Guangfa Securities: China's electricity consumption is undergoing a significant transformation, with the proportion of medium and long-term electricity consumption gradually decreasing.

Guangfa Securities research report pointed out that China's electricity consumption is undergoing a transformation, with the proportion of electricity consumption in the medium and long term gradually decreasing. The increase in electricity consumption is shifting from the secondary industry to the tertiary industry and urban and rural residents, while the increase in electricity generation is mainly contributed by wind and solar energy, leading to a decrease in the proportion of electricity consumption in the medium and long term. For thermal power: the capacity and electricity price are expected to increase in the next 26 years, and the process of public utility will accelerate. For hydropower: the high storage level ensures electricity supply, and attention will be paid to the commissioning of installed capacity and asset securitization. Green energy will focus on policy incentives, while nuclear power and urban gas will focus on improving demand. The acceleration of public utility will bring out the dividend value of the sector.