探访内蒙古AI数据中心：远景能源的垂直整合与800V直流架构
We Visited China’s Stargate in Inner Mongolia
独家实地调研揭示了中国AI算力基础设施的底层逻辑，800V直流与无冷水机组方案对关注降本增效的工程团队极具参考价值。
Stargate Abilene has become the symbol of America’s AI buildout. It is a gigawatt-scale campus on the Texas plains built for OpenAI. China has campuses on a similar scale, though few people outside the country have had a look inside. In September, we visited one, and we found the speed, scale, ultra low cost, and deep vertical integration astonishing.
Stargate Abilene 已成为美国 AI 基础设施建设的象征。这是位于得克萨斯平原、专为 OpenAI 建造的一个吉瓦级规模的园区。中国也有规模相当的园区，但鲜有国外人士得以一窥究竟。今年九月，我们参观了一个这样的园区，发现其建设速度、规模、超低成本以及深度的垂直整合能力令人惊叹。
During the trip, we toured Inner Mongolia, China’s fastest-growing AI datacenter region. It's the “West Texas” of China, but while the Lone Star State faces its highest ever anti-datacenter sentiment, Inner Mongolia is accelerating and faces no such backlash.
在旅途中，我们走访了内蒙古，这是中国增长最快的 AI 数据中心区域。它堪称中国的“西德克萨斯”，但与面临史上最强反数据中心情绪的孤星州不同，内蒙古正加速推进且未遭遇此类反弹。
Our main stop was Galaxy, a campus in Ulanqab planned for up to 800MW of IT capacity.
我们的主要参观点是 Galaxy，这是一个规划 IT 容量高达 800MW 的乌兰察布园区。
Galaxy is about the size of Abilene’s core campus. Its first 120MW phase was delivered within a year at a fifth of US costs. All four phases are built-to-suit for two internet giants.
Galaxy 的大小与 Abilene 的核心园区相当。其首个 120MW 阶段在一年内交付，成本仅为美国的五分之一。全部四个阶段均为两家互联网巨头量身定制。
Source: Envision, SemiAnalysis China Datacenter Model
来源：Envision, SemiAnalysis 中国数据中心模型
When we visited, the rest of the campus was still a busy construction site, and the surrounding Chahar High-tech Zone had nearly 30,000 construction workers on site across 22 datacenter projects according to a local report. As we noted in our primer on the China datacenter market, with this much labor available, Chinese datacenters rarely take a fully modular approach, yet construction costs keep falling. We take a closer look at why in this report.
当我们访问时，园区其余部分仍是繁忙的施工工地。据当地报道，周边的察哈尔高新区在 22 个数据中心项目中现场拥有近 30,000 名建筑工人。正如我们在关于中国数据中心市场的入门指南中所指出的，凭借如此充足的劳动力，中国数据中心很少采用完全模块化方案，但建设成本仍在持续下降。本报告将深入探讨其原因。
Source: SemiAnalysis China Datacenter Model
来源：SemiAnalysis 中国数据中心模型
The datacenter is owned by Envision Group, a renewable systems integrator with more than 100GW of wind turbines installed worldwide. It came to datacenters from energy management, a path many others are taking today. Yet it is one of the most vertically integrated players we have ever seen.
该数据中心由远景集团（Envision Group）所有，这是一家可再生能源系统集成商，在全球安装了超过 100GW 的风力涡轮机。它从能源管理领域切入数据中心业务，这也是许多其他企业如今正在走的路径。然而，它是我们所见过的最具垂直整合能力的参与者之一。
Beyond running the datacenter, Envision builds its own wind farms and a dedicated power line to supply it. Its blade factory sits just across the road from the Galaxy datacenter campus, with finished blades stacked in the yard.
除了运营数据中心外，远景还自建风电场并铺设专用输电线路为其供电。其叶片工厂就坐落在 Galaxy 数据中心园区马路对面，成品叶片堆放在院子里。
Inside the campus, it designed and integrated the low-voltage power modules and the 800V system, manufactured the battery storage that smooths the load, and co-designed the prefabricated substation.
在园区内部，远景设计并集成了低压电源模块和 800V 系统，制造了用于平滑负载的电池储能设备，并联合设计了预制变电站。
Source: Envision, SemiAnalysis China Datacenter Model
来源：Envision, SemiAnalysis 中国数据中心模型
In one 5MW hall, we saw the 800V system at work. Solid-state transformers (SSTs) take 10kV AC from the grid and convert it straight to 800V DC for the racks. This removes the low-voltage transformers, UPS and rectifier stages in between. The same architecture is still on the US roadmap, as we outlined in our 800V DC deep dive.
