2025年中国绿色算力行业概览：液冷技术引领绿色算力革命，中国数据中心能效显著提升

Investment Rating - The report does not explicitly provide an investment rating for the green computing power industry Core Insights - The green computing power industry in China is experiencing significant growth, driven by the increasing demand for data processing and the emphasis on energy efficiency and sustainability [2][28][40] - The total computing power in China reached 230 EFLOPS by the end of 2023, with AI-related computing power accounting for 70 EFLOPS, reflecting a year-on-year growth rate exceeding 70% [29][30] - The average Power Usage Effectiveness (PUE) of data centers improved to 1.48 in 2023, down from 1.54 in 2022, indicating enhanced energy efficiency [29][30] Summary by Sections Industry Overview - Green computing power aims to optimize computing resource efficiency through energy-saving and environmentally friendly technologies, reducing energy consumption and carbon emissions while maintaining performance [4][19] - The number of computing center racks in China has grown from 1.66 million in 2017 to 8.1 million in 2023, with a compound annual growth rate (CAGR) of 50% [14][42] Development History - The development of green computing power has progressed through several stages: initial stage (1996-2006), starting stage (2007-2020), development stage (2021-2030), and maturity stage (post-2030) [22][25] - Key milestones include the introduction of energy efficiency metrics like PUE and the increasing focus on carbon neutrality [24][26] Current Development Status - The green computing power industry is rapidly evolving to meet the demands of digital transformation, with significant contributions to smart cities and AI industrialization [28] - The total energy consumption of data centers in China reached 150 billion kWh, accounting for 1.6% of total electricity consumption, with carbon emissions totaling 8.4 million tons [29][30] Industry Chain Analysis - The total cost of ownership (TCO) for data centers is primarily driven by electricity costs and infrastructure depreciation, with electricity costs being the largest component [5][44] - The industry chain includes upstream hardware manufacturers, midstream data center operators, and downstream application developers, with a focus on optimizing energy efficiency and reducing carbon emissions [43][45] Technological Innovations - Advanced cooling technologies, such as liquid cooling systems, are being adopted to enhance energy efficiency in data centers [12][19] - The development of low-power, high-performance chips is crucial for improving the energy efficiency and performance of computing centers [62][64] Future Outlook - The demand for computing power is expected to continue growing, driven by emerging technologies such as 5G, IoT, and edge computing [6][41] - The industry is moving towards a more sustainable model, with a goal of achieving 100% renewable energy usage by 2030 [72][75]