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

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector [5] Core Insights - The report suggests a "barbell strategy" for asset allocation in the power sector, focusing on stability and shareholder returns in the defensive segment, while exploring investment opportunities in virtual power plants and controllable nuclear fusion in the offensive segment [5] - The overall electricity consumption in China surpassed 10 trillion kilowatt-hours in 2025, with significant growth driven by the charging and swapping service industry, as well as information transmission and IT services [4][18] - The cumulative installed power generation capacity in China reached 3.89 billion kilowatts by the end of 2025, with solar and wind power accounting for 80.2% of the new installed capacity [40] Market Performance - As of January 30, 2026, the CITIC Power and Utilities Index rose by 2.76%, outperforming the CSI 300 by 1.11 percentage points [3][11] - The sub-industry performance rankings for January 2026 were led by the power grid (12.84%), heating or others (12.56%), and gas (5.46%) [3][11] National Power Supply and Demand - In 2025, the total electricity consumption in China was 10,368.2 billion kilowatt-hours, with a year-on-year growth of 5% [17] - The total industrial power generation in China was 9,715.9 billion kilowatt-hours in 2025, reflecting a 2.2% increase year-on-year [26] Installed Capacity - By the end of 2025, the cumulative installed capacity for solar power was 1.2 billion kilowatts (up 35.4% year-on-year), and for wind power, it was 640 million kilowatts (up 22.9% year-on-year) [40] Regional Insights - In Henan Province, the total electricity consumption in 2025 was 452.478 billion kilowatt-hours, a year-on-year increase of 4.74% [63] - The cumulative installed capacity in Henan Province reached 16.546 million kilowatts by the end of 2025, with wind and solar power accounting for 51.2% of the total [70]