电力季报总结：火电业绩分化，新能源有所改善

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Insights - The quarterly reports indicate a divergence in performance within the thermal power sector, while improvements are noted in the renewable energy segment [3][4][5]. - The thermal power sector shows a mixed performance with 13 out of 28 companies reporting year-on-year growth, while 11 companies experienced declines [5][13]. - The hydroelectric sector has seen a marginal decline in water inflow, yet overall performance remains positive with 7 out of 11 companies reporting growth [4][16]. - The renewable energy sector shows signs of improvement, with 13 out of 26 companies reporting growth, driven by the expansion of wind and solar installations [18]. - The nuclear power sector remains stable, with performance fluctuations primarily due to maintenance affecting output [21]. Summary by Sections Thermal Power - In Q3 2024, the average market price for North Port 5500K thermal coal was 852 CNY/ton, a decrease of 26 CNY/ton year-on-year [5][13]. - The sector's performance is impacted by historical burdens and high base effects from the previous year, leading to significant performance divergence among companies [5][13]. - Recommended stocks include Zhejiang Energy, Sheneng Co., Anhui Energy, Xinji Energy, Huadian International, and Guodian Power [4][9]. Hydroelectric Power - The hydroelectric sector's performance is characterized by a marginal decline in water inflow, particularly a 14.6% year-on-year drop in September's hydroelectric generation [4][16]. - Despite the challenges, the sector's high dividend yield continues to present defensive investment value [16]. Renewable Energy - The renewable energy sector has shown improvement, with 13 out of 26 companies reporting year-on-year growth, attributed to the expansion of wind and solar capacity [18]. - The increasing market share of renewable energy transactions and the gradual release of electricity price risks are key factors influencing stability in this sector [18]. Nuclear Power - The nuclear power sector's performance is stable, with fluctuations mainly due to maintenance affecting output levels [21]. - Among the two companies in the sector, China General Nuclear Power Corporation reported year-on-year growth, while China National Nuclear Power experienced a decline [21][22].