公用事业行业行业月报：九月行业动态报告-用电量增速加快，政策推动电力需求持续向好

Investment Rating - The report recommends the public utility sector [3] Core Viewpoints - Electricity demand is expected to continue improving due to policy support and increased consumption, particularly in the thermal power sector [6][39] - The performance of hydropower is expected to remain stable due to favorable water storage conditions, while nuclear power is projected to show long-term growth potential [2][39] - The renewable energy sector faces short-term pressure on performance but is expected to maintain high installation growth [2][40] Industry News - In August, the total electricity consumption reached 964.9 billion kWh, a year-on-year increase of 8.9%, with significant growth in residential and tertiary sector consumption [37][26] - The industrial power generation in August was 907.4 billion kWh, with a year-on-year growth of 5.8%, marking a recovery in thermal power generation [36][15] - The first batch of CCER projects was officially listed, indicating the importance of offshore wind power in China's emission reduction efforts [10] Industry Data - As of August, the cumulative installed capacity of power generation reached approximately 3.13 billion kW, with solar power capacity growing by 48.8% year-on-year [18][26] - The carbon market saw a total trading volume of 7.83 million tons in September, with a closing price increase of 7.81% compared to the previous month [24] Investment Recommendations and Stock Pool - The report suggests focusing on companies with strong dividend capabilities and stable performance, such as China General Nuclear Power, Sichuan Investment Energy, and Zhejiang Energy [53][56] - Recent monetary policies, including interest rate cuts, are expected to boost the electricity sector's profitability [56]