2024年5月全社会发用电数据点评：5月用电量继续保持强劲，长江来水大幅改善

Investment Rating - The industry investment rating is "Positive" (Maintain) [1] Core Viewpoints - In May 2024, the total electricity consumption in society increased by 7.2% year-on-year, with the first, second, and third industries, as well as urban and rural residents' electricity consumption growing by 10.3%, 6.8%, 9.9%, and 5.5% respectively [1] - From January to May 2024, the cumulative electricity consumption increased by 8.6% year-on-year, with the first, second, and third industries, as well as urban and rural residents growing by 9.7%, 7.2%, 12.7%, and 9.9% respectively [1] - The report indicates a significant improvement in water supply in May, with a narrowing decline in wind power generation and a shift from growth to decline in thermal power generation [1] - The report highlights that the electricity supply situation is expected to be tight during the summer peak demand period, with the highest electricity load predicted to increase by 100-130 million kilowatts compared to 2023 [1] Summary by Sections Electricity Consumption Data - In May 2024, the total electricity consumption increased by 7.2% year-on-year, with a month-on-month increase compared to April [1] - The cumulative electricity consumption from January to May 2024 showed an 8.6% year-on-year growth [1] Power Generation Analysis - In May, the industrial thermal power generation decreased by 4.3% year-on-year, while hydropower generation increased by 38.6% [1] - The report notes that the average compound growth rate over two years remains stable, indicating strong energy demand [1] Summer Peak Demand Outlook - The report anticipates a severe electricity supply situation during the summer peak, with local areas potentially facing tight supply conditions due to extreme weather [1] - The report suggests that the electricity supply will be challenging to increase rapidly in the short term, necessitating demand-side management and inter-regional electricity exchanges [1] Investment Recommendations - The report recommends focusing on conventional power equipment, grid equipment, and demand response sectors, highlighting specific companies for investment [1]