中信证券:国家电网规划投资完成度较高,整体料将在“十五五”期间进入“快车道”
Xin Lang Cai Jing·2026-01-21 00:47

Core Viewpoint - The investment scale of State Grid has been continuously expanding in recent years, with significant growth projected for the upcoming years [1] Investment Scale - In 2022, the investment amount of State Grid exceeded 500 billion yuan for the first time [1] - The investment is expected to surpass 600 billion yuan in 2024 and exceed 650 billion yuan in 2025 [1] - During the "14th Five-Year Plan" period, the planned investment was 2.85 trillion yuan, while the actual completion exceeded 3 trillion yuan, indicating a high completion rate of planned investments [1] Future Projections - The average annual investment during the "15th Five-Year Plan" period is projected to reach 800 billion yuan, representing a 23% increase compared to the 2025 level and a 33% increase compared to the actual investment during the "14th Five-Year Plan" [1] - The overall investment is expected to enter a "fast track" during the "15th Five-Year Plan" period [1]

CITIC Securities Co., Ltd.-中信证券:国家电网规划投资完成度较高,整体料将在“十五五”期间进入“快车道” - Reportify