公用事业行业周报：8月水火核利用小时同比增加，资源化打造“第二矿山”

Investment Rating - The report maintains an "Outperform" rating for the utility sector [4]. Core Insights - The report highlights an increase in utilization hours for hydropower, thermal power, and nuclear power in August, attributed to high temperatures and reduced rainfall [11][32]. - The establishment of the China Resource Recycling Group aims to enhance resource recovery and recycling systems, promoting a "second mine" concept for resource utilization [3][34]. Summary by Sections 1. Market Review - From September 23 to September 27, the electricity, environmental protection, gas, and water sectors saw increases of 7.56%, 12.84%, 8.64%, and 9.78% respectively, while the CSI 300 index rose by 5.27% [8][10]. 2. Industry Insights 2.1 Increased Utilization Hours - In the first eight months of the year, the average utilization hours for hydropower increased by 376 hours (19% YoY), while thermal power decreased by 70 hours (2.3% YoY) [11][17]. - August saw hydropower utilization hours at 432 hours (up 26 hours YoY), thermal power at 430 hours (up 4 hours YoY), and nuclear power at 693 hours (up 17 hours YoY) [11][17]. 2.2 Resource Recycling Group - The National Development and Reform Commission proposed the formation of the China Resource Recycling Group to establish a national resource recovery platform, addressing issues like low recycling rates and illegal dismantling [3][34]. - The report indicates that the recycling of major resources reached approximately 376 million tons in 2023, with a total value of about 1.3 trillion yuan [34]. 3. Industry Dynamics 3.1 Power Generation Capacity - As of the end of August, the total installed power generation capacity in the country was approximately 3.13 billion kilowatts, a 14% YoY increase [35]. - Solar power capacity reached about 750 million kilowatts, growing by 48.8% YoY, while wind power capacity increased by 19.9% YoY [35][37]. 4. Investment Recommendations - The report suggests focusing on hydropower companies like Changjiang Electric and Qianyuan Electric, and cautiously recommending Guotou Electric and Huaneng Hydropower [3]. - In the thermal power sector, it recommends Shenneng Co. and Funeng Co., with cautious attention to Huadian International and Jiangsu Guoxin [3].