电力设备行业：“十五五”规划纲要解读

Group 1: Future Energy Development - The "14th Five-Year Plan" emphasizes the importance of "future energy" including hydrogen and nuclear fusion as key areas for development, marking a formal commitment to these sectors[1] - The future energy strategy focuses on sustainable energy sources, aiming to create a comprehensive system for energy collection, storage, transportation, and application[1] - The plan aims to accelerate the development of strategic emerging industries, particularly in renewable energy infrastructure, while adhering to carbon peak goals[1] Group 2: Nuclear Energy Insights - China is expected to steadily expand its nuclear power capacity, with a projected installed capacity of approximately 70 million kilowatts by 2025 and 150 million kilowatts by 2035, reflecting a CAGR of 13% from 2025 to 2035[5] - As of December 2025, there are 74 nuclear reactors under construction globally, with China leading in capacity[5] - The approval rate for new nuclear units remains high, with 11 new units approved in 2024 and another 10 in 2025, maintaining an average approval of over 10 units per year[5] Group 3: Hydrogen Energy Developments - China's hydrogen industry is the largest globally, with a production target exceeding 37 million tons by 2025, including over 250,000 tons per year of green hydrogen[5] - The electrolyzer capacity is expected to account for approximately 60% of the global total by 2025, with a significant increase in bidding volumes for electrolyzers projected at 6.06 GW, a year-on-year growth of 155.6%[5] - The application of green hydrogen is expanding from transportation to high-energy-consuming industries, supporting industrial decarbonization[5] Group 4: Photovoltaic Industry Outlook - Domestic photovoltaic installations are projected to reach 315.1 GW by 2025, reflecting a year-on-year growth of 14%[5] - The average annual new photovoltaic installation during the "14th Five-Year Plan" period is expected to be between 238 GW and 287 GW[5] - The photovoltaic industry is anticipated to maintain high growth due to supportive policies and the implementation of large-scale projects[5]