2025年中国水力发电行业现状报告-嘉世咨询

Core Insights - The Chinese hydropower industry is transitioning from scale expansion to high-quality development, playing an irreplaceable strategic role in the national energy system [1][13] - Hydropower serves as a cornerstone for energy security, a key non-fossil energy source for achieving carbon neutrality goals, and a critical tool for comprehensive river basin management [1][18][20] Industry Overview - As of early 2025, the total installed capacity of hydropower in China is expected to exceed 420 million kilowatts, with pumped storage capacity surpassing 55 million kilowatts, indicating rapid growth [1][34] - The annual hydropower generation is stable at around 1.3 trillion kilowatt-hours, although its share in total electricity generation is slightly declining [1][35][38] - The distribution of hydropower resources is uneven, with Sichuan, Yunnan, and Hubei leading in installed capacity [1][39] Industry Development Stages - The development of the hydropower industry has gone through three stages: foundational exploration, large-scale construction, and optimization for high-quality development [1][21][25] - The focus has shifted from rapid expansion to optimizing existing assets and enhancing operational efficiency through technological innovation and digital transformation [1][25][16] Market Dynamics - The market is dominated by state-owned enterprises, with specialized companies like Yangtze Power performing exceptionally well [2] - The industry faces challenges such as ecological and environmental pressures, complex resettlement issues, and seasonal fluctuations in generation [2][14] - Opportunities include the integration of hydropower with wind and solar energy, expansion of pumped storage, and the revaluation of existing assets [2][16] Industry Chain Analysis - The upstream sector is led by China Power Construction and China Energy Engineering, which dominate planning and engineering construction [1][42] - The midstream sector is characterized by manufacturers like Harbin Electric and Dongfang Electric, achieving significant domestic production of turbine generators [1][42] - The downstream sector focuses on operations led by companies like Yangtze Power, addressing power consumption issues through the "West-to-East Power Transmission" project [1][42] Future Outlook - The industry is expected to strengthen top-level planning, improve market mechanisms, and innovate ecological compensation and benefit-sharing mechanisms [2] - Companies are encouraged to undergo strategic transformations, accelerate digitalization, and prioritize ESG management [2]