2025年9月21日，以"数聚青海·链通丝路"为主题的首届青海数据要素生态大会在西宁隆重召开。作为西 北地区首个聚焦数据要素生态构建的高端盛会，本次大会吸引了众多行业专家、企业代表齐聚一堂，共 同探讨数据要素在青海的发展机遇与未来方向，为青海数字经济高质量发展注入新动能。 青海省数据局局长靳力表示，大会的举办，既是贯彻落实党中央、国务院决策部署和省委、省政府工作 要求，深入推进绿色算电融合发展的具体行动，也是深化数据要素市场化配置改革，推动实体经济与数 字经济深度融合的生动实践。 靳力介绍，近年来，青海绿色算力产业成绩斐然，头部企业纷纷落地，算力规模不断扩大，绿色算电协 同发展成果显著。同时，依托坚实的算力基础，青海数据要素生态持续完善，场景应用不断拓展，在生 态构建和数据要素场景应用方面取得重大进展，涌现出一批特色应用场景。 禀赋筑基产业突破，绿色算力实现量质齐升 党的十八大以来，习近平总书记三次考察青海，为青海指明了打造生态文明高地、建设产业"四地"的高 质量发展路径。 2024年6月，习总书记再上高原，提出青海要着力"培育体现本地特色和优势的现代化产业体系""因地制 宜发展新质生产力"的重大要求，为现代 ...

央视网消息：记者9月20日从国家数据局了解到，我国"东数西算"工程实施以来，规模化效应不断显现。"东数西算"工程带动社会投资已超过 万亿元。 在8个枢纽节点中，5个位于西部，实现了东部业务向西部风光水电丰富的区域迁移。带动甘肃庆阳、内蒙古乌兰察布等算力新城不断崛起。 中国科学院计算技术研究所网络研究部总工程师赵晓芳介绍，在"东数西算"工程实施之前，我国的算力80%分布在东部，而对应比例的能源分 布在西部。算力消耗的是能源，"东数西算"把能源基础设施的布局和算力基础设施的布局结合起来，来支撑算力持续供给、良性发展，同时为 西部发展带来全新的产业和机遇。 创新技术 提高"东数西算"绿电使用占比 "东数西算"工程在"十四五"期间全面启动。目前，已形成8个枢纽节点和10个数据中心集群，覆盖东、中、西部14个省份，带动社会投资超过 万亿元。为全国提供了约八成的智算算力，促进人工智能、智能制造、远程医疗等行业加快发展。 在全国首个绿色算电协同发展试点省份青海，这片百亩光伏产生的绿色电力，"点对点"供给就近的数据中心，直接转化为绿色算力。 中国联通三江源国家大数据基地运营维护负责人李洪麒介绍，这种绿电直供的新模式和过去比， ...

Core Insights - The "East Data West Computing" project has led to over 1 trillion yuan in social investment since its implementation, showcasing significant scale effects [1][2] - The project has established 8 hub nodes and 10 data center clusters across 14 provinces in eastern, central, and western China, providing approximately 80% of the national intelligent computing power [2] Investment and Infrastructure Development - The project has facilitated the migration of computing resources from the eastern regions to the western areas rich in renewable energy, contributing to the rise of new computing cities such as Qingyang in Gansu and Ulanqab in Inner Mongolia [2] - Prior to the project, 80% of the country's computing power was concentrated in the east, while the corresponding energy resources were located in the west, indicating a strategic alignment of energy and computing infrastructure [2] Green Energy Utilization - Recent monitoring indicates a continuous improvement in the green energy usage ratio within the "East Data West Computing" project, with some new data centers in Inner Mongolia achieving over 85% green energy usage [3][4] - The introduction of direct supply models for green electricity has resulted in over a 20% reduction in energy consumption for data centers [4] Technological Innovations - Innovative cooling technologies, such as liquid cooling, have been implemented in data centers, leading to a 30% reduction in energy consumption [4] - The use of natural cooling methods in high-altitude regions has also contributed to significant energy savings, with one data center reducing industrial electricity use by over 7 million kilowatt-hours annually [4] Future Development Plans - The National Bureau of Statistics plans to focus on green, intensive, and inclusive development in the ongoing implementation of the "East Data West Computing" project, aiming to accelerate the construction of a national integrated computing power network [5] - The project is expected to lay the groundwork for significant advancements in computing power during the 14th Five-Year Plan period, with a vision for further development in the 15th Five-Year Plan [5]