在一座5MW的机房中，我们目睹了800V系统的实际运行。固态变压器（SST）从电网获取10kV交流电，并直接将其转换为机架所需的800V直流电。这消除了中间的低电压变压器、不间断电源（UPS）和整流器阶段。正如我们在800V直流深度分析中所概述的那样，相同的架构仍在美国的技术路线图之中。
In China, datacenters have been running on DC power for almost two decades, from China Telecom’s 240V DC pilots in 2007 to Alibaba’s Panama power system in 2018. Today, roughly a quarter of Chinese datacenters built in the past decade run on DC, while about 97% of US datacenters still use AC UPS. An SST is a natural next step on that path, and we cover the evolution and the pilot in detail later in this report.
在中国，数据中心使用直流电源供电已有近二十年的历史，从2007年中国电信的240V直流试点到2018年阿里巴巴的Panama电力系统。如今，过去十年建成的中国数据中心中约有四分之一采用直流供电，而美国约97%的数据中心仍使用交流UPS。固态变压器是该路径上的自然下一步，我们将在本报告后文详细探讨其演进历程及试点项目。
Source: Envision, SemiAnalysis China Datacenter Model
来源：远景科技集团、SemiAnalysis中国数据中心模型
On cooling, Galaxy uses a design common in Inner Mongolia. Liquid- and air-cooled servers share one water loop, with no central chiller plant. Nvidia says Vera Rubin can run on 45°C water without chillers, yet most datacenters in the US keep one for air-cooled equipment and for the flexibility to shift between the two. Galaxy drops the central chiller and keeps much of that flexibility, a design that has been running at scale in northern China for years.
在冷却方面，银河数科采用了内蒙古常见的架构。液冷服务器与风冷服务器共用一个水回路，无需中央冷水机组。英伟达表示Vera Rubin可在45°C的水温下运行且无需冷水机组，但美国大多数数据中心仍保留冷水机组，以支持风冷设备运行并提供在两种冷却方式之间切换的灵活性。银河数科去除了中央冷水机组，同时保留了大部分灵活性，这种设计在中国北方已规模化运行多年。
In this report, we use what we saw on the site visit to show how China builds hyperscale datacenters today, with a deep dive on each of the topics above. Many questions still open on the US roadmap find a reference point here.
在本报告中，我们利用实地考察所见，展示中国如何构建超大规模数据中心，并对上述每个主题进行深入剖析。美国技术路线图中许多悬而未决的问题在此找到了参考基准。
Our next report will take a wider view of Inner Mongolia’s datacenter market. The region has lined up 25GW of announced datacenter projects, including several gigawatt-scale campuses. Many reports picture it as a land of empty datacenter halls. Our data tells a different story. Few have asked what limits datacenter development there. We look at each constraint, from power to land and water. Stay tuned.
我们的下一份报告将对内蒙古的数据中心市场进行更广泛的审视。该地区已规划了25GW的宣布数据中心项目，其中包括多个吉瓦级园区。许多报道将其描绘为拥有空置数据中心的荒原。但我们的数据揭示了不同的故事。很少有人追问限制当地数据中心发展的因素是什么。我们将逐一分析从电力、土地到水资源等每一项约束条件。敬请期待。
Source: SemiAnalysis China Datacenter Model
来源：SemiAnalysis中国数据中心模型
The SemiAnalysis China Datacenter Model
SemiAnalysis中国数据中心模型
This trip was part of our ongoing fieldwork for the SemiAnalysis China Datacenter Model, the China counterpart to our global SemiAnalysis Datacenter Model.
此次考察是我们持续进行的SemiAnalysis中国数据中心模型实地调研的一部分，该模型是我们全球SemiAnalysis数据中心模型的中国对应版本。
It tracks over 1,000 facilities across 70+ operators, with quarterly delivery curves through 2032, a lease signing and delivery tracker, and EDWC hub and cluster analytics. Every project in our report is tracked in the model.
该模型追踪了70多家运营商旗下的1,000多座设施，包含至2032年的季度交付曲线、签约与交付跟踪器，以及EDWC枢纽和集群分析。我们报告中的每一个项目均在模型中进行追踪。
Contact [email protected] for more information.
如需更多信息，请联系[email protected]。
SemiAnalysis is a reader-supported publication. To receive new posts and support our work, consider becoming a subscriber.
SemiAnalysis 是一个由读者支持出版的刊物。如需接收新文章并支持我们的工作，请考虑成为订阅用户。
China’s Stargate campus
中国的“星际之门”园区
Envision comes to datacenters as a renewable systems integrator. Beyond building wind turbines, it designs, integrates, and manages power systems across the full chain, from generation and storage to computing loads. Its affiliate, Envision AESC, develops and integrates batteries, energy storage systems, and the power electronics and software that link them.
