公用事业2024年第37周周报：8月用电需求韧性仍强 能源法二审稿征求意见

Investment Rating - The report maintains a "Positive" outlook for the utility sector [1]. Core Insights - The resilience of electricity demand remains strong, with August industrial power generation increasing by 5.8% year-on-year, marking the highest growth rate since March 2024 [3][5]. - The report emphasizes that the electricity sector is one of the most certain sectors currently, particularly low-covariance assets like hydropower and nuclear power, which have high allocation value [6][7]. Summary by Sections 1. August Energy Production Data Review - In August, the industrial power generation reached 907.4 billion kilowatt-hours, with a year-on-year growth of 5.8%, accelerating by 3.3 percentage points compared to July [3][5]. - The growth rates for various energy sources in August include: - Thermal power: +3.7% (previously -4.9% in July) - Hydropower: +10.7% (decreased by 25.5 percentage points from July) - Nuclear power: +4.9% (increased by 0.6 percentage points from July) - Wind power: +6.6% (increased by 5.7 percentage points from July) - Solar power: +21.7% (increased by 5.3 percentage points from July) [3][5]. 2. Energy Law Draft Review - The second draft of the Energy Law emphasizes the importance of carbon dual control and green certificates in energy transition [7][8]. - The draft establishes a framework for controlling energy consumption and carbon emissions, promoting the use of renewable energy through green certificates [8][9]. 3. Recommended Portfolio Performance - The recommended portfolio, which includes companies like Yangtze Power, Huaneng Hydropower, and China Nuclear Power, experienced a decline of 3.75% this week, underperforming compared to the Shanghai Composite Index [13][14]. - Year-to-date, the recommended portfolio has increased by 21.53%, significantly outperforming the Shanghai Composite Index, which has decreased by 7.92% [14]. 4. Key Company Valuations - The report provides valuations for several key companies in the sector, with ratings such as "Buy" for China Power and "Hold" for Huaneng International [16][18]. - Notable companies include: - Huaneng International: Closing price of 6.42, with a projected PE of 10 for 2024 - China Power: Closing price of 3.02, with a projected PE of 8 for 2024 [16][18].