Valuation Suggests Upside Potential. Despite its solid fundamentals and expansion momentum, SHNE remains undervalued relative to peers. The company's shares are currently trading at HK$2.15, equating to a market capitalization of HK$4,830 million. Based on projected CY2025 EPS of HK$0.14, this implies a forward P/E ratio of 16x—below the peer average of 20x. This valuation discount presents an attractive entry point for investors, especially considering SHNE's strategic focus on green computing power and it ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The current bull market contains three ESG investment themes: improvement in corporate governance leading to valuation uplift, long-term opportunities from high-quality economic development and green transformation, and short-term supply optimization under energy transition [1][2][3] Summary by Sections 1. High-Quality Development of Capital Markets and Corporate Governance - Following the "New National Nine Articles," China's capital market has entered a phase of high-quality development, with regulatory guidance aimed at enhancing corporate governance to elevate A-share valuations [10][11] - The experience from Japan and South Korea indicates that improved corporate governance can significantly enhance market price-to-book ratios [11][14] - The report highlights the importance of institutional investors, particularly public funds, in actively participating in corporate governance to drive quality improvements in listed companies [10][21] 2. Long-Term Opportunities from Economic High-Quality Development and Green Low-Carbon Transition - The "Five Major Articles" are driving the financial sector's transformation, linking it with five ESG-value industries, which is expected to enhance asset quality and profitability [2][33] - The report emphasizes the role of technology in fostering new productive forces, particularly in sectors like AI and green computing, which are poised for significant growth [2][50] - Traditional industries are encouraged to undergo green transformation, integrating "new energy+" to enhance efficiency and sustainability [2][34] 3. Energy Transition: Short-Term Supply Optimization and Long-Term Structural Changes - The report identifies investment opportunities in the energy transition sector, particularly under the "dual carbon" policy framework, which aims to optimize supply in high-energy-consuming industries and promote structural changes in energy usage [3][35] - Short-term policies are expected to improve market dynamics in sectors like renewable energy and electric vehicles, while long-term changes will reshape the entire energy supply chain [3][45] 4. Financial Sector Transformation - The financial sector is undergoing a shift from traditional profit models to comprehensive service models, driven by the "Five Major Articles," which require banks and insurance companies to adapt their product offerings and risk management strategies [45][46] - The report notes significant growth in green finance, with outstanding loans increasing from 8.23 trillion yuan in 2018 to 42.39 trillion yuan by mid-2025, reflecting a compound annual growth rate [35][38] 5. Digital Economy and Technological Innovation - The digital economy in China has grown from 39.2 trillion yuan in 2020 to 53.9 trillion yuan in 2023, with a compound annual growth rate of 11.2%, indicating a strong trend towards digital transformation [50][53] - The report forecasts that the digital transformation market will maintain a high growth rate of 15.6% annually from 2023 to 2028, highlighting the importance of technology in driving economic development [50][56]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. (Junxin Co.) reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust development resilience and growth potential [1][2]. Financial Performance - The company achieved operating revenue of 1.478 billion yuan, a year-on-year increase of 33.07% [1]. - Net profit attributable to shareholders reached 400 million yuan, reflecting a year-on-year growth of 49.23% [1]. Operational Achievements - Junxin Co. processed 1.861 million tons of municipal waste, up 10.7% year-on-year [1]. - The company generated 886 million kWh of electricity, marking a 26.21% increase compared to the previous year [1]. - Average electricity generation per ton of waste was 476.27 kWh, a 9.7% increase year-on-year [1]. Research and Development - The company invested 33.9915 million yuan in R&D, representing a 6.79% increase [1]. - As of the end of the reporting period, Junxin Co. held a total of 453 authorized national patents, including 86 invention patents [1]. Mergers and Acquisitions - Junxin Co. acquired a 63% stake in Hunan Renhe Environmental Technology Co., Ltd., which exceeded profit commitments for 2023 and 2024 [2]. - Renhe Environmental reported net profits of 496 million yuan and 540 million yuan for the respective years, contributing positively to Junxin Co.'s revenue and profit growth [2]. International Expansion - The company is actively expanding its international business, with projects in Kyrgyzstan and agreements in Kazakhstan [2]. - Junxin Co. has submitted an application for H-share listing on the Hong Kong Stock Exchange to support its international growth strategy [2]. Strategic Partnerships - A strategic cooperation agreement was signed with Changsha Digital Group to develop a "waste-to-energy + green computing center" project [3]. - This collaboration aims to enhance the company's capabilities in green energy and digital upgrades, potentially creating new revenue streams [3]. Future Outlook - Junxin Co. plans to continue expanding its domestic and international solid waste treatment and green energy markets [3]. - The company aims to integrate waste incineration power generation with new technologies to enhance its core competitiveness and brand influence [3].

