电力及公用事业行业月报：水电前三季度来水偏丰，省间电力现货市场正式运行

Investment Rating - The report maintains an "Outperform" investment rating for the electricity and public utilities sector based on industry valuation levels, performance growth expectations, and development prospects [3][4][6]. Core Insights - The electricity and public utilities index experienced fluctuations in October, with a decline of 3.21% as of October 25, underperforming the CSI 300 index by 1.68 percentage points [1][5]. - In September, the total electricity consumption reached 847.5 billion kWh, marking a year-on-year growth of 8.5%. Cumulatively, from January to September, total electricity consumption was 7409.4 billion kWh, up 7.9% year-on-year [2][9]. - The report highlights a robust growth in electricity consumption among urban and rural residents, with a growth rate of 27.8% in September [9][32]. - The report suggests focusing on investment opportunities in leading companies within the hydropower and nuclear power sectors, which are characterized by stable performance and high dividend yields [3][4]. Summary by Sections 1. Market Review - The electricity and public utilities index showed a downward trend in October, with a 3.21% drop compared to a 1.53% decline in the CSI 300 index [1][5]. 2. Industry Supply and Demand 2.1. Electricity Consumption - In September, the total electricity consumption was 847.5 billion kWh, with a year-on-year increase of 8.5%. Cumulative consumption from January to September was 7409.4 billion kWh, reflecting a 7.9% increase [2][9]. - The growth in electricity consumption for urban and rural residents reached 27.8% in September [9]. 2.2. Electricity Supply - The industrial electricity generation in September was 802.4 billion kWh, showing a year-on-year growth of 6.0%, with a cumulative generation of 7056 billion kWh from January to September, up 5.4% [14]. 2.3. Industry Chain Price and Volume - The report notes a stable growth in coal production, with September's output at 41 million tons, a 4.4% year-on-year increase [22]. 2.4. Yangtze River Three Gorges Water Conditions - The inflow and outflow of the Three Gorges Dam have decreased significantly compared to the same period last year, with inflow at 8200 cubic meters per second and outflow at 6940 cubic meters per second [30]. 2.5. Electricity Market Data - The report provides insights into regional electricity prices, with Guangdong having the highest at 509.8 yuan/MWh, while Yunnan had the lowest at 185.366 yuan/MWh [31]. 2.6. Henan Province Monthly Electricity Supply and Demand - In September, Henan's total electricity consumption was 35.3 billion kWh, a year-on-year increase of 6.51%, while the cumulative consumption from January to September was 331.3 billion kWh, up 7.42% [32][33].