公用事业24Q3重仓持股分析

Investment Rating - The report maintains an "Outperform" rating for the utility sector [1]. Core Insights - The selected electricity sector sample experienced an average decline of 2.4% in Q3 2024, underperforming the broader market, which saw the CSI 300 rise by 16.1% and the STAR 50 by 22.5% [1][3]. - The total electricity consumption and generation in Q3 2024 increased year-on-year by 7.7% and 6.4%, respectively, with notable growth in renewable energy sources such as solar power, which surged by 38.1% [1][5]. - The market value of utility sector fund holdings reached 159.7 billion yuan in Q3 2024, reflecting a 1.85% increase from Q2 2024 [1][11]. Summary by Sections 1. Electricity Sector Performance Review - The electricity sector's average market performance in Q3 2024 was a decline of 2.4%, contrasting with the CSI 300's increase of 16.1% and STAR 50's increase of 22.5% [3]. - Year-to-date, the sector has seen a cumulative increase of 28.6% [3]. 2. National Electricity Consumption and Generation - In Q3 2024, total electricity consumption and generation increased by 7.7% and 6.4% year-on-year, respectively [1][5]. - Specific growth rates for different energy sources in Q3 2024 included: - Thermal power: +2.9% - Hydropower: +10.5% - Nuclear power: +4.1% - Wind power: +9.9% - Solar power: +38.1% [1]. 3. Industry Holdings Review - The market value of utility sector fund holdings increased to 159.7 billion yuan in Q3 2024, up from 156.8 billion yuan in Q2 2024 [1][11]. - The proportion of utility sector holdings in total fund equity investments decreased by 0.47 percentage points to 2.27% [1][11]. - Notable changes in individual stock holdings included: - Changjiang Electric: +18.5% to 45.0 billion yuan - China Nuclear Power: -47.4% to 4.04 billion yuan - Huaneng International: -27.0% to 2.54 billion yuan [1][13]. 4. Key Stock Holding Changes - The number of funds holding key stocks in the electricity sector decreased, with significant drops for Changjiang Electric and China Nuclear Power [12][13]. - The top ten utility stocks by fund holdings saw a decline in the number of funds holding them, indicating a shift in investment focus [12][13].