金吾财讯 | 中信证券研报指，2025年1~2月全社会用电同比增长1.3%，增速平淡主要原因为冬季气温偏暖以及去年闰年导致的高基数效应，二产、三产及居民用电增速均环比下降；高耗能地区及沿海地区用电增速环比均小幅下滑。供给端，火电及核电投资显著加速，电网端则延续2024年以来的强劲增长态势，投资金额同比增速达33.5%；对比2024年数据，火电及核电投资显著加速，但电源端投资增速整体放缓；电网端延续2024年以来的强劲增长态势，投资增速创近4年以来的新高。装机增长、需求平缓使得1~2月火电利用小时数同比下降9.4%，风电光伏消纳率持续小幅下滑。该行建议聚焦四条主线——水电及核电等长久期资产，充分受益利率和回报预期下行；港股低估值绿电，估值具有安全边际且存在政策改善预期；具有资源禀赋优势或商业模式优势的精选细分，如海风、煤电一体化等；受益数字化和新型电力系统日益融合的新场景及新模式，如虚拟电厂、微电网、综能服务、功率预测等。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.