公用事业行业深度跟踪：发用电量仍各有特色，煤价平稳将提速行情

Investment Rating - The report maintains a "Buy" rating for the utility sector [1]. Core Viewpoints - The report highlights that electricity consumption continues to show distinct characteristics, with a stable coal price expected to accelerate market trends [1]. - The overall electricity consumption in May increased by 7.2% year-on-year, with significant contributions from the secondary and tertiary industries [1][8]. - The report emphasizes the complementary nature of hydropower and thermal power generation, with a notable increase in electricity consumption from electric vehicle charging services, which grew by 59% year-on-year in April [1][25]. Summary by Sections Electricity Consumption and Generation - From January to May 2024, total electricity consumption reached 3.84 trillion kWh, marking an 8.6% year-on-year increase, with the secondary industry accounting for 66.1% of this consumption [8][11]. - The report notes that the thermal power generation growth turned negative in May, while hydropower generation saw a significant increase of 38.6% year-on-year [1][20]. Policy Review - The report discusses recent policy updates, including the Ministry of Finance's announcement of renewable energy price subsidy budgets and adjustments to time-of-use electricity pricing in Shaanxi [3]. Industry Data Tracking - The report tracks high-frequency data, indicating that domestic and international coal prices have stabilized, while the load of coastal power plants has decreased month-on-month but increased year-on-year [3][18]. - Natural gas prices have significantly dropped, with recent weeks showing signs of stabilization [3]. Stock Performance and Valuation - The report identifies key stocks to watch in the utility sector, including Zhejiang Energy Power, China Resources Power, and Guangzhou Development, among others, all rated as "Buy" [2][1]. - The report provides valuation metrics for these companies, indicating potential upside based on earnings forecasts and price-to-earnings ratios [2].