电力能源行业周报（2024.3.10-2025.3.16）-2025-03-19

Investment Rating - The report rates the electricity energy industry as "Outperforming the Market" [1][55]. Core Viewpoints - The industry is expected to outperform the CSI 300 index over the next six months due to favorable fundamentals [55]. - Recent performance shows that the electricity equipment index has outperformed the CSI 300 index by 0.03 percentage points during the period from March 10 to March 14, 2025 [11][14]. - The report highlights significant growth in electricity consumption and investment in the power sector, indicating a robust market environment [20][31]. Market Performance - The CSI 300 index increased by 1.59%, while the electricity equipment index rose by 1.61% during the period from March 10 to March 14, 2025, ranking 16th among 31 first-level industries [11][14]. - Among the sub-sectors of electricity energy, other power equipment III, distribution equipment, and thermal services had the highest increases, with respective gains of 10.61%, 4.14%, and 3.86% [18]. Electricity Industry Operation - In December 2024, the total electricity consumption reached 883.5 billion kWh, a year-on-year increase of 3.27%, with a cumulative total of 9852.1 billion kWh for the year, reflecting a growth of 6.81% [20]. - The newly added power generation capacity for the year was 43.323 million kW, marking a year-on-year increase of 17.38% [21]. - The average utilization hours of power generation equipment were 3442 hours, a decrease of 150 hours year-on-year [27]. New Power System Situation - As of March 12, 2025, the prices of upstream raw materials for photovoltaic (PV) components are at a low, but there are signs of a turning point for PV modules and glass [31]. - By the end of 2024, China's operational energy storage projects reached a cumulative installed capacity of 137.9 GW, a year-on-year increase of 59.9% [38]. - The lithium carbonate price was reported at 73,900 yuan per ton as of March 14, 2025, showing a slight decrease from the previous week [40]. - The total number of charging infrastructure units reached 13.4514 million by the end of February 2025, reflecting a year-on-year growth of 49.07% [44].