Xin Lang Cai Jing·2026-01-21 23:24Core Viewpoint - The report from GF Securities highlights a significant transformation in China's electricity consumption, with a gradual decline in the proportion of medium to long-term electricity consumption, shifting from secondary to tertiary industries and urban-rural residents [1] Group 1: Electricity Consumption Trends - The increase in electricity consumption is transitioning from the secondary industry to the tertiary industry and urban-rural residents [1] - The contribution to electricity generation growth is primarily from wind and solar energy, leading to a decrease in the proportion of medium to long-term electricity [1] Group 2: Power Generation Insights - In thermal power, there is an expected increase in capacity pricing by 2026, which may accelerate the public utility transformation [1] - Hydropower is expected to maintain high levels of energy storage, with a focus on installed capacity and asset securitization [1] - Green energy is driven by policy support, while nuclear power and urban gas are expected to benefit from improved demand [1] Group 3: Public Utility Sector - The acceleration of public utility transformation is noteworthy, with an emphasis on the value of sectoral dividends [1]