公用事业行业周报：8月全社会用电同比增长8.9%，高温拉动居民用电增幅扩大

Investment Rating - The industry investment rating is "Overweight (Maintain)" [6][12] Core Viewpoints - In August 2024, the total electricity consumption reached 964.9 billion kWh, representing a year-on-year growth of 8.9%. The first industry saw a 4.6% increase, the second industry a 4.0% increase, and the third industry a 11.2% increase [4] - The sustained high temperatures have led to a significant increase in urban and rural residential electricity consumption, which grew by 23.7% year-on-year, an increase of 17.8 percentage points compared to July [4] - Cumulatively, from January to August 2024, total electricity consumption increased by 7.9% year-on-year, totaling 6561.9 billion kWh. The first industry grew by 7.0%, the second by 6.3%, and the third by 11.0%. Urban and rural residential electricity consumption increased by 10.9% [4] Summary by Relevant Sections Electricity Generation Capacity - From January to August 2024, the total installed power generation capacity reached approximately 3.13 billion kW, with a year-on-year growth of 14.0%. Solar power generation capacity increased by 48.8%, wind power by 19.9%, thermal power by 3.6%, hydropower by 2.3%, and nuclear power by 2.3% [5] Investment Strategy - The report suggests focusing on leading hydropower companies like Yangtze Power, which benefit from favorable water conditions, and the nuclear power sector, highlighting companies such as China National Nuclear Power and China General Nuclear Power as having growth potential [6]