BlackRock: Investors Are Betting Big on Data Centre Energy
翻译完这篇报告，最深的感受是AI 产业的发展正在经历一场从“上层狂欢”到“底层夯实”的投资逻辑转变。技术的飞跃，终究离不开能源与基建的托底。这或许也给行业提了个醒：AI 的未来，既要向上突破技术天花板，也要向下筑牢能源根基。真正持久的回报不仅藏在算法与芯片中，更藏在那些让数据中心持续运转的电力与基建里。
贝莱德表示随着AI驱动的数据中心需求重塑能源市场与资本配置，2026 年投资者将转向支持能源基础设施，而非大型科技公司。
BlackRock says investors will back energy infrastructure over big tech in 2026 as AI-driven data centre demand reshapes power markets & capital allocation
虽然AI仍是投资者关注的焦点，但贝莱德指出，资本正在从打造AI平台的科技公司转向能为数据中心大规模供电的能源基础设施领域。
AI remains central to investor thinking, but BlackRock says capital is shifting away from the technology firms building AI platforms and towards the energy infrastructure required to power data centres at scale.
在其最新发布的投资方向报告中，资产经理调研了732位EMEA客户，以评估他们在2026年的优先级事项。
In its latest Investment Directions report, the asset manager surveyed 732 of its EMEA-based clients to gauge priorities for 2026.
尽管AI崛起仍被普遍看好，但投资者对美国大型科技公司的投资热正在降温。仅1/5的受访者认为大型科技公司未来一年仍具有引人注目的机会，这也意味着2025年的这波投资潮过后将会经历一次调整。
While AI growth is still widely expected, enthusiasm for large US technology firms has cooled. Only one fifth of respondents consider big tech a compelling opportunity for the year ahead, signalling a recalibration after the investment surge of 2025.
调研表明市场正愈发意识到与人工智能相关的最具持续性回报，或许并不存在于软件层面，而是蕴藏在为超大规模数据中心提供支撑的发电及电网资产之中。
The findings point to a growing recognition that the most durable returns linked to AI may sit beneath the software layer, in the power generation and grid assets that support hyperscale data centres.
超过半数的受访者将数据中心能源视作具有吸引力的投资主题，其中37%的受访者对能源基础设施的偏好远超大型科技公司。这一资本转向的背后，是市场对AI行业资本密集属性认知的不断加深。
More than half of respondents identified data centre energy as an attractive investment theme, with 37% preferring energy infrastructure over exposure to large technology companies. The shift reflects mounting awareness of how capital intensive AI has become.
据高德纳估算，2025年AI的总投资约1.5万亿，这些投资大多集中在少数几家公司手中。对投资者来说，这种资本集中的现象进一步导致投资者对于风险回报的担忧，尤其是借贷成本始终较高的背景下。
Estimates from Gartner suggest around US$1.5tn was invested in AI during 2025, much of it concentrated among a small group of firms. For investors, this concentration raises concerns about risk and return, particularly as borrowing costs remain elevated.
数据中心是这场争论的焦点。AI负荷需要基础设施持续运行，能产生巨额电力用于运算和冷却。由于集群规模越来越大、越来越密，电力供应稳定性已成为多个市场中制约其扩张的关键瓶颈
Data centres sit at the centre of this debate. AI workloads require facilities that operate continuously, drawing vast amounts of electricity for compute and cooling. As clusters grow larger and denser, power availability has become a gating factor for expansion in several markets.
贝莱德核心美股业务主管Ibrahim Kanan表示：“把握差异化上行收益机会的同时，对巨型市值股及AI领域相关投资做好风险管理，变得愈发重要。”
“It’s increasingly important to risk-manage megacap and AI exposure while also capturing differentiated upside opportunities,” says Ibrahim Kanan, BlackRock’s Head of Core US Equity.
这份分析报告指出，能源不应被视为一种配套性资产类别，而是一种AI主导数字化基础设施发展中主要受益方。
This analysis frames energy not as a supporting asset class but as a primary beneficiary of AI-led digital infrastructure growth.
数据中心赋能能源供应商崛起
Data centres elevate energy providers
支撑AI训练和推理所需的大量电力已经转变了电网公司，新能源开发商和电网运营公司的角色。对于数据中心运营商而言，签订长期电力合约如今已与获取土地资源、保障网络连接性同等重要，成为一项关键的战略举措。
The scale of electricity required to support AI training and inference has transformed the role of utilities, renewable developers and grid operators. For data centre operators, securing long-term power contracts is now as strategic as acquiring land or network connectivity.
数据中心供电所需的电能是巨量的。图片源自：Getty
The amount of energy required to power data centres is vast. Credit: Getty
贝莱德预计，AI有关电力需求会成为全球电力消耗的固定部分而非临时激增。这一前景推动能源类资产的投资优先级大幅提升，尤其是那些与可靠基荷电力及清洁发电相关的资产。
BlackRock expects AI-related electricity demand to become a structural component of global power consumption rather than a temporary spike. This outlook has pushed energy assets higher up the investment agenda, particularly those linked to reliable baseload and clean generation.
