用电负荷破纪录，电力股“高温”不退

Core Insights - The national electricity load in China has reached a historical high, surpassing 1.5 billion kilowatts for the first time, indicating a significant increase in electricity demand due to high temperatures this summer [1][2] - Multiple provinces have reported record-breaking electricity loads, with Sichuan, Shaanxi, and Zhejiang among those experiencing substantial increases [2][3] - The National Energy Administration is implementing measures to ensure electricity supply during peak demand periods, with a focus on coal inventory and inter-provincial electricity trading [7][9] Electricity Demand and Supply - As of July 16, 2023, the national maximum electricity load reached 1.506 billion kilowatts, an increase of 0.55 million kilowatts compared to the previous year [1] - The summer of 2023 has seen multiple records broken for electricity load, with 36 instances of historical highs reported across various provincial grids [2] - The National Energy Administration has noted that coal inventories at regulated power plants remain above 200 million tons, ensuring over 30 days of supply [7] Market Performance - The electricity sector index has risen by 2.22% this year, with significant net inflows into electricity stocks, totaling 2.444 billion yuan over the last 10 trading days [4] - Companies like Huayin Electric have seen stock price increases of over 80% in July, reflecting strong market interest [4][5] - The performance of electricity companies is bolstered by lower coal prices, which have reduced operational costs and improved profit margins [5][6] Policy and Regulatory Environment - The National Development and Reform Commission and the National Energy Administration are working on a mechanism for regular inter-grid electricity trading to enhance supply stability during peak periods [9] - The ongoing electricity market reforms are expected to reshape the profitability of thermal power generation, with a focus on integrating renewable energy sources [6][9] - The establishment of a unified national electricity market is anticipated to improve resource allocation and resilience of the electricity grid [7][9]