Investment Rating - The report does not explicitly state an investment rating for the data center industry Core Insights - The data center industry is undergoing a significant green transformation to support sustainable development, driven by increasing energy consumption and the need for efficiency [2][3] - Major investments in AI infrastructure are being announced by industry leaders, indicating a rapid expansion in data center capabilities [2] - The global power consumption of data centers is projected to double from 415 TWh in 2024 to 945 TWh by 2030, with the US, Europe, and China accounting for 85% of current energy consumption [3][4] Summary by Sections Industry Overview - Data centers are essential for the digital economy and are referred to as "non-smoking steel mills" due to their high energy consumption [2] - The number of standard racks in use in China reached 10.85 million by June 2025, with a smart computing capacity of 788 EFLOPS, nearly doubling from 5.9 million racks in 2022 [2] Energy Consumption and Policies - The International Energy Agency (IEA) forecasts that by 2030, data center power consumption will exceed 945 TWh, necessitating a shift towards green, low-carbon development [3] - Various countries have implemented policies to regulate Power Usage Effectiveness (PUE), with the US aiming for a PUE of below 1.4 for new data centers and below 1.5 for retrofitted ones [4] Challenges Facing the Industry - The industry faces challenges such as rising energy consumption and carbon emissions, uneven resource distribution, and increased operational complexity [9] - The energy consumption breakdown shows that IT equipment accounts for 45-50%, cooling systems for 35-40%, and power supply losses for 10-15% [9][13] Future Development Trends - By 2030, data centers are expected to transition from "energy efficiency centers" to "zero-carbon intelligent computing bodies," with a focus on renewable energy and advanced cooling technologies [32] - The deployment of edge computing nodes is anticipated to grow significantly, with nearly 10 million edge computing nodes expected by 2030 [33] - Innovative data center forms, such as underwater and space data centers, are being explored to address energy efficiency and land scarcity challenges [34]

Group 1 - The core initiative is to promote energy-saving and carbon reduction transformations in data centers across Shaanxi Province, with a focus on green development by recommending national green data centers for 2025 [1][2] - The recommendation process involves six sectors: industry, information communication, energy, internet, finance, and public institutions, adhering to the 2025 National Green Data Center Evaluation Index System [1] - Recommended data centers must meet specific criteria, including independent legal status, clear property rights, stable operation for over one year, and compliance with national green infrastructure development plans [1] Group 2 - Data centers constructed after 2022 should ideally be located within national integrated computing network hubs and designated areas for computing and electricity coordination [1] - The minimum scale for data centers is set at 3,000 standard racks, with a rack utilization rate of no less than 60%, and computing resource usage rates should be industry-leading, aiming for at least a secondary level in the Green Data Center Evaluation [1] - The self-evaluation process for participating units includes creating a self-evaluation report based on the 2025 National Green Data Center Evaluation Index System, with local authorities responsible for reviewing and recommending submissions [2]