电力新能源：电网投资超六千亿 年末电源抢装拉动投资额

Investment Rating - The investment rating for the power new energy industry is Neutral, indicating that the industry index is expected to fluctuate between a 10% gain and a 10% loss relative to the market over the next six months [1][60]. Core Insights - The report highlights significant growth in investment for both grid and power construction, with grid investment reaching 608.3 billion yuan, a year-on-year increase of 15.32%, and power construction investment reaching 1,167.8 billion yuan, a year-on-year increase of 20.7% [4][11]. - The total electricity consumption in 2024 is projected to be 9.85 trillion kilowatt-hours, reflecting a growth rate of 6.8% [15]. - The inverter export value for 2024 is reported at 58.862 billion yuan, showing a decline of 15.55% year-on-year [17]. - The wind power sector saw a new installed capacity of 51.75 GW from January to November 2024, marking a year-on-year growth of 25.03% [23]. - The photovoltaic sector experienced a new installed capacity of 206.3 GW during the same period, with a year-on-year increase of 25.88% [39]. Summary by Sections 1. Power and Grid Information Equipment - The grid construction investment for 2024 is projected to exceed 600 billion yuan for the first time, indicating a high level of industry activity [11]. - The power construction investment is also expected to surpass 1 trillion yuan, with significant growth in nuclear, thermal, and hydropower sectors [11]. 2. Wind Power - The cumulative installed capacity of wind power reached 492.18 GW, accounting for 15.21% of the total power generation capacity [23]. - The average utilization hours for wind power decreased to 1,931 hours, a reduction of 98 hours compared to the previous year [26]. 3. Photovoltaic - The cumulative installed capacity of photovoltaic power reached 818.33 GW, representing 25.30% of the total power generation capacity [39]. - The average utilization rate for photovoltaic power was 97.0%, with a slight year-on-year decrease of 1.1 percentage points [44]. 4. Individual Stock Performance - Most listed companies in the power equipment sector reported earnings growth, with some exceptions due to raw material price declines [48]. - The public utility sector showed significant performance variation, heavily influenced by sales volume and electricity prices [48]. 5. Industry News - The National Development and Reform Commission and the National Energy Administration have set a target for the national renewable energy utilization rate to not be less than 90% from 2025 to 2027 [52][53].