公用事业行业2025年全年电力数据点评：新能源装机创新高用电量结构优化

Investment Rating - The report maintains a "Recommended" investment rating for the public utility sector [1]. Core Insights - The report highlights that by the end of 2025, the cumulative installed capacity of wind power reached 640.0 GW, a year-on-year increase of 22.9%, while solar power reached 1201.7 GW, growing by 35.5%. The total electricity consumption for 2025 was 10,368.2 billion kWh, reflecting a 5.0% year-on-year growth [3]. - The report notes that the new installed capacity for wind and solar power in 2025 was 119.33 GW and 315.07 GW, respectively, with year-on-year growth rates of 50.4% and 13.7%. The growth disparity is attributed to the impact of policy changes on electricity prices and output characteristics of different energy sources [3]. - The report anticipates that the new energy development will return to rational growth during the 14th Five-Year Plan period, with an expected addition of over 200 GW of new energy in 2026 [3]. Summary by Sections Installed Capacity and Electricity Consumption - In 2025, the total new installed capacity for wind and solar power reached a historical high of 434 GW, with a year-on-year growth of 22.2%. The report indicates that the growth of traditional industrial electricity consumption is slowing down, while new infrastructure and new business models are showing significant electricity consumption growth [3]. Sector Performance - In December 2025, the growth rate of major energy sources such as hydropower, nuclear power, wind power, and solar power slowed down, with respective year-on-year growth rates of -3.2%, +4.1%, +3.1%, +8.9%, and +18.2% [3]. - The report emphasizes that the share of the secondary industry in total electricity consumption decreased to 64.0%, while the tertiary industry increased to 19.2%, indicating a shift in the electricity consumption structure [3]. Investment Recommendations - For thermal power, the report recommends focusing on nationwide companies with diversified regional layouts and suggests specific stocks such as Huaneng International and Datang Power. For hydropower, it recommends companies with stable dividend yields like Yangtze Power. In the nuclear power sector, it suggests focusing on China General Nuclear Power and China National Nuclear Power for their long-term growth potential [3][4]. - In the new energy sector, the report advises selecting wind power assets with supportive pricing and consumption, recommending stocks like Longyuan Power and Jilin Electric Power for their strategic positioning in green hydrogen and ammonia [3].