Industrial Securities: Rapid Growth in Computing Power Demand, Data Centers' Energy Systems Undergo Restructuring.

Guosen Securities research report stated that the demand for computing power is growing rapidly, and data center energy systems are undergoing restructuring. The rapid growth of artificial intelligence training and inference demand is driving the accelerated development of computing power infrastructure, leading to a continuous increase in electricity usage in data centers. Industry estimates show that China's data center electricity consumption is expected to increase from 824 billion kilowatt-hours in 2019 to approximately 3.7 trillion kilowatt-hours by 2028, with the proportion of total electricity consumption in society continuing to rise. Computing power requires stable, green, and low-cost electricity supply, while there are certain contradictions in traditional power systems in terms of integrating new energy and power regulation. The energy supply model for data centers is undergoing profound changes. With the continuous expansion of computing power infrastructure, data centers are gradually transitioning from single electricity loads to adjustable and important electricity demand-side resources.