智通财经APP获悉，2月10日，中国电力建设企业协会发布2025年第四季度中国清洁能源建设景气指数 (CEPI)和中国电力建设发展指数(PCDI)。2025年第四季度中国清洁能源建设景气指数(CEPI)为108.242， 同比下降8.22点，环比下降2.96点，CEPI处于较景气区间。 截至2025年底，全国发电装机容量38.9亿千瓦，同比上升16.12%。其中清洁能源发电装机容量23.52亿 千瓦，占全国发电装机容量逾六成。2025年第四季度，全国新增发电装机容量17944万千瓦，同比下降 5.88%，环比上升144.44%。2025年第四季度清洁能源新增发电装机容量的基期增速放缓影响CEPI指数 出现下降。 根据CEPI预警走势图来看，自2025年第三季度回落至绿灯区后，2025年第四季度CEPI预警指数仍在绿 灯区运行。 2025年第四季度中国电力建设发展指数(PCDI)为93.29，同比下降1.29点，环比上升5.87点。组成PCDI的 四个分指数环比上升影响2025年第四季度PCDI环比上升。 截至到2025年底，清洁能源在建规模达到73518万千瓦，同比下降4.36%；2025年第四季度清洁能源投 ...

Core Insights - The demand for electric power towers in China is projected to reach 502.2 million tons by 2025, with maintenance and replacement demand at 100.5 million tons, leading to a total production increase to 638.8 million tons, indicating a positive supply-demand trend in the industry [8][9]. Electric Power Tower Industry Overview - Electric power towers are essential structures for supporting overhead transmission lines and maintaining safe distances between conductors and other objects. They are categorized by use (transmission, distribution, visual), structure (steel pipe, angle steel, concrete), voltage (ultra-high, high, medium, low), and form (straight, corner, terminal) [1][2]. Industry Development History - The electric power tower industry in China has evolved from using wood and cement to modern steel structures, with significant growth following the introduction of high-voltage lines and the first ultra-high voltage project in 2006, which enhanced equipment and technology levels [3]. Industry Policies - The industry is guided by clear policies covering planning, market cultivation, and technical standards. Key policies include the release of the T/EJCCCSE179-2025 standard for ultra-high voltage towers and initiatives to enhance the electricity service environment, which aim to promote high-quality development in the sector [4][5]. Industry Chain - The electric power tower industry chain consists of upstream raw materials (carbon steel, alloy steel, cables), midstream manufacturing (companies like Hongsheng Huayuan and Qingdao Dongfang Tower), and downstream demand from contractors and power companies driven by grid upgrades and new energy projects [6]. Current Industry Status - The supply-demand scale of electric power towers in China has shown significant fluctuations, with a notable increase in demand and production in 2020 due to the launch of ultra-high voltage projects. The market is expected to recover with the ongoing upgrades of old grids and new energy integration [7][8]. Market Size - The market size for electric power towers is driven by both new construction and maintenance needs, with projections indicating a total market size of 590.65 billion yuan by 2025, comprising 492.16 billion yuan from new projects and 98.49 billion yuan from maintenance [9][10]. Competitive Landscape - The electric power tower manufacturing industry exhibits a "low-end dispersed, high-end concentrated" competitive structure, with many small enterprises in the low-end market and a concentration of larger firms in the high-end market due to high barriers to entry [11]. Development Trends - The industry is transitioning towards smart monitoring and digital twin integration, with a focus on lightweight and green low-carbon materials. Innovations include the use of high-strength materials and environmentally friendly coating technologies to reduce carbon footprints and enhance operational efficiency [14].

