CITIC Securities’ research report underscores that computing-power synergy serves as the foundational infrastructure for scaling China’s domestic computing capabilities, playing a pivotal role in driving their high-quality development. Leveraging China’s energy system, which offers ample room for expansion without the constraints of grid queuing or connection bottlenecks, enables more efficient conversion of unit capital expenditures (CAPEX) into tangible computing power.

According to projections from the National Energy Administration, China’s data center electricity consumption is expected to surge to 800 billion kWh by 2030. Building on this forecast, the incremental capacity of China’s data centers during the “15th Five-Year Plan” period is anticipated to reach 78.5 GW, necessitating a capital investment of RMB 10.7 trillion.

Computing-power synergy, as the foremost approach for integrating electricity and computing resources, operates on two fronts: within and beyond data center parks. The total projected investment scale stands at approximately RMB 2 trillion, with a compound annual growth rate (CAGR) of around 42% throughout the “15th Five-Year Plan” period, signaling a phase of accelerated growth.