英大证券电力能源行业周报-20260331

Investment Rating - The industry investment rating is "Outperform the Market" [1][61] Core Viewpoints - The report highlights a positive outlook for the power energy industry, expecting the industry index to outperform the CSI 300 index over the next six months [61] - Key events include the China Development Forum emphasizing the integration of computing and electricity, aiming for 80% of new computing facilities to utilize green electricity [10][11] - The report notes significant growth in electricity consumption and new power generation capacity, indicating a robust demand for energy [21][23] Industry Events - The China Development Forum held on March 22-23, 2026, focused on advancing the synergy between computing and electricity, with a goal of integrating green power into new infrastructure [10] - On March 23, a new AI data analysis platform for energy storage was launched, enhancing operational efficiency and safety in energy storage systems [11] - A policy change announced on March 26 aims to transform coal power's role in the energy market, promoting a shift towards renewable energy while maintaining coal as a backup [12] Market Performance - During the period from March 23 to March 29, 2026, the CSI 300 index fell by 1.41%, while the power equipment index rose by 0.05%, outperforming the CSI 300 by 1.47 percentage points [13][15] - Among 31 first-level industries, the power equipment sector ranked 9th in performance [15] Power Industry Operations - In the first two months of 2026, total electricity consumption reached 1,654.6 billion kWh, a year-on-year increase of 6.10% [21] - New power generation capacity added during this period was 65.91 million kW, marking a year-on-year growth of 20.87% [23] - The average utilization hours of power generation equipment were 466 hours, a decrease of 39 hours compared to the previous year [35] New Power System Situation Photovoltaics - As of March 25, 2026, the average price of polysilicon was 40.5 yuan/kg, down by 4.50 yuan/kg from the previous week [42][44] Energy Storage - By the end of December 2025, China's operational energy storage projects totaled 213 GW, a year-on-year increase of 54%, with new energy storage capacity reaching 144.7 GW, up 85% [47][48] Lithium Batteries - As of March 27, 2026, the price of lithium carbonate was 156,000 yuan/ton, an increase of 8,000 yuan/ton from the previous week [50][51] Charging Infrastructure - By the end of February 2026, the total number of charging facilities in China reached 21.01 million, a year-on-year increase of 56.19% [53][54]