公用事业行业周报：10月用电增速回落，海风建设持续加速，新兴固废再利用技术日趋成熟

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [4] Core Insights - The report highlights a decline in electricity consumption growth in October, with a total electricity consumption of 774.2 billion kWh, representing a year-on-year growth of 4.3%, down 4.2 percentage points from September [2][17] - China's offshore wind power has reached a cumulative installed capacity of 39.1 million kW, maintaining its position as the global leader, with expectations to exceed 45 million kW by the end of the year [2][31] - Emerging solid waste recycling technologies are maturing, with an estimated 1.7 billion tons of industrial solid waste being utilized in the first three quarters of the year [2][36] Summary by Sections Market Review - From November 18 to November 22, the electricity and environmental sectors saw declines of 0.71% and 0.07%, respectively, while the water and gas sectors increased by 0.22% and 0.52% [11][12] Industry Insights - October's electricity consumption growth has slowed, with the first, second, and third industries growing by 5.1%, 2.7%, and 8.4% year-on-year, respectively [17][18] - The average temperature in October was 11.7°C, which is 1.0°C higher than the historical average, contributing to the decline in electricity demand [18] - The offshore wind power sector is projected to reach a total installed capacity of 200 million kW by 2030, with an estimated total investment of approximately 2.6 trillion yuan [31][47] Industry Dynamics - The report notes that Zhejiang province added 10.37 million kW of wind and solar power capacity in the first ten months of the year, marking a significant milestone [44] - The report also mentions the approval of 97 fixed asset investment projects by the National Development and Reform Commission, totaling an investment of 916 billion yuan [44] Investment Recommendations - The report suggests focusing on companies in the water and electricity sectors, such as Changjiang Electric Power and Qianyuan Electric Power, while being cautious with others like Guotou Power and Huaneng Hydropower [2] - In the solid waste sector, companies like Yongxing Co., Sanfeng Environment, and Huanlan Environment are highlighted as potential investment opportunities [2]