公用事业行业研究：用电量首破十万亿度，关注央国企资产整合

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% over the next 3-6 months [4]. Core Insights - In 2025, China's total electricity consumption is projected to exceed 10 trillion kWh for the first time, validating the trend of transformation in electricity generation and consumption [1]. - The growth rates for various sectors in 2025 are expected to be 9.9% for primary industry, 3.7% for secondary industry, 8.2% for tertiary industry, and 6.3% for residential use, with significant growth in services related to charging and information transmission [1]. - The contribution of the tertiary industry and residential sectors to the overall electricity consumption growth is 49%, indicating a shift from high-energy manufacturing to emerging industries [1]. - The report highlights a slowdown in installed capacity growth for renewable energy, with significant progress in subsidy recovery for solar and wind energy [2]. - The capital operations in the sector are accelerating, with a focus on asset integration among large state-owned enterprises, which presents investment opportunities [3]. Summary by Sections Electricity Consumption - Total electricity consumption in China is expected to reach 10.37 trillion kWh in 2025, marking a 5.0% year-on-year increase [1]. - The growth in December showed a lower-than-expected increase due to higher temperatures, but future cold waves may boost demand [1]. Installed Capacity and Subsidies - Installed capacity growth for wind and solar energy has slowed, with notable figures for new installations in 2025 [2]. - Solar energy subsidies have increased significantly, with a recovery of 3.152 billion yuan, up 155.64% year-on-year [2]. Capital Operations and Investment Opportunities - The report suggests focusing on the integration of assets among large state-owned enterprises, which may enhance investment value in the sector [3]. - Companies like Guikuan Electric Power and Huaneng International Power are highlighted as potential investment opportunities due to their strategic asset acquisitions and market positioning [3].