电力行业月度策略：电力需求稳健向好，关注火电边际改善

Investment Rating - The report maintains an "Overweight" rating for the electricity industry [6]. Core Views - Electricity demand is expected to remain robust, driven by high temperatures increasing residential electricity consumption. In August 2024, the total electricity consumption increased by 8.87% year-on-year, with significant growth in residential usage [2][15]. - The production of electricity has accelerated, with a notable improvement in thermal power generation. In August 2024, the total electricity generation increased by 5.8% year-on-year, marking a turning point for thermal power output [3][35]. - Investment in the electricity grid has seen a substantial increase, with a year-on-year growth of 23.1% from January to August 2024 [4]. Summary by Sections Electricity Demand - In the first eight months of 2024, total electricity consumption reached 65,619 billion kWh, a year-on-year increase of 7.9% [15]. - The growth rates for different sectors were as follows: primary industry (7%), secondary industry (6.3%), tertiary industry (11%), and urban-rural residential consumption (10.9%) [15]. Electricity Production - From January to August 2024, the total electricity generation from large-scale power plants was 62,379 billion kWh, a year-on-year increase of 5.1% [35]. - The breakdown of generation types showed: hydropower (8,822 billion kWh, +21.7%), thermal power (41,968 billion kWh, +1%), nuclear power (2,920 billion kWh, +1.3%), wind power (5,974 billion kWh, +7.6%), and solar power (2,695 billion kWh, +26.6%) [35]. Grid Investment - Electricity grid investment from January to August 2024 grew by 23.1% year-on-year, indicating a strong acceleration in investment activities [4]. - Power source investment also saw a year-on-year increase of 5.1%, with thermal power investment rising by 25.3% [4]. Pricing Trends - In October 2024, the average purchasing price of electricity by grid companies slightly decreased by 0.08% month-on-month and 3.62% year-on-year [5]. Investment Recommendations - The report suggests focusing on the marginal improvement of thermal power output and the performance recovery of hydropower. It also highlights the long-term potential of green electricity and recommends investing in stable, high-dividend leading power operators and regional operators with tight supply-demand dynamics [6].