电力行业2025年度投资策略：纲举目张，助推双碳

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report emphasizes the resilience of electricity demand in 2024, with a 7.9% year-on-year increase in total electricity consumption, driven by a robust industrial output growth of 8.4% [3] - The introduction of the Energy Law is expected to significantly influence the energy sector, providing a framework for achieving carbon neutrality goals [3][34] - The report highlights the importance of upgrading and transforming various energy sectors, including hydropower, thermal power, nuclear power, and green energy, to align with low-carbon and sustainable development goals [3][82] Summary by Sections Review of 2024 - In the first nine months of 2024, total electricity consumption reached 7.41 trillion kWh, a 7.9% increase year-on-year, with industrial value added growing by 8.4% [3][12] - Hydropower output increased significantly due to favorable water conditions, while wind and solar power also saw double-digit growth [3][12] Outlook for 2025 - The Energy Law, effective from January 1, 2025, is expected to unify existing energy regulations and support the transition to a low-carbon economy [3][34] - The report anticipates a shift towards a more integrated and efficient energy system, particularly in hydropower and thermal power sectors [3][34] Sector Outlook - Hydropower: Focus on upgrading and energy storage, with significant capital expenditure expected for equipment modernization [3][53] - Thermal Power: Emphasis on low-carbon transformation, with coal-fired plants transitioning to support roles while adopting cleaner technologies [3][82] - Nuclear Power: Growth in nuclear capacity with 11 new units approved, expanding the scope of nuclear energy applications beyond electricity generation [3][82] - Green Energy: Accelerated development of renewable energy sources, particularly offshore wind, driven by policy support [3][82] Investment Recommendations - The report suggests focusing on specific companies within each sector, including Longjiang Power, Qianyuan Power, and China Nuclear Power, among others [3]