中国电力：如果电力是人工智能（AI）的瓶颈，中国是否在胜出-Electric China_ If power is the bottleneck to AI, is China winning_

1 September 2025 Global Energy Storage Electric China: If power is the bottleneck to AI, is China winning? Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Hengliang Zhang +852 2123 2629 hengliang.zhang@bernsteinsg.com China's power demand surpassed 1,000TWh last month with growth likely to be far stronger than many expect. Annual demand reached c. 10,000TWh last year (2.5x US) and will reach 13,500TWh by 2030 and 25,000TWh by 2050, dr ...