有色金属行业动态点评报告:美国数据中心高速发展 电力供应紧张带来电解铝投资机会

光大证券
Nov 16, 2025

事件:近期市场对美国数据中心高速建设带来的电力供给紧张形势有所担忧。美国2024 年发电量约为中国42.5%,工业用电占比26%。据EIA,美国2024年发电量4.3 万亿kWh(2024 年中国发电量为10.1 万亿kWh),2024 用电量4.1 万亿kWh,美国发电量目前能保证自身电力供应。其中,向美国消费者售电3.98 万亿kWh,包括居民部门1.48 万亿kWh、商业部门1.45 万亿...

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