China's AI Power Play: Cheap Electricity From World's Biggest Grid 内蒙古乌兰察布正在建设中的数据中心。 |安德烈亚·韦尔德利为《华尔街日报》拍摄的照片 2025年12月10日晚上9:00（美国东部时间） 美国发明了最强大的人工智能模型，并控制着最先进的计算机芯片，但中国在全球人工智能竞赛 中却有一张王牌。 中国如今拥有全球规模最大的电网。2010年至2024年间，中国的发电量增长超过了世界其他地 区的总和。去年，中国的发电量是美国的两倍多。一些中国数据中心目前的电费不到美国数据中 心的一半。 "在中国，电力是我们的竞争优势，"中国国家数据管理局在3月份表示。 对电力霸权的争夺正在改变内蒙古偏远地区的面貌。这片类似德克萨斯州的广袤土地，如今遍布 着数千台风力涡轮机，输电线路纵横交错。它们为官员们所称的"草原云谷"提供电力，那里有超 过100个数据中心正在运营或建设中。 这仅仅是个开始。摩根士丹利预测，到2030年，中国将在电网项目上投入约5600亿美元，比前 五年增长45%。高盛预测，到2030年，中国将拥有约400吉瓦的剩余电力容量，约为届时 ...

美国发明了最强大的人工智能模型，并控制着最先进的计算机芯片，但中国在全球人工智能竞赛中还有 一个王牌可打。 中国现在拥有世界上最大的电网。在2010年至2024年期间，中国的电力生产增长量超过了世界上其他地 区的总和。去年，中国的发电量是美国的两倍多。一些中国数据中心现在支付的电费还不到美国数据中 心的一半。 "在中国，电力是我们的竞争优势，"中国国家数据管理局局长刘丽红在3月份表示。 对电力霸权的追求正在改变内蒙古的偏远地区，这片类似德克萨斯的开阔地带现在点缀着数千个风力涡 轮机，纵横交错着输电线路。它们为官员们描述的新"草原云谷"提供电力，那里有100多个数据中心正 在运营或即将投入运营。 这仅仅是开始。 摩根士丹利预测，到 2030 年的五年间，中国将在电网项目上投入约 5600 亿美元，较 前五年增长 45%。 高盛预计，到 2030 年，中国将拥有约 400 吉瓦的闲置产能，大约是当时全球数据中 心电力需求的三倍。 微软首席执行官萨提亚·纳德拉表示，他的公司担心没有足够的电力来运行其购买的大量芯片。一些公 司希望华盛顿能采取更多措施简化审批流程或提供财政支持，以现代化美国的电网。 在未来三年内，美国 ...

A person walks past a display of an Atlas 900 AI cluster at the Huawei stand during the World Artificial Intelligence Conference at the Shanghai World Expo and Convention Center in Shanghai on July 28, 2025.BEIJING — Chinese telecommunications giant Huawei announced Thursday new computing systems for powering artificial intelligence with its in-house Ascend chips, as it steps up pressure on U.S. rival Nvidia.The company said it plans to launch its new "Atlas 950 SuperCluster" as soon as next year.The U.S. h ...

Core Viewpoint - The U.S. government is imposing restrictions on the sale of electronic design automation (EDA) software to China, aiming to suppress China's advancements in chip technology [1][4]. Group 1: U.S. Government Actions - The U.S. Department of Commerce has sent letters to major EDA companies, including Synopsys and Cadence, requesting them to halt shipments to Chinese clients [1]. - The impact of these restrictions on the EDA companies is uncertain, but it may lead to a prohibition of their operations in China [1]. - Synopsys derives 16% of its revenue from China, while Cadence has approximately 12% of its business in the region [1]. Group 2: Market Reactions - Following the news of the restrictions, Cadence's stock fell by 10.7%, marking its largest single-day drop since March 2020, while Synopsys' stock dropped by 9.6% [1]. Group 3: Industry Implications - EDA software is crucial for chip design, allowing designers to develop and test next-generation chips, and is considered a key component of the semiconductor supply chain [5]. - The restrictions could hinder the ability of U.S. companies to provide technology to Chinese chip manufacturers, potentially impacting ongoing trade negotiations [4]. Group 4: AI and EDA Development - Chinese EDA companies are rapidly adopting AI technologies to enhance chip design processes, which may lead to significant advancements in the industry [7][8]. - AI can optimize EDA tools, improving design efficiency and accuracy, thus transforming the EDA sector [7]. Group 5: Chinese Government Response - The Chinese government has criticized the U.S. for its export control measures, claiming they harm Chinese companies and threaten global semiconductor supply chain stability [8][9].

