公用事业2024年第25周周报（20240623）：5月用电量增速强劲，夏季电力供需严峻

Investment Rating - The report recommends a diversified low-covariance asset portfolio including companies such as Changjiang Electric, Huaneng Hydropower, Guotou Electric, and others, indicating a positive investment outlook for the utility sector [2][4]. Core Insights - The electricity consumption in May showed a robust year-on-year growth of 7.2%, with significant contributions from various sectors, indicating strong energy demand [6][8]. - The report highlights the severe electricity supply-demand situation expected in the summer, driven by high temperatures and increased electricity load, with predictions of peak load increases of 10-13 million kilowatts compared to 2023 [11][14]. - The report emphasizes the need for reliable power supply sources, particularly coal power, to meet the growing electricity demand, as renewable sources face limitations [14][15]. Summary by Sections 1. Electricity Consumption Trends - In May, the total electricity consumption increased by 7.2% year-on-year, with the first, second, and third industries growing by 10.3%, 6.8%, and 9.9% respectively [6][8]. - Cumulatively, from January to May, electricity consumption grew by 8.6%, with the first, second, and third industries showing increases of 9.7%, 7.2%, and 12.7% respectively [6][8]. 2. Supply-Demand Situation - The report forecasts a challenging electricity supply-demand balance for the summer, with the highest load expected to increase significantly due to high temperatures and a strong base load from previous years [11][12]. - The report notes that the installed capacity of stable power sources has not kept pace with demand, necessitating reliance on coal power to ensure supply adequacy [12][14]. 3. Recommended Investment Portfolio Performance - The recommended portfolio, which includes companies like Changjiang Electric and Huaneng Hydropower, outperformed the market indices, with a 1.11% increase compared to a decline in major indices [16]. - Year-to-date, the recommended portfolio has risen by 29.49%, significantly outperforming the broader market [16]. 4. Key Company Valuations - The report provides specific buy ratings for companies such as Huaneng International and China Power, with expected earnings growth and favorable price-to-earnings ratios [19][20].