公用事业行业：10月电力数据点评-水电发电量降幅扩大，用电量增速下降

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating a positive outlook for the industry [3][8]. Core Insights - The report highlights a significant increase in renewable energy installations, with wind power adding 45.8 GW (up 23% year-on-year) and solar power adding 181.3 GW (up 27% year-on-year) from January to October 2023 [3][8]. - Total electricity consumption in China reached 81,836 billion kWh, reflecting a year-on-year growth of 7.6% [3][8]. - The report notes a high growth trend in wind and solar installations in October, with new installations of 6.68 GW and 20.42 GW respectively, marking increases of 74.4% and 49.9% year-on-year [3][8]. - The cumulative installed capacity for wind and solar energy reached 486.17 GW and 793.11 GW respectively by the end of October, with year-on-year growth rates of 20.3% and 48.0% [3][8]. - The report anticipates that renewable energy installations will continue to rise, with wind power expected to add 90 GW (up 16.5% year-on-year) and solar power projected to reach 240 GW (up 8.8% year-on-year) in 2023 [3][8]. Summary by Sections Electricity Generation - In October, the total industrial electricity generation was 731 billion kWh, with a year-on-year growth of 2.1%, a slowdown of 3.9 percentage points compared to September [3][8]. - The growth rates for different energy sources in October were as follows: thermal power increased by 1.8%, hydropower decreased by 14.9%, nuclear power grew by 2.2%, wind power surged by 34.0%, and solar power rose by 12.6% [3][8]. - The report indicates that the decrease in hydropower generation is primarily due to lower water inflow, with natural water flow in the Yangtze River basin being 31% below the historical average for October [3][8]. Investment Recommendations - The report suggests a favorable outlook for thermal power due to policy support, continuous performance improvement, and potential valuation increases [3][8]. - Long-term prospects are positive for hydropower and nuclear power sectors, which are characterized by high earnings certainty and strong dividend capabilities [3][8]. - Specific stocks to watch include Huaneng International, Anhui Electric Power, Chuanwei Energy, Yangtze Power, and China General Nuclear Power [3][8].