公用事业行业深度跟踪：中期分红加速公用事业化，辅助服务验证火电三部曲

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - Focus on companies: China General Nuclear Power, Huadian International Power, Zhejiang Energy, Sheneng Co., Huaneng International, Guangzhou Development, Yangtze Power, and Funiu Co. [2] - Electricity consumption growth has slowed, with hydropower's squeezing effect diminishing, leading to a rebound in thermal power growth. In July, total electricity consumption increased by 5.7% year-on-year, with the secondary industry growing by 5.0% [2][15] - Mid-year performance reports are being released, with 22 companies in the GFGY sample reporting a total net profit of 46.3 billion yuan, a year-on-year increase of 32.7%. Six companies announced mid-term dividend plans, indicating strong cash dividend capabilities in the utility sector [2][13] - The introduction of auxiliary service guidelines marks the second phase of the thermal power value cycle, with expectations for continuous improvement in quarterly profits and stable coal prices [2][8] Summary by Sections Section 1: Thermal Power Growth and Mid-term Dividends - Several utility companies have increased mid-term dividends, reinforcing the sector's utility attributes. As of August 24, 22 companies in the GFGY sample have released mid-year reports, with six announcing dividend plans [13] - In July, total electricity consumption increased by 5.7% year-on-year, with the secondary industry contributing significantly [15][29] Section 2: Policy Review - The report discusses the implementation of major equipment updates in key energy sectors, reflecting ongoing policy support for the industry [8] Section 3: Industry High-frequency Data Tracking - Recent data shows stabilization in domestic and international coal prices, with coastal power plant loads decreasing month-on-month but increasing year-on-year [8] Section 4: Key Company Announcements and Sector Tracking - The report tracks individual company dynamics, including those of Guodian Power, Zhejiang Energy, China General Nuclear, and Huadian International, highlighting their performance and market positioning [8][29]