电力月报：8月用电量增速超预期，火电边际改善显著

Investment Rating - The report maintains an investment rating of "Market Perform" for the electricity and utilities sector [1]. Core Insights - August electricity consumption growth exceeded expectations, with significant marginal improvement in thermal power generation [1][46]. - The overall electricity consumption from January to August reached 65,619 billion kWh, a year-on-year increase of 7.9%, which is 2.9 percentage points higher than the same period last year [11]. - The report highlights that the demand for electricity is expected to continue to rise, driven by new productive forces and energy substitution trends, particularly in regions like the Yangtze River Delta and Guangdong-Anhui, where emerging industries are concentrated [46]. Summary by Sections 1. August Market Review - The electricity and utilities sector fell by 5.41% in August, underperforming the CSI 300 index, which declined by 3.51% [7]. - The thermal power sector dropped by 6.50%, while hydropower and other generation sources also saw declines [7]. 2. Electricity Consumption - Electricity consumption maintained high growth, with August showing a month-on-month increase that exceeded expectations [11]. - In August, the total electricity consumption was 9,649 billion kWh, a year-on-year increase of 8.9%, up 5.01 percentage points from the previous year [11]. - All sectors showed growth in electricity consumption from January to August, with significant increases in the tertiary sector and residential usage in August [15]. 3. Power Generation - Power generation showed steady growth from January to August, with thermal power showing marginal improvements and significant increases in hydropower and photovoltaic generation [24]. - The total power generation from January to August was 62,379 billion kWh, a year-on-year increase of 5.1% [24]. - In August, power generation reached 9,074 billion kWh, with thermal power contributing 6,149 billion kWh, marking a 3.7% increase year-on-year [24]. 4. Investment in Power Sector - Overall investment in the power sector remained stable, with significant growth in grid investment [41]. - From January to August, the total investment in power generation projects was 497.6 billion yuan, a year-on-year increase of 5.1% [41]. 5. High-Frequency Data Tracking - In August, the average utilization hours of power generation equipment slightly decreased to 334 hours, down by 10 hours year-on-year [33]. - The report notes improvements in thermal power costs, with the average price of Shanxi mixed coal at 846 yuan per ton, a year-on-year increase of 2.2% [44].