电力行业投资策略：电改持续深化，电力设备需求有望延续高景气

开源证券03-02

（以下内容从开源证券《电力行业投资策略：电改持续深化，电力设备需求有望延续高景气》研报附件原文摘录）行业回顾：红利风格表现不佳，电力需求平稳增长2025年，A股红利风格板块整体表现不佳。2025年，电力需求维持平稳增长，我国全社会用电10.37万亿千瓦时，同比增长5.0%。预计十五五期间我国将呈现“宽电量、紧电力”的电力供需格局，综合电价有望企稳。电力：电价下探、补贴退坡，电力体制改革步入深水区...

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