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 from negative to 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 in the electricity market [4]. - The new management measures for distributed PV aim to promote sustainable development while addressing the challenges faced by the industry [9][10]. Summary by Sections Monthly Power Demand Analysis - In August 2024, total electricity consumption reached 964.9 billion kWh, reflecting a year-on-year growth of 8.87%, an increase of 3.18 percentage points compared to July [16]. - The cumulative electricity consumption from January to August 2024 was 6561.9 billion kWh, with a year-on-year growth of 7.85% [18]. - The residential electricity consumption growth rate saw a significant increase, while the industrial sector's growth rate showed a decline [18][22]. Monthly Power Supply Analysis - Total power generation in August 2024 was 907.42 billion kWh, marking a year-on-year increase of 5.80% [35]. - Thermal power generation increased by 3.70% year-on-year, while hydropower generation rose by 10.70% [35]. - The average utilization hours for power generation equipment from January to August 2024 were 2328 hours, a decrease of 4.25% year-on-year [3]. Market Data Analysis - The average purchase price for electricity in October showed a slight increase, with the September average at 397.33 RMB/MWh, up 0.44% month-on-month [3]. - The report highlights the need for regulatory measures to ensure the safe and stable operation of the grid amid the rapid growth of distributed PV installations [12]. Investment Strategy and Key Companies - The report identifies several companies likely to benefit from the evolving power market, including integrated coal and power companies and regional power supply leaders [4]. - Key beneficiaries include companies like Xinjie Energy, Shaanxi Energy, and Huaihe Energy, as well as national leaders such as Guodian Power and Huaneng International [4].