公用事业行业深度跟踪：火电电量增速转正，演绎“煤硅”的故事

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in electricity consumption, with August showing a year-on-year growth of 8.9%, driven largely by the tertiary sector and residential usage, which contributed 71% of the new electricity demand [2][14] - The report emphasizes the recovery of thermal power generation, with August thermal power output reaching 614.9 billion kWh, a year-on-year increase of 3.7% [2][30] - The report discusses the evolving landscape of the electricity sector, indicating a systemic change influenced by electricity reform policies and a stable demand for electricity, which is expected to support market valuations [2][30] Summary by Sections Electricity Consumption Growth - In August, total electricity consumption increased by 8.9% year-on-year, with contributions from the primary, secondary, and tertiary sectors as well as urban and rural residents [14][17] - The breakdown of electricity consumption for January to August shows that the primary sector consumed 91.4 billion kWh, the secondary sector 4,200.6 billion kWh, the tertiary sector 1,230.1 billion kWh, and urban and rural residents 1,039.8 billion kWh, with respective year-on-year growth rates of 7.0%, 6.3%, 11.0%, and 10.9% [17][30] Policy Review - The report notes recent policies in the energy sector, including a plan by the Fujian Provincial Development and Reform Commission to invest over 30 billion yuan in energy facility upgrades by 2027 [39] Industry Data Tracking - The report tracks high-frequency data, indicating that the recent domestic and international coal prices have stabilized, while coastal power plant loads have shown a mixed trend [8][30] - The report also highlights the performance of various power generation sources, with thermal power generation showing signs of recovery and hydroelectric power generation experiencing a slight decline in growth rate [30][32] Company Focus - The report identifies key companies to watch in the sector, including China Resources Power, Huadian International, Zhejiang Energy, and others, emphasizing their potential for high returns on equity and dividends [2][30]