Zhong Guo Xin Wen Wang·2026-02-10 13:16Core Viewpoint - The China Power Construction Development Index (PCDI) for the fourth quarter of 2025 is reported at 93.29, showing a year-on-year decline of 1.29 points but a quarter-on-quarter increase of 5.87 points, indicating mixed trends in the power construction sector [1]. Economic Impact - The sub-index for the economic impact of power construction is 80.00, reflecting a year-on-year decrease of 12.07 points and a quarter-on-quarter decrease of 0.05 points. The share of national power construction investment in total fixed asset investment (excluding rural households) increased by 0.34 percentage points year-on-year and 3.01 percentage points quarter-on-quarter [1]. Green Development - The green development sub-index stands at 93.19, with a year-on-year decline of 4.81 points but a quarter-on-quarter increase of 9.66 points. In the fourth quarter of 2025, the newly installed capacity for non-fossil energy generation is 14,208 MW, down 14.88% year-on-year but up 231.50% quarter-on-quarter, accounting for 79.18% of the total newly installed generation capacity nationwide [1]. Industry Scale - The industry scale sub-index is 95.50, showing a year-on-year decline of 0.93 points and a quarter-on-quarter increase of 4.87 points. New power projects started in the fourth quarter total 89,247 MW, down 28.04% year-on-year, while new installed capacity and investment completion amounts decreased by 5.88% and 13.74%, respectively. Conversely, new projects in the grid sector expanded to 27,510 kilometers, up 22.23% year-on-year, with new transmission lines increasing by 62.12%, although investment completion in this area decreased by 4% [2]. Economic Efficiency - The economic efficiency sub-index is reported at 92.93, reflecting a year-on-year increase of 3.53 points and a quarter-on-quarter increase of 9.15 points. The total revenue of the power construction industry reached 281.718 billion yuan, down 1.07% year-on-year, while the total value of new contracts signed is approximately 490.781 billion yuan, a slight year-on-year decrease of 0.14% [2].