Core Insights - The competition in the AI industry fundamentally revolves around the underlying infrastructure, including energy, chips, and data centers, as highlighted by Huang Renxun's "five-layer cake" theory [2] - Elon Musk emphasized that the core bottleneck for AI applications is energy supply, noting that while AI chip production is rapidly increasing, global electricity supply is only growing at about 4% annually, leading to a potential mismatch between chip capacity and power availability [2] - China is positioned as an "exception" in this context due to its rapid growth in electricity production and capacity, which is critical for supporting its AI and technology sectors [2][3] Energy Consumption and Production - By 2025, China's annual electricity consumption is projected to exceed 10 trillion kilowatt-hours, accounting for 36.4% of the global total, which is 2.5 times that of the United States and 3.2 times that of the European Union [4] - In 2024, China's total electricity generation surpassed 10 trillion kilowatt-hours, with a global share exceeding 32% [5] - The "double ten trillion" milestone signifies China's significant lead in both electricity consumption and generation, achieved through nearly 80 years of continuous investment in power infrastructure [6] Infrastructure Development - China's extensive investment in hydropower, wind, and solar energy has established it as a global leader in electricity generation, with numerous large-scale projects across various regions [6][7] - The construction of major hydropower stations, such as those along the Yellow River and Yangtze River, showcases China's engineering capabilities and commitment to energy development [10][12] - The development of a vast high-voltage transmission network has enabled efficient electricity distribution across the country, supporting both regional and national energy needs [39][42] Renewable Energy Leadership - By 2025, China's wind power capacity is expected to reach 550 million kilowatts, representing 45% of the global total, while solar power capacity will reach 1.16 billion kilowatts, accounting for approximately 48% of the global market [21][22] - In 2024, China's wind and solar power generation combined was 2.5 times that of the United States, highlighting its dominance in renewable energy production [21] - China's complete supply chain for wind and solar energy, from manufacturing to installation, positions it as a global leader in these sectors [22] Nuclear Energy Development - China's nuclear energy program has evolved significantly since its inception, with advancements in third and fourth-generation nuclear technologies, positioning the country as a leader in nuclear power [28][30] - By 2025, China is expected to have 59 operational nuclear reactors, with a total capacity of 62.48 million kilowatts, representing 14.7% of the global total [31] - The development of advanced nuclear technologies is crucial for China's energy security and its strategic position in global energy markets [28][30] Strategic Energy Initiatives - The "West-to-East Power Transmission" project is a monumental initiative aimed at transferring electricity from resource-rich western regions to the eastern economic centers, with a total investment exceeding 1.2 trillion yuan [42][44] - This project has established a comprehensive energy network that supports China's transition to a cleaner, low-carbon energy system, aligning with its long-term sustainability goals [44] - The integration of advanced technologies in energy production and distribution reflects China's commitment to maintaining its competitive edge in the global energy landscape [45][46]

Major Events - Genting New Year (01952) subsidiary signed an agreement with Macao to commercialize MT1013 in Greater China and other Asian markets [1] - Junshi Biosciences (02696) entered into a licensing agreement with Eisai for Hansizhuang® to treat tumor indications [1] - Meituan-W (03690) plans to acquire all issued shares of Dingdong Fresh Holding Limited [1] - China Power (02380) subsidiary Xinyuan Zhichu signed a procurement contract for BESS with Tori [1] - Aimee Vaccine (06660) successfully passed the registration site inspection for its globally self-researched serum-free rabies vaccine [1] Operating Performance - NIO-SW (09866) issued a profit warning, expecting adjusted operating profit of 700 million to 1.2 billion yuan in Q4 2025, turning from loss to profit year-on-year [1] - Saint Bella (02508) issued a profit warning, expecting adjusted net profit of no less than 120 million yuan for 2025, a year-on-year increase of no less than 183% [1] - Geek+ (02590) achieved orders of 4.137 billion yuan in 2025, a year-on-year growth of approximately 31.7% [1] - China Overseas Development (00688) achieved contract property sales of approximately 14.478 billion yuan in January, a year-on-year increase of 20.4% [1] - Swire Properties (01972) reported a rental rate of 96% for Swire Plaza in Q4, with rents down by 13% [1] - Greentown China (03900) reported total contract sales of approximately 9.7 billion yuan in January, a year-on-year decrease of 14.16% [1]

BESS采购合同的代价与市场上其他公司提供类似的储能系统设备/组件采购及辅助服务所收取的现行市 价相符。董事认为，BESS采购合同的代价及其相关条款均不逊于本集团向独立第三方收取的代价及条 款。 中国电力(02380)发布公告，于2026年2月5日，新源智储(本公司一家非全资拥有的附属公司)，作为供应 方，与托里公司订立了一份BESS采购合同，新源智储将为塔城项目提供储能系统设备和组件以及其相 关服务，代价人民币4.52亿元(约相等于5.079亿港元)。 为塔城项目提供与储能系统相关的设备、备品和服务，将可使新源智储在储能领域同时获得市场份额及 积存实力，有利于本集团打造全方位新能源供应链，符合本集团向绿色低碳能源供应商和服务供应商转 型的战略目标。 ...

