电力设备行业动态点评报告：10月电力数据：风电出力环比加快，用电增速环比放缓

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - In October, the power generation maintained steady growth, with industrial power generation reaching 731 billion kWh, a year-on-year increase of 2.1% [1] - The total electricity consumption in October was 774.2 billion kWh, also reflecting a year-on-year growth of 4.3%, although the growth rate decreased by 4.22 percentage points compared to the previous month [1] - Wind power generation saw a significant increase of 34.0% year-on-year in October, accelerating by 2.4 percentage points compared to September [1] Summary by Sections Power Generation Data - In October, the growth rates for various power generation types were as follows: - Thermal power increased by 1.8%, down 7.1 percentage points from September - Hydropower decreased by 14.9%, with the decline widening by 0.3 percentage points - Nuclear power grew by 2.2%, down 0.6 percentage points from September - Wind power surged by 34.0%, up 2.4 percentage points from September - Solar power increased by 12.6%, down 0.1 percentage points from September [1] Electricity Consumption Data - The breakdown of electricity consumption in October showed: - Primary industry consumption was 10.6 billion kWh, a year-on-year increase of 5.1%, with a month-on-month decline of 1.26 percentage points - Secondary industry consumption was 533.7 billion kWh, a year-on-year increase of 2.7%, with a month-on-month decline of 0.85 percentage points - Tertiary industry consumption was 136.7 billion kWh, a year-on-year increase of 8.4%, with a month-on-month decline of 4.26 percentage points - Urban and rural residential electricity consumption was 93.2 billion kWh, a year-on-year increase of 8.1%, with a month-on-month decline of 19.70 percentage points [1] Investment Recommendations - The report suggests maintaining a "Recommended" rating for the industry, highlighting steady growth in electricity demand across various sectors, despite a slowdown in growth rates [1] - Specific companies to watch include: - Thermal and new energy companies: Huaneng International, Huadian International, Guodian Power, and Datang Power - Hydropower sector: Huaneng Hydropower, Guotou Power, Chuanwei Energy, and Yangtze Power - Nuclear power sector: China Nuclear Power and China General Nuclear Power [1]