远景作为可再生系统集成商进入数据中心领域。除了制造风力涡轮机，它还设计、集成和管理从发电、储能到计算负载的全链条电力系统。其关联公司远景爱德思创（Envision AESC）负责开发及集成电池、储能系统以及连接它们的电力电子设备和软件。
Inner Mongolia has far more wind than its existing industry and population can use, so policy encourages bringing new demand to where the renewable resources are. In Chifeng, Envision built a 2GW off-grid wind, solar and storage system that feeds a green ammonia plant. The system runs entirely on power electronics, with no synchronous generator. A small pilot datacenter built with Tencent’s modular T-Block units runs on the same system. Galaxy is a larger application of the same idea.
内蒙古的风能资源远超其现有工业和人口的需求，因此政策鼓励将新的需求引向可再生能源丰富的地区。在赤峰，远景建设了一套2GW的离网风储光系统，为绿色氨厂供电。该系统完全依靠电力电子设备运行，无需同步发电机。一个采用腾讯模块化T-Block单元建造的小型试点数据中心也运行在同一系统上。“银河”（Galaxy）是这一理念的更大规模应用。
This is a pattern we see across China right now. Industrial groups with an edge in energy, construction or electrical equipment are pivoting into AI infrastructure. Project returns are thin, with IRRs squeezed hard, so the reward often comes from elsewhere. For Envision, datacenters create new demand for the power and equipment it already produces. For many listed companies, the draw is the stock market.
这是目前中国随处可见的一种模式。在能源、建筑或电气设备方面具有优势的工业企业正转向AI基础设施领域。项目回报微薄，内部收益率（IRR）受到严重挤压，因此收益往往来自其他方面。对于远景而言，数据中心为其已生产的电力和设备创造了新需求。对于许多上市公司来说，吸引力则来自股市。
Of these newcomers, Envision is one of the most ambitious. Its datacenter plans in Inner Mongolia add up to 3GW. Galaxy is the first. Its initial phase was delivered in August 2026, and the full campus is expected to be completed by the end of 2027.
在这些新进入者中，远景是最具雄心的之一。其在内蒙古的数据中心计划总装机容量达3GW。“银河”是首个项目。其一期于2026年8月交付，整个园区预计将于2027年底完工。
Source: Envision, SemiAnalysis China Datacenter Model
来源：远景、SemiAnalysis 中国数据中心模型
The scale of the campus invites comparison with Stargate’s flagship campus in Abilene, Texas. Crusoe began building Abilene in mid-2024 and leased it to Oracle, which runs it for OpenAI. Crusoe describes the eight-building campus as 1.2GW of power, which comes to about 820MW of critical IT capacity, on par with the 800MW planned at Galaxy. That makes Galaxy one of the largest single campuses in China. Our SemiAnalysis Datacenter Model also tracks an expansion phase that Crusoe plans to add, powered behind the meter, which takes the whole Abilene site to 1.5GW of IT capacity. Galaxy also has room to grow. If the wind turbine factory next to the campus is converted, a later expansion phase could take the campus to ~1GW.
该园区的规模让人联想到Stargate位于德克萨斯州阿比林的旗舰园区。Crusoe于2024年中开始建设阿比林园区，并将其租给Oracle，由后者为OpenAI运营。Crusoe称这座八栋建筑的园区拥有1.2GW的电力容量，对应约820MW的关键IT容量，与银河规划的800MW相当。这使得银河成为中国最大的单一园区之一。我们的SemiAnalysis数据中心模型还追踪了Crusoe计划增加的扩展阶段，该阶段将在电表后（behind the meter）供电，使整个阿比林场地的IT容量达到1.5GW。银河也有增长空间。如果园区旁边的风力涡轮机工厂被改造，后续的扩展阶段可将园区容量提升至约1GW。
In addition to scale, the two share a starting point. Both are developed by companies with roots in energy, and both were planned around their own power. Abilene draws on the grid and on gas turbines on site, while Galaxy relies largely on wind.
除了规模之外，两者还有一个共同的起点。它们均由具有能源行业背景的公司开发，且规划都围绕自身的电力展开。Abilene 利用电网以及现场的燃气轮机，而 Galaxy 则主要依赖风能。
What sets Galaxy apart from Abilene, and what draws our attention, is its vertical integration.
将 Galaxy 与 Abilene 区分开来、并引起我们关注的是其垂直整合能力。
Own wind for its own load
自有风电供自身负荷使用
Galaxy’s power comes through a model China calls source-grid-load-storage (”SGLS”). Under this model, a project builds its own wind and/or solar farm, battery storage and datacenter, and links them through a dedicated line instead of the public grid.
Galaxy 的电力供应采用中国称为“源网荷储”（SGLS）的模式。在该模式下，项目自建风电和/或太阳能农场、电池储能设施及数据中心，并通过专用线路将它们连接起来，而非接入公共电网。
For hyperscalers, the appeal of an SGLS project is long-term power at a largely fixed cost. Power from wind and solar also counts toward green targets.
对于超大规模云服务商而言，SGLS 项目的吸引力在于长期以基本固定的成本获取电力。风能和太阳能产生的电力也有助于实现绿色目标。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力