2025年度全社会用电量数据发布

Investment Rating - The report suggests a focus on undervalued, high-dividend, and quality asset power operators such as China Power (2380.HK) and Beijing Energy Clean Power (579.HK) [5][6] Core Insights - In 2025, the total electricity consumption in China reached 10.3682 trillion kilowatt-hours, marking a year-on-year growth of 5.0%, the first time surpassing 10 trillion kilowatt-hours globally [2][5] - The growth in electricity consumption was primarily driven by the tertiary industry and urban-rural residential electricity usage, contributing nearly half of the total growth [3][5] - Emerging and high-tech industries significantly boosted electricity consumption, with sectors like electric vehicle manufacturing and wind power equipment seeing growth rates exceeding 20% and 30% respectively [3][5] Summary by Sections Total Electricity Consumption - The total electricity consumption in 2025 was 10.3682 trillion kilowatt-hours, with a year-on-year increase of 5.0% [2][5] - Breakdown by sectors: - Primary industry: 149.4 billion kilowatt-hours, up 9.9% - Secondary industry: 66,366 billion kilowatt-hours, up 3.7% - Tertiary industry: 19,942 billion kilowatt-hours, up 8.2% - Urban and rural residential consumption: 15,880 billion kilowatt-hours, up 6.3% [2][3] Industrial Power Generation - The industrial power generation in 2025 was 97,159 billion kilowatt-hours, with a year-on-year growth of 2.2% [4][5] - December 2025 saw a slight increase of 0.1% in industrial power generation compared to the previous year [4] Investment Opportunities - The report highlights that the overall valuation of the Hong Kong power operator sector is low, with several stocks offering dividend yields exceeding or nearing 6% [5] - The report emphasizes the potential for investment in quality power operators like China Power (2380.HK) and Beijing Energy Clean Power (579.HK) due to their strong performance and favorable market conditions [5][6]