong Co. in power supply and cooling equipment are highlighted as key observation targets due to their potential to address bottlenecks in the industry [11]

Group 1 - The 2025 China Computing Power Conference was held in Datong, Shanxi from August 22 to 24, focusing on optimizing national computing power layout and promoting the development of intelligent computing infrastructure [1] - As of March this year, China's total computing power ranks second globally, with 10.43 million standard racks in use and an intelligent computing power scale of 748 EFLOPS, supporting AI development and high-quality economic growth [1] - A report released on August 22 highlighted that the rapid growth of data production is not matched by the expansion of storage resources, with a projected national data annual output of 41.06 ZB in 2024 but only 2.09 ZB of total storage capacity [1] Group 2 - Current challenges in computing power include inefficient resource scheduling and underutilization of GPU performance, with new business forms requiring ultra-low latency and high throughput [2] - Shanxi province is leveraging the "East Data West Computing" strategy to transform its economic growth model from coal and electricity export to computing power and services [2] - Shanxi's computing center currently has 514,000 standard racks and an intelligent computing power scale of 32 EFLOPS, with an average PUE of 1.2, ranking among the best in the country [2]

Group 1 - The 2025 China Computing Power Conference was held in Datong, Shanxi from August 22 to 24, focusing on optimizing national computing power layout and promoting the development of intelligent computing infrastructure [1][2] - As of March this year, China's total computing power ranks second globally, with 10.43 million standard racks in use and an intelligent computing power scale of 748 EFLOPS, supporting AI development and high-quality economic growth [1] - A report released on August 22 highlighted that the rapid growth of data production is not matched by the expansion of storage resources, with a projected national data annual output of 41.06 ZB in 2024 but only 2.09 ZB of total storage capacity [1] Group 2 - Current challenges in computing power include inefficient resource scheduling and underutilization of GPU performance, necessitating technological innovations to meet new demands for ultra-low latency and high throughput in emerging business models [2] - Shanxi province is leveraging the "East Data West Computing" strategy to transform its economic growth model from coal and electricity export to computing power and services, aiming to become a key hub for computing power demand and industry [2] - The province currently has 514,000 standard racks in use and an intelligent computing power scale of 32 EFLOPS, with an average Power Usage Effectiveness (PUE) of 1.2, ranking among the top in the country [2]