Investment Rating - The report does not explicitly state an investment rating for the green computing industry Core Insights - Green computing is driven by the dual engines of "decarbonization" and "digitalization," making it a crucial component of new productive forces in the AI era [2][3] - The global computing power is projected to grow at a rate exceeding 50% over the next five years, with China's computing power reaching 230 EFLOPS, averaging a growth rate of nearly 30% over the past five years [2] - The energy consumption of AI data centers is expected to rise significantly, with IT energy consumption reaching 77.7 TWh in 2025 and 146.2 TWh by 2027, reflecting a compound annual growth rate of 44.8% from 2022 to 2027 [2] - Green computing encompasses three main areas: indirect carbon emissions from energy sourcing, algorithm selection and data center operations, and enabling industry transformation for carbon reduction [4][5] Summary by Sections Macro Perspective - Green computing is an inevitable choice in the AI era, serving as a key driver for the development of new productive forces [2][3] - The report highlights the importance of balancing efficient supply and sustainable development in the computing power industry [3] Mid-level Analysis - The carbon footprint of green computing includes indirect emissions from energy sourcing, lifecycle emissions from infrastructure, and direct emissions from operations [4] - The ECCI framework emphasizes efficient computing, energy conservation, clean collaboration, and inclusive usage [5][36] Micro-level Practices - Leading tech companies are implementing innovative green computing practices, such as Amazon's AWS migration reducing carbon emissions by 99%, Google's 24/7 carbon-free energy operations, and Microsoft's circular centers achieving a 90.9% server remanufacturing rate [7][8] - Tencent's deployment of renewable energy facilities and Alibaba Cloud's immersion cooling technology are notable examples of green computing initiatives in China [8]