电力设备行业点评报告：“十五五”规划纲要解读-“未来能源”锚定新能源行业发展趋势

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment industry [3]. Core Insights - The "14th Five-Year Plan" emphasizes the development of future energy sectors, including hydrogen and nuclear fusion, marking a significant policy direction for sustainable energy [1]. - The report highlights the rapid growth potential of xBC technology and perovskite-silicon tandem solar cells, with the latter achieving a certified efficiency of 34.85% [2]. - China's nuclear power capacity is projected to reach approximately 70 million kilowatts by 2025 and 150 million kilowatts by 2035, with a compound annual growth rate (CAGR) of 13% from 2025 to 2035 [5]. - The hydrogen energy industry in China is expected to produce over 37 million tons by 2025, with green hydrogen capacity exceeding 250,000 tons per year [5]. - The domestic photovoltaic (PV) market is anticipated to add 315.1 GW of new capacity by 2025, reflecting a year-on-year growth of 14% [5]. Summary by Sections Future Energy Development - The report identifies future energy as a sustainable energy strategy distinct from traditional fossil fuels, focusing on nuclear energy, hydrogen, and biomass [1]. - The implementation of a comprehensive future energy system is emphasized, including the development of new solar cells and energy storage technologies [1]. Nuclear Energy - China leads in global nuclear power construction, with 74 reactors under construction and a net installed capacity of 76.4 GWe as of December 2025 [5]. - The approval rate for new nuclear units remains high, with 11 new units approved in 2024 and 10 in 2025 [5]. Hydrogen Energy - The report notes that the hydrogen sector is becoming increasingly significant in high-energy-consuming industries, supporting industrial decarbonization [5]. - The demand for electrolyzers is projected to grow significantly, with a 155.6% year-on-year increase in bidding volume expected by 2025 [5]. Photovoltaic Industry - The report anticipates a stable high demand for the photovoltaic industry, driven by favorable policies and market conditions [5]. - The average annual new installed capacity for PV during the "14th Five-Year Plan" is projected to be between 238 GW and 287 GW [5].