电力及公用事业行业月报：英国章鱼能源进军我国电力市场，建议以哑铃策略配置电力资产-20260204

Market Overview - The electricity and public utilities index outperformed the market in January 2026, rising by 2.76%, surpassing the Shanghai-Shenzhen 300 index by 1.11 percentage points [3][11] - Sub-industry performance ranked as follows: power grid (12.84%), heating or others (12.56%), gas (5.46%), environmental protection and water services (4.86%), other power generation (3.76%), thermal power (2.38%), and hydropower (-2.11%) [3][11] National Power Supply and Demand - In 2025, the total electricity consumption in China exceeded 10 trillion kilowatt-hours, with significant contributions from the charging and swapping service industry, as well as information transmission, software, and IT services [4][17] - The total industrial power generation in 2025 was 97,159 billion kilowatt-hours, a year-on-year increase of 2.2% [4][26] - By the end of December 2025, the cumulative installed power generation capacity reached 3.89 billion kilowatts, a year-on-year growth of 16.1% [4][40] - The installed capacity of solar power reached 1.2 billion kilowatts (up 35.4% year-on-year), and wind power capacity reached 640 million kilowatts (up 22.9% year-on-year) [4][40] Regional Power Supply and Demand (Henan Province) - In 2025, Henan Province's total electricity consumption was 452.478 billion kilowatt-hours, a year-on-year increase of 4.74% [5][63] - The cumulative power generation in Henan was 389.196 billion kilowatt-hours, with a year-on-year increase of 4.3% [5][63] - By the end of December 2025, the combined installed capacity of wind and solar in Henan accounted for 51.2% of the total [5][70] Investment Strategy - The report maintains a "stronger than market" investment rating for the electricity and public utilities sector, suggesting a "barbell strategy" for asset allocation [5] - The defensive side should focus on stability and shareholder returns, particularly large hydropower companies and some high-dividend thermal power companies [5] - The offensive side should consider thematic investment opportunities such as virtual power plants and controllable nuclear fusion [5]