公用事业周报（20240918-20240920）：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 Insights - 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, amounting to 6561.9 billion kWh, with significant contributions from the first industry (7.0%), second industry (6.3%), and third industry (11.0%) [4] Summary by Sections Electricity Consumption - In August 2024, total electricity consumption was 964.9 billion kWh, up 8.9% year-on-year, with urban and rural residential consumption increasing by 23.7% [4] - For the first eight months of 2024, total electricity consumption was 6561.9 billion kWh, reflecting a 7.9% year-on-year growth [4] Power Generation Capacity - From January to August 2024, solar power generation capacity increased by 48.8%, leading the growth among energy sources. Total installed power generation capacity reached approximately 3.13 billion kW, a 14.0% increase year-on-year [5] Investment Strategy - The report suggests focusing on hydropower leaders 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 [6]