As the operational backbone for computing services, data centers typically account for over 50% of total operating costs through electricity consumption. The IEA forecasts that global data center electricity usage will surge to approximately 945TWh by 2030, more than doubling from 415TWh in 2024, representing a compound annual growth rate of about 15% from 2024-2030. The contradiction between demand and energy supply is compelling a green transformation in computing power across four key areas: computing equipment efficiency (IT equipment energy consumption, computing efficiency [CE], storage efficiency [SE]), computing infrastructure energy conservation (Power Usage Effectiveness [PUE], Water Usage Effectiveness [WUE]), clean energy-computing synergy (renewable energy utilization rates, green electricity and certificate procurement), and computing/application collaborative empowerment.
**Data Economy Era: Computing Power Becomes Core Data Center Demand**
China's data centers have evolved through network center, IT center, and cloud center phases. Since 2020, with the advent of the digital economy era, data and computing power have emerged as new production materials and productivity drivers. Intelligent computing demand has become the core growth engine for data center expansion. The Chinese mainland data center industry market size is expected to reach 304.8 billion yuan in 2024, with standard rack scale breaking through 10 million units, both achieving over 20% year-over-year growth.
China has strategically deployed data centers nationwide under the "Eight Hubs, Ten Clusters" framework, with contract signings showing a distinct "hot in the east, cold in the west" distribution pattern.
**Learning from Overseas Experience: DeepSeek May Drive Chinese Data Center Market Upturn**
Following ChatGPT's emergence in 2022, large model parameter scales correlate directly with computing power consumption - larger parameter scales demand greater computing power. By late 2023, vacancy rates in most mature global markets had fallen below 10%, with core regions dropping below 5% (DTZ data), driving up data center rental prices.
China's data center supply-demand cycles are misaligned. Investment boom combined with slowing demand pressured both service fees and rack utilization rates from 2020-2023. DeepSeek's launch in January 2025 has significantly boosted third-party data center rack utilization rates in China. According to CIC data, national third-party computing center utilization rates were only 69% at end-2024. Future supply-demand reversals may first occur in Beijing-surrounding and Yangtze River Delta regions.
**Is Electricity the "End Game" for AI? Demand-Energy Contradictions Force Green Computing Transformation**
As operational carriers for computing services, data centers typically see electricity costs exceed 50% of total operating expenses. The IEA projects 2030 global data center electricity consumption will reach approximately 945TWh, more than doubling from 2024's 415TWh, with 15% compound annual growth from 2024-2030. Meanwhile, China Academy of Information and Communications Technology forecasts China's 2030 data center electricity demand will reach 300-700 billion kWh, representing 2.3%-5.3% of total social electricity consumption, corresponding to 10.4%-27.1% compound annual growth from 2024-2030.
Demand-energy contradictions are driving green computing transformation through: computing equipment efficiency optimization (IT equipment energy consumption, computing efficiency [CE], storage efficiency [SE]), computing infrastructure energy conservation (Power Usage Effectiveness [PUE], Water Usage Effectiveness [WUE]), clean energy-computing synergy (renewable energy utilization rates, green electricity and certificate procurement volumes), and computing/application collaborative empowerment.
**Investment Recommendations**
In the data economy era, computing power represents new productivity, driving high electricity demand growth. Considering comprehensive green computing transformation, focus on: new energy operators including Longyuan Power, Datang Renewable Power, Xinte Energy, China Three Gorges Renewables, Huadian Power International, JinkoSolar Technology, CECEP Wind-Power, CECEP Solar Energy, CGN New Energy; thermal power to new energy transition operators including CHINA RES POWER, Huaneng Power International, GD Power Development; nuclear power operators China National Nuclear Power, China General Nuclear Power; waste-to-energy companies Grandblue Environment, Shanghai Greenergy Environmental, CITIC Envirotech; and liquid cooling equipment providers CECEP Environmental Protection Equipment, Yantai Moon, Shenling Environment Technology.
**Risk Warnings**
Below-expected AI industry development, lower-than-anticipated data center construction, policy change risks, macroeconomic downturn risks, below-expected power investment, lower-than-expected China's new power system construction progress.