电力及公用事业行业月报：10月用电量增速回落，风光装机占比首超40%

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry based on industry valuation levels, performance growth expectations, and development prospects [7]. Core Insights - In October, electricity consumption growth slowed to 4.3%, down 4.2 percentage points from September, with total electricity consumption for the first ten months reaching 81,836 billion kWh, a year-on-year increase of 7.6% [3][23]. - The installed capacity of wind and solar power exceeded 40% for the first time, while the share of thermal power decreased to 44.64% [3][30]. - The report highlights investment opportunities in the hydropower and nuclear power sectors, focusing on companies with stable performance and high dividend yields [7]. Summary by Sections Market Review - The electric power and utilities index experienced a decline of 2.01% as of November 28, underperforming the CSI 300 index by 1.53 percentage points [2][17]. - In November, the sub-industry performance ranked as follows: gas (3.45%), heating or others (1.65%), environmental protection and water services (0.85%), hydropower (-0.92%), other generation (-4.46%), thermal power (-5.20%), and grid (-6.72%) [17]. Supply and Demand Situation - In October, the total electricity generation was 7,310 billion kWh, a year-on-year increase of 2.1%, with thermal power accounting for 67.23% of the total generation for the first ten months [30]. - The report notes that the production of coal and natural gas is increasing, with coal production in October reaching 410 million tons, a year-on-year increase of 4.6% [4][5]. Industry and Company News - The report emphasizes the importance of monitoring the hydropower and nuclear power sectors for potential investment opportunities due to their stable performance and high dividend yields [7]. Investment Rating and Main Lines - The report suggests a long-term perspective on investment opportunities in leading companies within the hydropower and nuclear power sectors, given their robust performance and attractive dividend yields [7].