公用事业行业周报：水电偏弱火电延续增长，核光稳健风电维持高增

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The report highlights a mixed performance in electricity generation, with hydropower showing weakness, while thermal power continues to grow, and nuclear and solar power remain stable [5][6] - In October, the total electricity generation reached 731 billion kWh, a year-on-year increase of 2.1%, while the cumulative generation from January to October was 78027 billion kWh, up 5.2% year-on-year [5][30] - Hydropower generation in October was 1049 billion kWh, down 14.9% year-on-year, attributed to uneven rainfall distribution and high base effects from the previous year [6][34] - Wind power generation saw a significant increase of 34.0% year-on-year, reaching 800 billion kWh, largely due to favorable weather conditions [6][34] - Thermal power generation was 4771 billion kWh in October, up 1.8% year-on-year, benefiting from the weak output of hydropower [6][34] Summary by Sections Electricity Generation Data - In October, the electricity generation from various sources was as follows: thermal power at 4771 billion kWh (+1.8%), hydropower at 1049 billion kWh (-14.9%), nuclear power at 367 billion kWh (+2.2%), wind power at 800 billion kWh (+34.0%), and solar power at 323 billion kWh (+12.6%) [29][30][34] - The cumulative generation from January to October showed thermal power at 52230 billion kWh (+1.9%), hydropower at 11101 billion kWh (+12.2%), nuclear power at 3643 billion kWh (+1.5%), wind power at 7581 billion kWh (+13.1%), and solar power at 3472 billion kWh (+27.5%) [29][30] Investment Recommendations - The report recommends focusing on quality thermal power operators such as China Resources Power, Funiu Co., Huadian International, Guodian Power, China Power, Huaneng International, and operators in the Yangtze River Delta [6] - For hydropower, it suggests investing in major hydropower companies like Yangtze Power, State Power Investment Corporation, and Huaneng Hydropower [6] - In the renewable energy sector, it highlights opportunities in Longyuan Power, Zhongmin Energy, China Nuclear Power, and Three Gorges Energy [6]