电力新能源：电网投资景气依旧风光水新增装机环比改善

Investment Rating - The investment rating for the power new energy sector is "Neutral" [51] Core Insights - The report highlights that the investment in power grid construction remains robust, with a total investment of 398.2 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 21.14% [7][9] - The total installed capacity for wind power reached 39.12 GW in the first nine months of 2024, marking a year-on-year increase of 16.85% [21] - The solar power sector saw a significant increase in installed capacity, with 160.88 GW added in the same period, representing a year-on-year growth of 24.77% [34] Summary by Sections 1. Power Grid and Power Source Information - The total investment in power grid construction for the first nine months of 2024 was 398.2 billion yuan, with a monthly investment of 65.2 billion yuan in September, showing a month-on-month increase of 70.23% [7][9] - The total investment in power sources reached 595.9 billion yuan, with a cumulative growth rate of 7.6% [7] - The total electricity consumption in the first three quarters was 7.41 trillion kWh, with a growth rate of 7.9% [9][10] 2. Wind Power - New wind power installations in the first nine months of 2024 totaled 39.12 GW, with a cumulative installed capacity of 479.55 GW, accounting for 15.16% of total power generation capacity [21] - In September alone, 5.51 GW of new installations were added, representing a year-on-year increase of 20.83% and a month-on-month increase of 48.92% [21] 3. Solar Power - The solar power sector added 160.88 GW of new installations in the first nine months of 2024, with a cumulative installed capacity of 772.92 GW, making up 24.46% of total power generation capacity [34] - In September, 20.89 GW of new installations were added, showing a year-on-year growth of 32.38% and a month-on-month increase of 26.91% [34] - Solar cell exports in September 2023 amounted to 2.014 billion USD, reflecting a year-on-year decline of 40.2% [34]