CITIC Securities: Collaborative support for domestic computing power quality expansion.

CITIC Securities research report states that algorithmic power collaboration is the key infrastructure for the expansion of domestic computing power. Without algorithmic power collaboration, there would be no high-quality development of domestic computing power. China's energy system can provide vast scalable space for domestic computing power, not bound by the constraints of the electricity grid queue and connection, and each unit of CAPEX can be more efficiently converted into actual computing power. The State Energy Administration guides that the power consumption of Chinese data centers will reach 800 billion kilowatt-hours by 2030. Based on this guidance, the projected incremental scale of Chinese data centers during the "15th Five-Year Plan" period will be 78.5GW, corresponding to a capital expenditure of 10.7 trillion yuan. The algorithmic power collaboration is divided into two sides, inside and outside the data center park, as the main means of coupling power and computing power, with a predicted total investment scale of around 2 trillion yuan. The investment in algorithmic power collaboration during the "15th Five-Year Plan" period is expected to grow at a CAGR of approximately 42%, entering an accelerated growth stage.