Currently, the booming development of the artificial intelligence industry is driving explosive growth in computing power demand, and computing power centers have become a key infrastructure supporting the development of the digital economy. Recently, the Cloud Computing and Big Data Research Institute of China Academy of Information and Communications Technology released the "Research Report on Innovation Financing of Computing Power Center (2025)" (hereinafter referred to as the "Report"). The report points out that in recent years, artificial intelligence has driven the development of intelligent computing power, and the scale of intelligent computing centers has grown rapidly, with investment scale continuing to expand. The report summarizes the financing forms of China's intelligent computing centers. In the early stages of the development of smart computing centers, city and county level smart computing centers started with a hundred card scale. Local governments adhered to the principle of "small steps, fast running, and continuous experimentation" and actively promoted the landing of small-scale smart computing centers with hundred card clusters. For example, Nanjing, Wuhan and other places took the lead in exploring the establishment of smart computing centers with scales ranging from tens of P to hundreds of P to meet the needs of digital government affairs, with an investment scale of hundreds of millions of yuan. The thousand card cluster is mainly distributed in the intelligent computing centers of provincial capital cities, where operators rent computing power and large state-owned enterprises use their own computing power. For example, ICBC, CMB, Shenzhen Stock Exchange, etc. have built thousand card cluster computing centers with a scale of between 100 to 1000 P and an investment scale of over one billion yuan. With the maturity of scheduling technology and the widespread application of AI technology, intelligent computing centers have entered clusters of tens of thousands or even tens of thousands of cards, with investment scales in the billions or even billions. For the financing of intelligent computing centers, the report believes that financial institutions should provide differentiated services to meet the financial needs of computing power centers at different stages of development, balance economic and social benefits, and help promote the healthy development of the computing power center industry. Starting from the end, pay attention to the financial needs at different stages of the project lifecycle. Financial institutions should proactively provide front-end services, adapting different financial instruments based on the characteristics of different stages of the development and operation lifecycle of computing power center assets, with the ultimate goal of achieving a virtuous cycle of underlying assets and healthy and high-quality development of enterprises, and making overall arrangements and plans for financial products. When financial institutions provide financial services to computing power center enterprises, in addition to evaluation dimensions such as financial valuation and risk control, they should also consider multiple dimensions such as green emission reduction and technological innovation to guide and encourage the healthy development of computing power center enterprises. Computing power center enterprises need to choose financing tools based on asset stages. During project development, they can introduce venture capital through private equity funds to supplement capital and flexibly design financing structures; During the stable operation period of the project, holding type real estate ABS can be issued to activate existing assets, optimize financing leverage, and increase institutional investor participation and product liquidity; In the mature stage of the project, public REITs can be issued to attract long-term capital and achieve asset value recovery. (New Society)