电力及公用事业行业月报：核电机组加快核准：用电量维持高增速

Investment Rating - The report maintains an "Outperform" investment rating for the electricity and utilities sector, suggesting a focus on companies in the hydropower and nuclear power segments that demonstrate stable performance and high dividend yields [5]. Core Insights - The electricity consumption in China continues to show high growth, with a 7.7% increase in total electricity consumption from January to July 2024. The highest growth rate was observed in the tertiary industry, which grew by 11.0% year-on-year [4][30]. - Hydropower generation has maintained a high growth rate, with a 36.2% year-on-year increase in July 2024. The share of hydropower generation in total electricity production has also increased significantly [36]. - The report highlights a decrease in coal production growth, with a 2.8% year-on-year increase in July 2024, which is a slowdown compared to previous months. Coal imports, however, increased by 17.7% year-on-year [42]. - Natural gas production showed stable growth, with a 7.9% year-on-year increase in July 2024. The report notes a slight decrease in international natural gas prices, while domestic prices have seen a small increase [46]. - The report indicates a significant drop in the inflow and outflow of water at the Three Gorges Dam, with both metrics declining compared to the same period in 2023 [49]. Summary by Sections Electricity Supply and Demand - Total electricity consumption in China reached 5.60 trillion kilowatt-hours from January to July 2024, with July alone contributing 939.6 billion kilowatt-hours, reflecting a 5.7% year-on-year increase [30][32]. - The total installed capacity of electricity generation reached approximately 3.1 billion kilowatts by the end of July 2024, with solar power capacity growing by 49.8% year-on-year [40]. Industry Dynamics - The report notes that the State Council approved 11 nuclear power units, marking the highest number of approvals since 2019, indicating a push towards nuclear energy development [56]. - The electricity and utilities index experienced a decline of 4.76% in August 2024, slightly outperforming the Shanghai and Shenzhen 300 index [26]. Regional Insights - In Henan Province, total electricity consumption decreased by 2.57% in July 2024, while the cumulative consumption from January to July increased by 7.21% year-on-year [52]. - The installed capacity in Henan Province reached 14.413 million kilowatts, with wind and solar power accounting for 44.1% of the total installed capacity [54].