9月电力数据点评：风光装机均实现高增长，火电电量增速加快

Investment Rating - The report maintains a "Recommended" investment rating for the public utility sector, particularly highlighting the potential in the thermal power segment due to policy catalysts and improving performance [1][3]. Core Insights - The report indicates significant growth in wind and solar power installations, with new installations of 39.12 GW for wind (up 17% year-on-year) and 160.88 GW for solar (up 25% year-on-year) from January to September 2023. In contrast, thermal power installations decreased by 15% to 33.43 GW during the same period [1]. - Total electricity consumption in China reached 74,094 billion kWh from January to September 2023, reflecting a year-on-year growth of 7.9% [1]. - The report forecasts that by the end of 2023, new wind power installations will reach 90 GW (up 16.5% year-on-year) and solar installations will grow to 240 GW (up 8.8% year-on-year), continuing the trend of exceeding 200 GW for two consecutive years [1]. - The report notes a significant increase in thermal power generation in September, with a growth rate of 8.9%, while hydropower generation saw a substantial decline of 14.6% due to lower rainfall in the Yangtze River basin [1]. - Electricity consumption in September 2023 was 8,475 billion kWh, marking an 8.5% year-on-year increase, although slightly down from August's 8.9% growth [1]. Summary by Sections Section: Wind and Solar Power Growth - Wind and solar power installations achieved high growth rates in September, with new installations of 5.51 GW for wind (up 20.8% year-on-year) and 20.89 GW for solar (up 32.4% year-on-year) [1]. - Cumulative installations by the end of September reached 479.55 GW for wind (up 19.8% year-on-year) and 772.92 GW for solar (up 48.3% year-on-year), representing 15.2% and 24.5% of total installations, respectively [1]. Section: Thermal Power Insights - The report highlights an acceleration in thermal power generation growth, with a notable increase in September's generation rate compared to August [1]. - The forecast for thermal power generation growth remains optimistic, with expectations of maintaining close to 10% growth in the fourth quarter [1]. Section: Investment Recommendations - The report suggests focusing on thermal power stocks with policy support and improving performance, while also recommending long-term investments in hydropower and nuclear power stocks due to their strong dividend capabilities [1]. - Specific stocks to watch include Huaneng International, Anhui Electric Power, Sichuan Investment Energy, Yangtze Power, and China General Nuclear Power [1][3].