电力及公用事业行业周报：装机持续高增，风光板块市场表现突出

Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for other companies like China Minmetals Energy and Sichuan Investment Energy [1][2]. Core Insights - The report highlights a continuous high growth in installed capacity, with the wind and solar sectors showing outstanding market performance [1][2]. - The overall public utility sector index increased by 0.79% during the week, underperforming compared to the Shanghai Composite Index [6][9]. - The report emphasizes the importance of monitoring performance expectations in the third quarter due to market style shifts affecting sector performance [2][20]. Summary by Sections 1. Market Performance - The public utility sector index's PE (TTM) stands at 17 times, unchanged from the previous week, while the PB is at 1.83 times, also stable [11][12]. - The sector's performance is ranked 26th among 31 sectors, with notable increases in wind (+4.91%) and solar (+6.49%) generation [6][9]. 2. Industry and Company Dynamics - The National Energy Administration reported that as of September 2024, the cumulative installed capacity for solar power reached approximately 770 million kilowatts, a year-on-year increase of 48.3% [20][21]. - The report notes that the cumulative average utilization of power generation equipment decreased by 106 hours compared to the previous year [20]. 3. Key Data Tracking - The average trading price of green certificates during the week was recorded at 2.08 yuan, with significant trading volumes in wind and solar energy certificates [1][20]. - The report tracks coal prices, with the closing price for Shanxi mixed coal (5500) at 853 yuan per ton [1][20].