中国公用事业：2026 年电网资本开支增长提速，带动光伏、风电装机量提升-China_Diversified_Utilities_Higher_Grid_Capex_Growth_in_2026E_Lifting_Solar__Wind_Installations

03 Feb 2026 11:18:42 ET │ 19 pages Vi e w p o i n t | China Diversified Utilities Higher Grid Capex Growth in 2026E; Lifting Solar & Wind Installations CITI'S TAKE PRC electricity demand growth in 2025 was +5.0% y/y, a deceleration of 1.8ppts from the previous year due to a warmer-than-usual winter in 1Q25. We expect electricity demand growth to accelerate to 6.5% y/y in 2026 based on a 1.3x multiple for annual electricity demand growth versus annual GDP growth, similar to those in 2020-24. Meanwhile, 2025 ...