公用事业行业周报：电量高增，电价无需过度担忧

Investment Rating - The investment rating for the utility sector is "Outperform the Market" and is maintained [3]. Core Viewpoints - The report indicates that the recent decline in power stocks is not justified by pessimistic expectations for electricity prices. The report maintains an optimistic outlook for future electricity prices, suggesting that there will not be significant changes compared to 2024, with only minor declines expected in some provinces [3][4]. - The report highlights a significant increase in electricity generation, with September's thermal power generation up by 8.9% year-on-year, indicating a clear supply-demand imbalance in the thermal power sector [3][4]. Summary by Relevant Sections Market Performance - Recent performance shows a decline in major power stocks: Huadian International down 4.6%, Huaneng International down 3.6%, and others also experiencing declines, while the Shanghai Composite Index rose by 1.4% [3]. - The electricity price expectations continue to influence stock prices, but the necessity for pessimistic views on electricity prices is deemed low [3]. Electricity Generation and Supply - In September, the output of raw coal increased by 4.4% year-on-year, contributing to the overall supply-demand dynamics in the thermal power sector [3]. - The report notes that the overall supply of thermal power is evidently insufficient, reinforcing the optimistic outlook for future electricity prices [3]. Market Developments - The inter-provincial electricity spot market commenced formal operations on October 15, which is expected to enhance the reflection of electricity supply and demand and promote the consumption of renewable energy [4]. - The report mentions that during the trial operation from January to August 2024, the utilization rate of renewable energy increased by 1 percentage point, with a significant amount of clean energy being consumed through inter-provincial trading [4]. Investment Opportunities - The report suggests focusing on various investment opportunities within the thermal power sector, including companies like Zhejiang Energy, Huaneng International, and others, as well as those involved in renewable energy and nuclear power [4].