电力及公用事业行业月报：8月火电发电量由降转增，水电增速回落

Investment Rating - The report maintains an "Outperform" investment rating for the electricity and utilities sector based on industry valuation levels and performance growth expectations [6][27]. Core Insights - In August, electricity generation from thermal power turned from decline to growth, while hydropower growth slowed down. Nuclear, wind, and solar power generation saw accelerated growth [4][38]. - The total electricity consumption in August reached 964.9 billion kWh, a year-on-year increase of 8.9%. Cumulative electricity consumption from January to August was 6561.9 billion kWh, up 7.9% year-on-year [31][33]. - The report highlights the increasing share of renewable energy sources, with wind and solar power installations accounting for 39.21% of total capacity, while thermal power's share decreased to 45.22% [38][41]. Summary by Sections Market Review - As of September 25, the electricity and utilities index fell by 0.45%, underperforming the CSI 300 by 2.86 percentage points [4][27]. - The top five stocks in terms of monthly gains included Guozhong Water (32.41%) and Dalian Thermal Power (29.45%), while the largest declines were seen in China General Nuclear Power (-12.55%) and Anhui Energy (-9.41%) [27]. Electricity Consumption - In August, urban and rural residential electricity consumption grew the fastest at 23.7%. The first, second, and third industries saw growth rates of 4.6%, 4.0%, and 11.2%, respectively [33][52]. - Cumulative electricity consumption for the first eight months showed a year-on-year increase across all sectors, with the first industry at 7.0%, the second at 6.3%, and the third at 11.0% [33]. Electricity Supply - The industrial electricity generation in August reached 907.4 billion kWh, a year-on-year increase of 5.8%, with thermal power generation increasing by 3.7% [38][39]. - The report notes that hydropower generation increased by 10.7%, while nuclear, wind, and solar power generation also saw growth [38][39]. Coal and Natural Gas - In August, the production of raw coal was stable at 400 million tons, with a year-on-year increase of 2.8%. Coal imports reached 45.84 million tons, up 3.4% year-on-year [44][46]. - Natural gas production in August was 20 billion cubic meters, a year-on-year increase of 9.4%, with imports at 11.76 million tons, also up 9.1% [47][48]. Hydropower Conditions - The inflow and outflow of the Three Gorges Reservoir have been declining, with inflow at 10,800 cubic meters per second and outflow at 7,580 cubic meters per second as of September 24 [5][49].