智通财经网·2025-11-11 04:01Core Insights - The report from China Galaxy Securities indicates that the energy consumption targets for the end of the 14th Five-Year Plan are expected to catalyze demand for green electricity, while the establishment of a sustainable pricing settlement mechanism for renewable energy will clarify future revenue expectations for the industry [1] Group 1: Industry Performance - In the first three quarters of 2025, the SW thermal power, hydropower, nuclear power, wind power, and solar power sectors achieved net profits of 69.69 billion, 51.32 billion, 16.58 billion, 12.91 billion, and 2.57 billion yuan respectively, with year-on-year growth rates of 16.8%, 3.3%, -12.4%, -16.4%, and 86.0% [1] - In Q3 2025, the net profits for SW thermal power, hydropower, nuclear power, wind power, and solar power were 36.01 billion, 28.29 billion, 8.45 billion, 2.45 billion, and 1.35 billion yuan respectively, with year-on-year growth rates of 34.3%, -1.6%, -16.5%, -35.6%, and 169.5% [1] Group 2: Electricity Generation Trends - In September, the total industrial electricity generation was 826.2 billion kWh, a year-on-year increase of 1.5%, with growth slowing by 0.1 percentage points compared to August [2] - In September, the year-on-year changes in electricity generation for thermal power, hydropower, nuclear power, wind power, and solar power were -5.4%, +31.9%, +1.6%, -7.6%, and +21.1% respectively, with significant changes in growth rates compared to August [2] - The substantial increase in hydropower generation in September was attributed to improved water flow in major river basins and a low base effect from the previous year [2] Group 3: Electricity Consumption Trends - In September, the total electricity consumption was 888.6 billion kWh, with a year-on-year growth of 4.5%, slowing by 0.5 percentage points compared to August [3] - The year-on-year changes in electricity consumption for primary, secondary, tertiary industries, and residential use were 7.3%, 5.7%, 6.3%, and -2.6% respectively, with notable declines in growth rates for the tertiary sector and residential use [3] - The decrease in growth rates for the tertiary sector and residential electricity consumption was primarily due to a reduction in high-temperature weather compared to the previous year [3]