CITIC Securities: Collaborative Computing and Domestic Computing Power Expansion Root

The research report from CITIC Securities stated that the synergy between electricity and computation is the key infrastructure for the expansion of domestic computing power. Without this synergy, there would be no high-quality development of domestic computing power. China's energy system can provide vast expandable space for domestic computing power, not constrained by the queue and connection constraints of the power grid, and each unit of CAPEX can be more efficiently converted into actual computing power. The National Energy Administration guides that the power consumption of data centers in China will reach 800 billion kilowatt-hours by 2030. Based on this guidance, we predict that the incremental scale of data centers in China during the "14th Five-Year Plan" period will be 78.5GW, corresponding to a capital expenditure of 10.7 trillion yuan. The synergy between electricity and computation is divided into two sides inside and outside the data center park, as the main means of coupling power and computing power. We predict that the total investment scale corresponding to this will be about 2 trillion yuan. The CAGR of investment in the synergy between electricity and computation during the "14th Five-Year Plan" period is about 42%, entering a stage of accelerated growth.