Investment Rating - Industry investment rating: Leading the market [4][9] Core Insights - The U.S. Department of Commerce announced the withdrawal of the AI Diffusion Rule, introducing new measures to strengthen semiconductor export controls globally. This includes restrictions on the use of Huawei's Ascend chips and U.S. AI chips for training and inference of Chinese AI models, which is expected to increase demand for NVIDIA chips [8] - The adjustment in U.S. chip export policy is anticipated to boost demand for NVIDIA chips while simultaneously increasing the urgency for China's self-sufficiency in the AI industry [8] - Investment recommendations include focusing on companies related to NVIDIA, such as Huadian Co. and Shenghong Technology, as well as domestic technology chains like Shenzhen Nanyan Circuit [8] Summary by Sections Industry Performance - Electronic industry performance over different time frames: - 1 Month: +3.51% - 3 Months: -5.59% - 12 Months: +35.65% - Comparison with the CSI 300 index: - 1 Month: +5.14% - 3 Months: +0.97% - 12 Months: +7.60% [6] Recent Developments - The U.S. government is expected to announce agreements with Saudi Arabia and other countries to allow access to semiconductor chips, which may further influence the market dynamics [8]

Group 1 - The Chinese government emphasizes strengthening the domestic circulation as a strategic move to promote stable and sustainable economic growth, aiming for high-quality development [1] - The State Council has issued guidelines for urban renewal, focusing on the renovation of old neighborhoods, factories, and villages, with eight main tasks outlined [1] - The People's Bank of China and other departments are committed to supporting technological innovation by encouraging financial institutions to increase loans for tech enterprises [1] Group 2 - Alibaba reported a 7% year-on-year increase in revenue for Q4 of fiscal year 2025, reaching 236.45 billion yuan, with a 22% increase in non-GAAP net profit to 29.847 billion yuan [1] - NetEase announced a 7.4% year-on-year increase in net revenue for Q1 of 2025, amounting to 28.8 billion yuan, with a net profit of 11.2 billion yuan compared to 8.5 billion yuan in the same period last year [1] Group 3 - The China Securities Regulatory Commission has introduced new regulations for the supervision of funds raised by listed companies, emphasizing the dedicated use of funds to support the real economy [1] - The Supreme Court and the CSRC have issued guidelines to ensure fair enforcement of laws and judicial services to support the high-quality development of the capital market [1]

Group 1 - The article discusses China's response to U.S. export controls on semiconductor products, emphasizing the need for mutual cooperation and the potential negative impact of unilateral actions on global supply chains [2][3][4] - It highlights that the U.S. has intensified restrictions on Chinese chip products, which is seen as a violation of market principles and detrimental to the interests of Chinese enterprises [3][4] - The Chinese government is considering adjustments to its own export controls in response to the U.S. actions, indicating a potential shift in trade relations [2][4] Group 2 - The article mentions that some Chinese rare earth material producers have already obtained export licenses, suggesting a possible easing of restrictions [2] - It also notes that the Chinese government is committed to taking necessary measures to protect the legitimate rights of its enterprises against U.S. actions [4] - The overall sentiment reflects a call for the U.S. to correct its unilateral measures to foster a more sustainable and mutually beneficial trade environment [4]