大能源行业2025年第30周周报：6月电力数据分析，储能容量电价政策有望陆续出台-20250727

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - In June 2025, the national electricity consumption increased by 5.4% year-on-year, with a notable decline in new energy installations due to the impact of policy 136 [4][6] - The cumulative installed power generation capacity reached 3.65 billion kilowatts, a year-on-year increase of 18.7%, with solar power capacity growing by 54.2% and wind power by 22.7% [7][23] - The report emphasizes the potential for continued high growth in the domestic energy storage sector, supported by new provincial capacity pricing policies [9][35] Summary by Sections Electricity Consumption - In June 2025, the total electricity consumption increased by 5.4% year-on-year, with the first, second, and third industries and urban-rural residents showing respective growth rates of 4.9%, 3.2%, 9.0%, and 10.8% [4][13] - The cumulative electricity consumption from January to June 2025 grew by 3.7% year-on-year, with the first, second, and third industries and urban-rural residents growing by 8.7%, 2.4%, 7.1%, and 4.9% respectively [4][5] Installed Capacity - As of June 2025, the cumulative installed capacity reached 3.65 billion kilowatts, with solar power at 1.1 billion kilowatts (up 54.2%) and wind power at 570 million kilowatts (up 22.7%) [7][23] - In the first half of 2025, the total new installed capacity was 293 GW, a year-on-year increase of 92.0%, with solar power contributing 212 GW (up 107.1%) and wind power 51 GW (up 98.9%) [7][23] New Energy Installations - The report notes a significant drop in new solar installations in June 2025, with only 16 GW added, compared to 23 GW in June 2024 and 92 GW in May 2025 [8][26] - Wind power installations in June 2025 were 5 GW, consistent with previous years but down from 26 GW in May 2025, indicating a need for improved operational strategies among power operators [29][33] Energy Storage - New provincial policies in Gansu and Liaoning are expected to support energy storage through capacity pricing, with Gansu setting a standard of 330 yuan per kilowatt per year for two years [9][35] - The report anticipates continued high growth in the energy storage sector, benefiting related equipment manufacturers such as Haibo Sichuang and Sunshine Power [9][35]