电力行业数据点评：9月全社会用电量同比增长8.5%，火电增速环比加快

Investment Rating - The industry investment rating is maintained at "Overweight" [2][4][19] Core Viewpoints - In September, the total electricity consumption increased by 8.5% year-on-year, with residential electricity usage accelerating [2][7] - The overall electricity consumption for the first nine months of 2024 reached 74,094 billion kWh, representing a year-on-year growth of 7.9%, with a forecasted annual growth of approximately 6.5% [2][4][7] - The report highlights a shift towards clean and low-carbon energy, with traditional fossil fuel usage expected to decline, and an increase in electrification of end-use energy [4][19] Summary by Sections Electricity Consumption - In September, total electricity consumption was 8,475 billion kWh, up 8.5% year-on-year, with a slight decrease in growth rate compared to the previous month [2][7] - For the first nine months, the first industry consumed 1,035 billion kWh (up 6.9%), the second industry 47,385 billion kWh (up 5.9%), and the third industry 13,953 billion kWh (up 11.2%) [7] - Residential electricity consumption reached 11,721 billion kWh, growing by 12.6% year-on-year [7] Power Generation - In the first nine months of 2024, the total power generation from large-scale power plants was 70,560 billion kWh, a year-on-year increase of 5.4% [3][11] - In September, power generation was 8,024 billion kWh, with hydropower generation decreasing by 14.6% year-on-year, while thermal power generation increased by 8.9% [3][12] - Wind power generation saw a significant increase of 31.6% year-on-year, indicating improved wind conditions [3][12] Investment Recommendations - The report suggests focusing on the recovery of thermal power performance and valuation, as well as stable and high-dividend water and nuclear leaders [4][19] - The acceleration of national unified electricity market construction is expected to lead to a revaluation of electricity assets [4][19]