英大证券电力能源行业周报-20260310

Investment Rating - The industry investment rating is "Outperform the Market" [1][55] Core Insights - The report highlights that the energy and power industry is entering a new phase of high-quality development driven by technology, market leadership, and system collaboration. Key areas of focus include smart grids, green energy applications, new energy storage, and the integration of computing and electricity [10] - The report emphasizes the establishment of a national low-carbon transition fund and the cultivation of new growth points such as hydrogen energy and green fuels as part of the government's strategic direction for the energy sector [9][10] - The performance of the power equipment index has outperformed the Shanghai and Shenzhen 300 index, indicating a positive market sentiment towards the sector [12][15] Industry Events - On March 2, 2026, the National Energy Administration held a meeting to outline the key work priorities for the year, including ensuring electricity supply security and advancing the construction of a unified national electricity market [9] - The government work report presented at the National People's Congress on March 5, 2026, set clear directions for energy and power development, emphasizing the construction of a new power system [9][10] Market Performance - From March 2 to March 8, 2026, the Shanghai and Shenzhen 300 index fell by 1.07%, while the power equipment index rose by 0.55%, outperforming the broader market by 1.62 percentage points [12][15] - Among the 31 first-level industries, the power equipment sector ranked 6th in performance during the same period [15] Power Industry Operations - In December 2025, the total electricity consumption reached 908 billion kWh, a year-on-year increase of 2.77%. For the entire year of 2025, total electricity consumption was 10,368.2 billion kWh, up 5.00% year-on-year [20][21] - The newly installed power generation capacity for 2025 was 54,617.1558 MW, representing a year-on-year growth of 26.07% [22][24] New Power System Developments Photovoltaics - As of March 4, 2026, the average price of polysilicon was 48 CNY/kg, down 4.00 CNY/kg from the previous week [36] 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 March 6, 2026, the price of lithium carbonate was 150,000 CNY/ton, down 20,000 CNY/ton from the previous week [43] Charging Infrastructure - As of the end of January 2026, the total number of charging facilities in China reached 20.698 million, a year-on-year increase of 56.65% [47]