当运营商追求可持续目标与价格稳定时，可再生能源开发商被视作处于特别有利的地位。长期购电协议不仅能帮助数据中心业主应对成本波动风险，还助力其履行碳排放合规义务，满足日趋严格的标准要求。
Renewable energy developers are seen as especially well-positioned as operators pursue sustainability targets alongside price stability. Long-term power purchase agreements allow data centre owners to manage cost volatility while addressing emissions obligations tied to increasingly stringent reporting standards.
除发电环节外，投资者也正密切关注支撑数据中心发展的实体基础设施。输电网，变电站和储能在许多地区正在成为关键瓶颈。
Beyond generation, investors are also looking closely at the physical infrastructure that enables data centre growth. Transmission networks, substations and energy storage are emerging as critical bottlenecks in several regions.
贝莱德，微软和英伟达已经宣布计划投资1000亿美金在AI数据中心和电力基础设施，凸显了所需资金规模。
BlackRock, Microsoft and NVIDIA have already announced plans for a US$100bn investment focused on AI data centres and power infrastructure, underscoring the scale of capital required.
AI电力需求量预计在未来10年内会增长超过一倍 图片来源：Statista
The amount of energy demanded by AI is set to more than double within the next 10 years. Credit: Statista
然而，欧美部分地区审批滞后及并网排队正在延缓实施进展。
However, permitting delays and grid connection queues are slowing deployment in parts of Europe and North America.
对于数据中心开发商，这些限制因素意味着更长的项目交付期及更高的预付成本。从投资的角度，也预示着电网现代化和增容的机会，它们都不在传统的技术产品组合内。
For data centre developers, these constraints translate into longer lead times and higher upfront costs. From an investment perspective, they also highlight opportunities in grid modernisation and capacity expansion that sit outside traditional technology portfolios.
大型科技公司仍然重要，但优先级已经转变
Big tech still matters, but priorities shift
尽管发生转变，大型科技公司也并未被排除在外。比如谷歌、Meta、英伟达、OpenAI和微软等公司因其在AI软件，芯片和平台中所起到的关键作用，仍保留在贝莱德管理的基金中。
Despite the pivot, large technology firms have not been written off. Companies such as Google, Meta, NVIDIA, OpenAI and Microsoft continue to feature prominently in BlackRock-managed funds due to their central role in AI software, chips and platforms.
但是，调研表明，投资人逐渐开始关注AI领先地位的重资产投入。
However, the survey suggests investors are increasingly cautious about the heavy capital expenditure required to sustain AI leadership.
数据中心建设带有明显的短期排放和成本负担，尤其在钢铁、水泥和能源密集型的制造方面，同时收益增长周期变得更长。
The construction of data centres carries significant near-term emissions and cost burdens through steel, cement and energy-intensive manufacturing, while revenue gains may take longer to materialise.
这一时间差对财务表现和气候战略均会产生影响，对于投资回报周期较短的投资者而言，影响尤为显著。
This timing gap has implications for both financial performance and climate strategies, particularly for investors with shorter return horizons.
贝莱德的调研显示，能源基础设施领域，尤其是数据中心相关板块将成为2026 年投资者的关注焦点。
BlackRock's survey indicates that energy infrastructure, particularly as regards data centres, will be a big focus for investors in 2026
仅有7% 的受访者认为AI构成市场泡沫，这一结果彰显出市场对于该技术长期影响力的信心。
Only 7% of respondents believe AI represents a market bubble, indicating confidence in the technology’s long-term impact.
市场向能源与基础设施领域的转向，反映出人们对人工智能生态系统的看法更趋成熟，这一视角的延伸不再局限于软件与芯片，而是覆盖到支撑数据中心运转的底层根基。
The shift towards energy and infrastructure reflects a more mature view of the AI ecosystem, one that extends beyond software and chips to the foundations that keep data centres running.
私募市场有望在电网升级与能源项目的融资方面发挥日益重要的作用，这类项目很难通过公开股票市场获得资金支持。
Private markets are expected to play a growing role in funding grid upgrades and energy projects that are difficult to access through public equities.
对于数据中心运营商与投资者而言，贝莱德传递的信号十分明确，未来AI投资将越来越与能使大规模运算成为可能的能源紧密联系。
For data centre operators and investors alike, the message from BlackRock is clear – the future of AI investment is increasingly tied to the power that makes large-scale compute possible.
DKC交流群邀请
深知社创立于2017年，是数字能源行业工程技术人员学习、交流、合作、创新的虚拟社区平台。深知社秉承互联网精神，践行工程师文化，提倡全球视野、终身学习、乐于分享的博学深知理念，感兴趣的同学可以扫描下方二维码申请进群交流学习。
翻译：
刘川
思格新能源 系统设计专家
DKV（DeepKnowledge Volunteer）计划成员
校对：
谢亚成
天津市天河计算机技术有限公司 暖通工程师
DKI（DeepKnowledge Institute）高级研究员
公众号声明：
本文并非官方认可的中文版本，仅供读者学习参考，不得用于任何商业用途，文章内容请以英文原版为准，本文不代表深知社观点。文中内容来自互联网，如有侵权，将在24小时内删除。中文版未经公众号DeepKnowledge文字授权，请勿转载。
推荐阅读：
