英大证券电力能源行业周报-20260303

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The report highlights that the new energy system construction is entering a phase of large-scale and substantial advancement, with 43 pilot projects and 10 pilot cities announced, focusing on various cutting-edge directions such as energy storage and virtual power plants [10][11] - The report indicates that the electricity equipment index outperformed the CSI 300 index by 0.81 percentage points during the period from February 23 to March 1, 2026, with a rise of 1.89% [13][15] - The total electricity consumption in December 2025 was 908 billion kWh, reflecting a year-on-year growth of 2.77%, while the cumulative electricity consumption for the entire year was 10,368.2 billion kWh, up 5.00% [20][21] Summary by Sections Industry Events - On February 26, the National Energy Administration released a list of pilot projects for the construction of a new power system, which includes 43 projects and 10 cities, covering various innovative areas [10][11] - On February 23, the National Energy Administration announced plans to implement a new energy system and various sector-specific energy plans to promote energy security and public welfare [12] Market Performance - The electricity equipment index increased by 1.89% from February 23 to March 1, 2026, ranking 16th among 31 first-level industries [15][19] - The top three sub-sectors in the electricity energy sector saw significant gains, with comprehensive energy services, cable components, and thermal power generation rising by 12.37%, 8.97%, and 8.93% respectively [19] Electricity Industry Operation - In 2025, the newly installed power generation capacity reached 54,617.16 MW, a year-on-year increase of 26.07%, with thermal power seeing a 63.75% increase [22][24] - The average utilization hours of power generation equipment in 2025 were 3,119 hours, a decrease of 312 hours year-on-year [27][33] - Cumulative investment in the power grid was 639.502 billion yuan, up 5.11%, while investment in power sources decreased by 9.57% to 1,092.751 billion yuan [34] New Energy System Situation Photovoltaics - As of February 25, 2026, the average price of polysilicon was 52 yuan/kg, down 2 yuan from the previous week [37] 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% [40] Lithium Batteries - As of February 27, 2026, the price of lithium carbonate was 170,000 yuan/ton, an increase of 28,000 yuan from the previous week [43] Charging Piles - By the end of December 2025, the total number of charging infrastructure units reached 20.092 million, a year-on-year increase of 56.75% [51]