中国能源转型_涨势延续；将电力需求增长预测上调一倍-China Energy Transition _ Rally to continue; doubling our power demand growth forecast

ab 27 October 2025 Global Research China Energy Transition Rally to continue; doubling our power demand 8% power demand by 2028E drives capex upcycle and re rating We turn more bullish on China's power market with a highly anti-consensus forecast of 8% power demand growth by 2028-30E, doubling our previous estimate. While we already identified Al data centres (AIDC), exports and electrification as structural drivers in our previous note, we now expect their impact to be materially greater. Our upgrade refle ...