电力设备：电网建设企稳 风光开年装机开门红

Investment Rating - The investment rating for the power equipment industry is Neutral [2]. Core Insights - In the first two months of 2024, the total investment in grid construction reached 32.7 billion yuan, with a year-on-year growth rate of 2.51%. The investment in power generation construction amounted to 76.1 billion yuan, showing a year-on-year growth of 12.6% [3][11]. - The total electricity consumption in China for January and February 2024 was 1.53 trillion kilowatt-hours, reflecting an 11% increase year-on-year, with significant growth across all sectors [15]. - The inverter exports reached 7.219 billion yuan, but this represented a decline of 46.29% year-on-year, indicating weakened overseas demand [17]. - The wind power sector saw a new installed capacity of 9.89 GW in the first two months of 2024, with a cumulative grid-connected capacity of 450.35 GW, accounting for 15.15% of the total power generation capacity [25]. - The photovoltaic sector achieved a new installed capacity of 36.72 GW, with a cumulative grid-connected capacity of 647.88 GW, marking an 80.27% year-on-year increase [34]. Summary by Sections 1. Power and Grid Information - The grid construction investment for January-February 2024 was 32.7 billion yuan, up 2.51% year-on-year. Power generation investment was 76.1 billion yuan, with a notable decline in growth rates compared to the previous year [11]. - The electricity consumption for the same period was 1.53 trillion kilowatt-hours, an increase of 11% year-on-year, with the primary, secondary, and tertiary industries showing growth rates of 11.1%, 9.7%, and 15.7%, respectively [15]. 2. Wind Power - The wind power sector added 9.89 GW of new installed capacity in January-February 2024, with a year-on-year growth of 69.35% [25]. 3. Photovoltaic - The photovoltaic sector's new installed capacity for January-February 2024 was 36.72 GW, with a year-on-year growth of 80.27% [34].