公用事业周报（2024.09.09-2024.09.14）：绿证核发量激增，碳市场行业范围扩大

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - In August 2024, the National Energy Administration issued 952 million green certificates, bringing the total to 1.841 billion by the end of August. Wind power accounted for 37.05%, solar power for 22.45%, conventional hydropower for 34.13%, biomass power for 6.3%, and other renewable energy sources for 0.07% [3][7] - Key company updates include: - China Resources Power's electricity sales in August reached 19.041 billion kWh, up 10.0% year-on-year, with a cumulative total of 135.666 billion kWh, up 5.8% [3][12] - Longyuan Power's electricity generation in August was 4.995 billion kWh, up 7.38% year-on-year, with a cumulative total of 51.255 billion kWh, up 1.05% [3][12] - Hubei Energy's electricity generation in August was 4.113 billion kWh, up 1.56% year-on-year, with a cumulative total of 29.833 billion kWh, up 26.71% [3][12] - The spot price of thermal coal at Qinhuangdao Port was 858 RMB/ton on September 12, 2024, a decrease of 17 RMB/ton (-1.94%) year-on-year, but an increase of 14 RMB/ton (+1.66%) week-on-week [3][14] - Water inflow at the Three Gorges Dam was 14,000 cubic meters/second on September 13, 2024, with a weekly average of 12,943 cubic meters/second, down 4.53% year-on-year but up 6.21% week-on-week [3][17] Summary by Sections Industry News - The National Energy Administration released data on green certificate issuance and trading for August 2024, with 952 million certificates issued, and a total of 1.841 billion certificates issued by the end of August [7] Key Company Announcements - China Resources Power reported a 10.0% year-on-year increase in electricity sales for August, totaling 19.041 billion kWh [12] - Longyuan Power's electricity generation increased by 7.38% year-on-year in August, totaling 4.995 billion kWh [12] - Hubei Energy's electricity generation increased by 1.56% year-on-year in August, totaling 4.113 billion kWh [12] Domestic Electricity Data Tracking - The average spot electricity prices in major provinces varied, with Guangdong at 387.21 RMB/MWh and Shanxi at 323.64 RMB/MWh [14] Fossil Fuel and Hydrological Data Tracking - The spot price of thermal coal at Qinhuangdao Port was reported at 858 RMB/ton, showing a year-on-year decrease [14] - Water inflow at the Three Gorges Dam showed fluctuations, with a year-on-year decrease but a week-on-week increase [17] Major Company Dividends and Dividend Yields - The report includes a table summarizing the dividend yields of major companies in the utility sector over the past 12 months, indicating varying dividend policies among companies [19]