电力行业8月月报：分布式光伏新政出台，火电出力同比由负转正

Investment Rating - The report maintains a "Positive" investment rating for the power industry, consistent with the previous rating [2]. Core Viewpoints - The introduction of new policies for distributed photovoltaic (PV) systems is expected to positively impact the power generation landscape, with thermal power output turning positive year-on-year [2][3]. - The report anticipates an improvement in profitability and a revaluation of the power sector due to ongoing supply-demand tensions and the gradual rise in electricity prices [4]. Summary by Sections Monthly Power Demand Analysis - In August 2024, total electricity consumption reached 964.9 billion kWh, showing a year-on-year growth of 8.87%, an increase of 3.18 percentage points from July [16]. - The cumulative electricity consumption from January to August 2024 was 6,561.9 billion kWh, with a year-on-year growth of 7.85% [18]. Monthly Power Supply Analysis - Total power generation in August 2024 was 907.42 billion kWh, reflecting a year-on-year increase of 5.80% [35]. - Thermal power generation increased by 3.70% year-on-year, while solar power generation surged by 21.70% [35]. Policy Insights - The new management measures for distributed PV systems encourage self-consumption and categorize projects more finely, which aims to enhance energy efficiency and control capacity [10][11]. - The management framework requires grid companies to improve operational capabilities and establish a more structured approach to integrating distributed PV into the energy market [11][12]. Market Performance - The electricity and public utilities sector rose by 8.9% in September, underperforming compared to the broader market [13]. - The report highlights that the electricity market is expected to see a gradual increase in prices due to ongoing reforms and the introduction of capacity pricing mechanisms [4]. Company Recommendations - Key beneficiaries identified include integrated coal and power companies, national coal power leaders, and regional power supply companies [4].