算力革命撞上能源缺口:全球电力投资共振下的五大黄金赛道

脱水君的后花园
Dec 25, 2025

一、核心背景与行业趋势美国电力供需缺口显著:OpenAI计划2033年部署250GW算力中心,2030年美国最高用电负荷将达1000GW,考虑机组退役时电力缺口182GW,不考虑退役缺口89GW。国内电力供需或重回紧张:中美科技竞争下,国内AIDC投资有望超预期,中性/乐观情景下,AIDC和充电桩将拉动十五五用电量复合增长率1.1pct/1.5pct。技术迭代驱动设备升级:GPU功耗提升推动电源...

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