汇丰HSBC：中国电力公用事业行业研究：AI电力需求专题二-260317（英文版）（21页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ 14 to

2、16April2026Find out moreHSBC Global Investment Summit The rise of AI agents and overseas usage of Chinese models are driving upside of AIDC power consumption in China on the back of Chinas leverage over the US in energy infrastructure,not only in electricity price Renewables IPPs set to benefit from

3、 policy bundle with AIDC;Buy Longyuan and China Power,raise target prices Renewables-driven AIDC in 15th Five-Year Plan(FYP):Last Friday,the Chinese government officially published its 15th FYP,where AI,unsurprisingly,was a focus area.It has also laid out how the energy sector will support the devel

4、opment of AI:through renewables-driven compute/power integration(算电协同).This should encourage data centers to(1)support co-location renewables projects,(2)buy green electricity PPAs/certificates,and(3)act as demand response resource to power grids.We are starting to see pilot projects for large-scale

5、 onsite wind/solar for AI Data Centers(AIDCs)a new operational model in China that should become more common.Upside in Chinas AIDC power consumption:Previously,we estimated that power consumption at AIDCs would jump 5x between now and 2030,reaching 9%of Chinas total power demand(see China Power Util

6、ities:The AI power story,10 March 2025).The rise of OpenClaw and AI agents recently not only further raised the expectation of power consumption of AI,but also saw usage surge for Chinese AI models from overseas.Assuming overseas sales grow 5%per week,its annualised power consumption will be negligi