上半年水火业绩增长，7月用电量创新高

Core Insights - The report from China Galaxy highlights the performance of various utility sectors in the first half of 2025, indicating growth in thermal and hydropower sectors, while nuclear and renewable sectors face challenges [1][2] Group 1: Financial Performance - In the first half of 2025, the net profits attributable to shareholders for SW thermal, hydropower, nuclear, wind, and solar sectors were 43.11 billion, 26.24 billion, 11.62 billion, 10.76 billion, and 0.86 billion yuan respectively, with year-on-year growth rates of 6.9%, 10.6%, -10.6%, -10.2%, and -37.6% [1][2] - In the second quarter of 2025, the net profits for the same sectors were 22.48 billion, 14.90 billion, 5.46 billion, 4.10 billion, and 0.90 billion yuan, with year-on-year growth rates of 5.0%, 0.3%, -13.8%, -14.2%, and 40.0% [1][2] Group 2: Electricity Consumption - In July, the total electricity consumption reached 1,022.6 billion kilowatt-hours, marking a record high and a year-on-year increase of 8.6%, with a growth acceleration of 3.2 percentage points compared to June [3] - The electricity consumption by primary, secondary, tertiary industries, and residential use were 17 billion, 593.6 billion, 208.1 billion, and 203.9 billion kilowatt-hours respectively, showing year-on-year growth of 20.2%, 4.7%, 10.7%, and 18.0% [3] Group 3: Renewable Energy Installation - In July, the newly installed capacity for wind and solar energy was 2.28 GW and 11.04 GW respectively, with year-on-year declines of 44.0% and 47.6% [4] - As of the end of July, the cumulative installed capacity for wind and solar energy reached 574.87 GW and 1,109.60 GW, representing year-on-year growth of 22.1% and 50.8% [4] - The National Grid Energy Research Institute forecasts that the new installed capacity for renewable energy in 2025 will be between 430 million to 500 million kilowatts, indicating significant growth potential in the coming months [4] Group 4: Investment Strategy - The report suggests that the demand for green electricity is expected to increase due to energy consumption targets, with a focus on leading companies like Longyuan Power and Three Gorges Energy [5] - For thermal power, the recent rebound in coal prices is noted, but a decline is anticipated as the peak season ends and coal supply normalizes, with companies like Datang Power and Jiantou Energy recommended for investment [5] - Hydropower and nuclear sectors are highlighted for their long-term investment value, with companies like Yangtze Power and China Nuclear Power suggested for consideration [5]