电力设备行业定期报告：电网投资景气度不减

Investment Rating - The industry investment rating is "Neutral," indicating that the industry index is expected to fluctuate between a 10% increase and a 10% decrease relative to the broader market over the next six months [33]. Core Insights - The report highlights that the investment in grid infrastructure for the first half of 2024 reached 254 billion yuan, with a year-on-year growth rate of 23.66%. The power generation investment amounted to 344.1 billion yuan, showing a growth rate of 3.7% [7][12]. - Total electricity consumption in the first half of 2024 was 4.66 trillion kWh, with an increase of 8.1%. The growth rates for the primary, secondary, and tertiary industries, as well as urban and rural residents, were 8.8%, 6.9%, 11.7%, and 9%, respectively [10][12]. - The inverter exports for the first five months totaled 28.487 billion yuan, with a growth rate of 32.76%. The top three export destinations were the Netherlands, Brazil, and Pakistan [12][13]. - In the wind power sector, the newly installed capacity for the first half of 2024 was 25.84 GW, a year-on-year increase of 12.40%. The cumulative installed capacity reached 466.71 GW, accounting for 15.19% of the total power generation capacity [15][18]. - The photovoltaic sector saw a new installed capacity of 102.48 GW in the first half of 2024, representing a year-on-year growth of 30.68%. The cumulative installed capacity reached 713.50 GW, making up 23.23% of the total power generation capacity [24][27]. Summary by Sections 1. Power and Grid Information - The grid construction investment for the first half of 2024 was 254 billion yuan, with a significant month-on-month increase of 76.58% in June [7][8]. - The power generation investment for the same period was 344.1 billion yuan, with a decline in hydropower investment by 11.99% [7][9]. 2. Wind Power - The newly added wind power capacity in the first half of 2024 was 25.84 GW, with a cumulative installed capacity of 466.71 GW [15][18]. - The monthly new installation in June was 6.08 GW, showing a month-on-month increase of 108.22% [15][18]. 3. Photovoltaic - The newly installed photovoltaic capacity in the first half of 2024 was 102.48 GW, with a cumulative capacity of 713.50 GW [24][27]. - In June, the new installation was 23.33 GW, reflecting a year-on-year growth of 35.56% [24][27].