Group 1 - The core viewpoint of the article highlights that Shandong High-speed Holdings (00412) is experiencing a stock price increase, attributed to its upcoming board meeting to consider mid-term performance and strategic partnerships [1] - The company is set to hold a board meeting on August 29 to approve its mid-term results, indicating a focus on performance evaluation [1] - Shandong High-speed Holdings is the only subsidiary of Shandong High-speed Group with an integrated computing and electricity industry segment, positioning it as a key player in the strategic cooperation with Huawei aimed at developing a "green computing + clean energy" model [1] Group 2 - According to Zhongtai Securities, the company's performance is expected to grow rapidly in the coming years due to its deepening layout in the AIDC industry and the synergistic effects brought by its major shareholder, Shandong High-speed Group [1] - The main revenue growth is anticipated to come from Shandong High-speed New Energy, which will benefit from the booming green electricity market in China [1] - Century Internet is expected to continue benefiting from the development of artificial intelligence and the promotion of the "East Data West Computing" project, contributing to profit growth [1] - The standard investment business is predicted to remain stable, while the risk exposure in non-standard investment business is expected to gradually decrease [1]

Core Insights - Qinghai Province is leveraging its clean energy resources to pursue a path of green and high-quality development, becoming a leader in clean energy production in China [1][3] Group 1: Clean Energy Infrastructure - Qinghai's total installed power capacity reached 75.9 million kilowatts by June 2023, with clean energy and renewable energy accounting for 94.2% and 72.6% of the total, respectively, both ranking first in the country [1] - The province has established the first clean energy and green computing scheduling center, which connects data from 28 power generation companies and 558 renewable energy stations, enabling efficient management of dispersed power generation facilities [2] Group 2: Operational Efficiency - The scheduling center allows for unmanned operation and centralized monitoring, reducing operational personnel costs by over 40% for power generation companies [2] - The center supports real-time monitoring, remote control, and fault handling, ensuring the safe operation of the power grid [2] Group 3: Green Computing Integration - Qinghai is integrating clean energy with green computing, responding to the growing demand for computing power driven by advancements in artificial intelligence [3][4] - The province has developed a big data model for coordinated scheduling of computing power and energy, optimizing energy consumption during periods of abundant renewable energy supply [4] Group 4: Carbon Footprint Management - Green computing is being utilized for carbon footprint tracking and green low-carbon certification for export products, enhancing the international competitiveness of enterprises [5] - The scheduling center has established a carbon footprint database for export-oriented companies, providing proof of green computing usage to help them navigate global green trade barriers [5]

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]

Core Viewpoint - The conference held on July 19 in Xining, Qinghai Province, announced significant growth in green computing power, highlighting Qinghai's role as China's first green computing electricity pilot province [1] Group 1: Growth in Computing Power - Qinghai Province's green computing power increased from 370P (PFLOPS) at the beginning of 2024 to 15,000P by June 2025, representing a nearly 40-fold growth [1] - The province has constructed approximately 190,000 standard racks, with a utilization rate exceeding 90% and a server online rate close to 100% [1] Group 2: Future Projections - The province aims to double both the rack scale and computing power level by 2025 [1] - The current infrastructure includes a comprehensive computing power supply system consisting of "general computing + intelligent computing + supercomputing" [1]