华泰证券:今年我国电力需求、煤炭量价或前低后高

格隆汇
27 Feb
华泰证券表示,气温偏高和传统工业放缓背景下4Q24国内发用电量增长放缓,我们认为国内电力需求正在经历新一轮的新旧动能切换:传统制造业在高质量发展要求下供给侧逐步出清或将继续拖累用电增速;而DeepSeek为首的AI开源大模型的成功,假以时日或将推动AI多模态训练、AI智能体(机器人、智驾)等场景对算力和电力需求非线性增加。综上,我们认为今年我国电力需求、煤炭量价或前低后高,在2026年后新动能有望接替旧动能带动新一轮增长。

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