公用事业行业周报：光伏装机增速放缓，火电利用小时数改善

Investment Rating - The report maintains an "Overweight" rating for the utility sector [3][6]. Core Insights - The growth rate of photovoltaic installations has slowed down, while the utilization hours of thermal power have improved [5][11]. - The report highlights a tightening supply-demand situation in the electricity market, with expectations for continued high growth in electricity demand outpacing economic growth [11][13]. Summary by Sections 1. Key Points from Last Week - The growth rate of new photovoltaic installations in August 2024 was 16.5 GW, a year-on-year increase of 2.9%, while wind power installations reached 3.7 GW, up 41.8% year-on-year [8][9]. - The utilization hours for thermal power improved, particularly in major hydropower provinces, with significant increases in thermal power utilization hours in Sichuan, Chongqing, Guizhou, Hubei, and Hunan [9][11]. 2. Market Review - The electricity sector saw a price increase, with the power sector index rising by 7.78% last week [15]. - Notable stock performances included Lingda Co., which increased by 25.98%, and Dazhong Public Utilities, which rose by 15.03% [19]. 3. Industry Data Tracking - The report notes an increase in coal prices at ports and for imported coal, with the price of Q5500 coal at Qinhuangdao at 867 RMB/ton, a slight increase of 0.1% week-on-week [26]. - The average price of LNG in China increased to 13.33 USD/MMBtu, reflecting a 3.3% rise week-on-week [36]. 4. Company Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Sheneng Co. [13]. - In hydropower, it suggests focusing on major hydropower assets, recommending companies like Yangtze Power and Chuanwei Energy [13]. - For nuclear power, it highlights the long-term growth potential of China General Nuclear Power and China National Nuclear Power [13]. - In the renewable energy sector, it advises selecting high-growth stocks like Yunnan Energy Investment [13].