China Galaxy Securities: The large-scale development of AI is propelling the accelerated reconstruction of the infrastructure system. Our country is accelerating the promotion of the construction of the "six networks."

China Galaxy Securities has released a research report stating that the scaled development of AI is driving an accelerated reconstruction of the infrastructure system, with the synergy between energy and computing power becoming the key support for the development of new productive forces. The stability, low cost, and green nature of energy supply capabilities will become important factors affecting the layout and competitiveness of the AI industry. Our country is accelerating the construction of the "Six Networks" to promote the coordinated development of energy, computing power, communications, and other infrastructures, thereby providing systematic support for industrial upgrading and economic growth in the AI era. Moreover, the large-scale construction of computing power infrastructures such as data centers and intelligent computing centers not only indicates a rising demand for computing devices such as servers and chips but will also simultaneously drive the expansion of investments in power supply, power grids, energy storage, and distribution systems. For the capital market, AI computing power investment is gradually extending from a pure "chip and server market" to an "electric power infrastructure market." The main points from China Galaxy Securities are as follows: Artificial intelligence is driving a systemic reconstruction of the energy demand structure and the global energy competition landscape. As the demand for computing power shifts from periodic model training to large-scale inference services, data centers are gradually evolving from peak demand to a steadily stable high base load demand, which places higher requirements on the reliability, flexibility, and capacity of the electrical system. AI data centers exhibit new characteristics such as high power density, high reliability, and strong spatial agglomeration. The energy constraints have expanded from merely satisfying incremental electricity demand to include the system capabilities of coordinated configurations involving the power grid, energy storage, cooling, and infrastructure. In the future, global AI competition will accelerate its shift from resource endowment competition to competition in energy-computing power synergy capability, where a stable, low-cost, and green energy supply system will become crucial to supporting computing power development and shaping industrial competitive advantages. In the AI era, competition between China and the U.S. is shifting from competition over energy resources to competition over energy system capabilities. Factors such as energy security capacity, resource allocation capability, and cost control capability have become key determinants of AI industry development. The U.S. boasts a flexible market mechanism and strong short-term supply response capabilities, whereas China's infrastructure system is comprehensive with prominent long-term planning advantages. However, both sides need to further enhance the modernization level of their energy systems. The key to future AI competition lies in the ability to efficiently coordinate energy, electricity, computing power, and industrial applications. The U.S. has the advantage of a mature energy market, abundant natural gas resources, and a nuclear power layout, which allows for the quick establishment of reliable capacity. This is supported by market mechanisms and long-term power purchase agreements that promote the dynamic matching of energy and computing power, allowing for strong power supply security and cost advantages in the short term. However, it also faces challenges such as slow power grid expansion, inadequate inter-regional transmission capacity, and pressures from energy decarbonization. China, on the other hand, relies on the worlds largest unified power grid, a super-large power system, and significant infrastructure projects like "East Data West Calculation" to continuously enhance reliable power supply capabilities and the efficiency of energy-computing power coordination, providing systematic support for large-scale construction of AI infrastructure. Meanwhile, the increasing share of power generation from Shanxi Guoxin Energy Corporation has led to challenges such as insufficient flexibility in the power systems regulation capacity and a need to improve energy storage and inter-regional consumption capacities. The advantages of renewable energy resources have yet to be fully converted into stable, low-cost computing power advantages. In the AI era, the energy system needs to shift from merely meeting new electricity demand to building system capabilities that support the long-term development of computing power. Simply expanding installed power generation capacity will not sustainably meet AI's demand for large-scale, stable, low-cost, low-carbon electricity. It is essential to promote coordinated planning of energy and computing power, optimizing the spatial configuration of computing power based on energy resources, power grid capacity, and industrial layout, thereby improving the efficiency of the energy resource conversion to computing power capability. At the same time, to meet the computing power security demands under conditions of a high proportion of renewable energy, the construction of energy storage, grid adjustment, and intelligent scheduling capabilities should be accelerated to enhance the flexibility of the power system. AI should also play a reverse empowering role in predicting renewable energy, running the power grid, and adjusting loads. Based on this, the coordination of energy and computing power should be incorporated into the "Six Networks" construction, planning it along with other infrastructures such as communications and logistics to promote the coordinated layout of infrastructure networks with advanced manufacturing, strategic emerging industries, and future industries, forming a transformation chain of "energy resources - infrastructure - computing power capability - industrial competitiveness." Risk warnings: 1. Risk of inadequate understanding of policies; 2. Risk of policy implementation falling short of expectations; 3. Risk of technological development uncertainties.