英大证券电力能源行业周报

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report indicates a positive outlook for the power energy industry, expecting the industry index to outperform the CSI 300 index in the next six months [65] - The total electricity consumption in China reached a historic high of 10 trillion kilowatt-hours in 2025, with a year-on-year growth of 5.0% [10] - The report highlights significant growth in the renewable energy sector, particularly in solar and wind power, with solar power installations increasing by 33.25% year-on-year [26] Industry Events - In January 2026, the national maximum electricity load exceeded 1.4 billion kilowatts for the first time, driven by increased demand due to extreme weather [11] - Tesla's CEO announced plans to expand solar manufacturing capacity significantly, which is expected to boost solar manufacturing expectations [11] Market Performance - During the period from January 19 to January 25, 2026, the CSI 300 index fell by 0.62%, while the power equipment index rose by 3.57%, outperforming the CSI 300 by 4.19 percentage points [5][13] - Among the sub-sectors of the power energy industry, photovoltaic processing equipment, photovoltaic auxiliary materials, and wind power components had the highest increases, with respective growth rates of 21.77%, 11.17%, and 7.41% [20] Power Industry Operations - In December 2025, the total electricity consumption was 908 billion kilowatt-hours, reflecting a year-on-year increase of 2.77% [23] - The cumulative installed capacity of new power generation from January to November 2025 was 44,557 megawatts, representing a year-on-year growth of 40.71% [25] New Power System Situation Photovoltaics - As of January 21, 2026, the average price of polysilicon was 54 yuan/kg, remaining stable compared to the previous week [42] Energy Storage - By the end of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54% [47] Lithium Batteries - As of January 23, 2026, the price of lithium carbonate was 168,000 yuan/ton, reflecting an increase of 15,000 yuan/ton from the previous week [50] Charging Stations - By the end of December 2025, the total number of charging infrastructure units in China reached 20.092 million, a year-on-year increase of 56.75% [57]