中国电力(02380.HK)公告，于2026年2月5日，新源智储(公司一家非全资拥有的附属公司)，作为供应 方，与托里公司订立了一份BESS采购合同，据此新源智储将为塔城项目提供储能系统设备和组件以及 其相关服务，代价人民币4.5亿元。 ...

BESS 采购合同的代价与市场上其他公司提供类似的储能系统设备/组件采购及辅助服务所收取的现行市 价相符。董事认为，BESS 采购合同的代价及其相关条款均不逊于本集团向独立第三方收取的代价及条 款。 为塔城项目提供与储能系统相关的设备、备品和服务，将可使新源智储在储能领域同时获得市场份额及 积存实力，有利于本集团打造全方位新能源供应链，符合本集团向绿色低碳能源供应商和服务供应商转 型的战略目标。 智通财经APP讯，中国电力(02380)发布公告，于2026年2月5日，新源智储(本公司一家非全资拥有的附 属公司)，作为供应方，与托里公司订立了一份 BESS 采购合同，新源智储将为塔城项目提供储能系统 设备和组件以及其相关服务，代价人民币 4.52亿元(约相等于5.079亿港元)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 關連交易 儲能系統設備採購合同 於二零二六年二月五日，新源智儲（本公司一家非全資擁有的附屬公司）， 作為供應方，與托里公司訂立了一份 BESS 採購合同，據此新源智儲將為 塔 城 項 目 提供儲能系統 設備和組件以 及其相關服務， 代 價 人民幣 452,050,600 元（約相等於 5 07,922,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65 .6 1%。由於國家電投 為本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及 聯繫人均為本公司的關連人士。 托里公司為國家電投一家非全資擁有的間接附屬公司。因此，托里公司為 本公司的關連人士，而訂立 BESS 採購合同根據上市規 ...

本周较早时，马斯克在回复"特斯拉硅谷车主俱乐部"的另一条帖子时表示："中国是令人惊叹的制造业 强国，并且非常清楚太阳能是未来发展方向。这是不争的事实！" 责任编辑：于健 SF069 美国科技亿万富翁埃隆·马斯克周四在社交平台X上连续转发了两条关于中国电力生产的帖子。 美国科技亿万富翁埃隆·马斯克周四在社交平台X上连续转发了两条关于中国电力生产的帖子。 在其中一条帖子中，"零重力"公司创始人、奇点大学执行主席彼得·迪亚曼迪斯写道："中国生产的电力 比美国和欧盟的总和还要多出40%。在这场能源等于智能的全球竞赛中，我们必须开始觉醒了。" 另一条由"特斯拉硅谷车主俱乐部"发布的帖子称："中国目前发电量占全球总发电量的33.2%，是美国 （约14.2%）的两倍多。这相当于全球总发电量的三分之一。世界其他地区的总发电量占比：52.6%。 规模惊人。" 这不是马斯克第一次对中国在电力生产方面的进展表示赞叹，他在最近的一次播客访谈中预测，2026年 中国的发电量可能达到美国的3倍，这将足以支撑高耗能的数据中心。中国通过光伏、风电等清洁能源 的布局以及特高压电网的建设，已经为AI的发展筑牢了基础，成为全球能源领域的领跑者。 ...

来源：市场资讯 （来源：华泰证券研究所） 115% 110% 105% 100% 95% 90% 85% 80% 2027E 2030E 2029E 2019 2026E 2028E 2022 2023 2025 2020 2021 2024 资料来源:EIA预测,华泰研究预测 6% =美国基荷电源 中国基荷电源 5% 4% 3% 2% 1% 0% -1% -2% 2027E 2028E 2029E 2030E 2026E 2023 2025 2020 2022 2024 2021 "十五五"中美基荷电源装机增速会走出剪刀差 43 <> 资料来源:EIA预测,华泰研究预测 中国基荷电源vs用电负荷增速2025年后很难倒挂 《》 <> 实际最高负荷 中国基荷电源 12% 10% 8% col 070 4% 2% 0% 2026E 2027E 2030E 2028E 2029E 2019 2023 2025 2021 2022 2024 2020 资料来源:中电联,华泰研究预测 美国"电荒"并未带动点火价差明显反弹:三大Al 《》 43 聚集区 (美分/度) 平均气电点火价差 = =PJM气电点火价差 6 加州气 ...