公用事业行业行业月报：十月行业动态报告-三季度持仓比例回落，火电、核电减仓幅度大

Investment Rating - The report indicates a positive outlook for the utility sector, particularly for coal-fired power and nuclear power, with a focus on companies with policy catalysts and improving performance [3]. Core Insights - As of Q3 2024, the proportion of public fund holdings in the utility sector decreased to 2.52%, down by 0.30 percentage points from Q2 2024, indicating potential for increased allocation [1][42]. - The market is witnessing a significant reduction in holdings of coal and nuclear power stocks by public funds, driven by concerns over long-term electricity price declines and shifts in market sentiment [2]. - The report highlights a diversified increase in holdings for companies like Changjiang Electric and Fuan Energy, suggesting a strategic shift towards firms with stable performance and growth potential [2][3]. Summary by Sections Industry News - In the first nine months of 2024, the national electricity market traded a total of 45,934.7 billion kWh, a year-on-year increase of 9.2% [11]. - The National Development and Reform Commission and other departments issued guidelines to boost renewable energy consumption, targeting 1.1 billion tons of standard coal by 2025 [2][14]. Industry Data - The total installed power generation capacity reached approximately 3.16 billion kW by the end of September 2024, reflecting a year-on-year growth of 14.1% [34][21]. - The report notes that the cumulative average utilization hours for power generation equipment decreased by 106 hours compared to the previous year [34]. Q3 Holdings Analysis - Public funds significantly reduced their holdings in coal and nuclear power sectors, with notable decreases in companies like Waneng Power and China Nuclear Power [2][42]. - The top three companies in the utility sector accounted for 74.9% of the total market value of public fund holdings, indicating a high concentration of investments [42][43]. Investment Recommendations - The report recommends focusing on companies with strong dividend capabilities and stable performance in the water and nuclear power sectors, while also considering coal power stocks with potential for policy support [3].