电力行业10月月报：二产用电增速持续走低，国家能源局发文规范电力交易

Investment Rating - The investment rating for the power industry is optimistic [2]. Core Insights - The report highlights the "Three-Step" strategy for the development of a unified national electricity market, aiming for completion by 2025, which is one year ahead of previous targets [12][13]. - The report emphasizes the accelerated entry of renewable energy into the market, with a focus on large-scale renewable energy bases [14]. - The value of regulatory resources is increasingly prominent, and renewable energy still requires green value certification [15]. Monthly Sector and Key Listed Company Performance - In November, the power and utilities sector declined by 2.2%, underperforming the broader market, which saw the CSI 300 index rise by 0.7% [18]. - The top three performing companies in the power sector for November were Zhongmin Energy (up 4.58%), Guangzhou Development (up 3.90%), and Fuyuan Co. (up 0.75%) [20]. Monthly Power Demand Analysis - In October 2024, total electricity consumption reached 774.2 billion kWh, with a year-on-year growth of 4.33%, a decrease of 4.19 percentage points from September [22]. - The electricity consumption growth rates for the primary, secondary, and tertiary industries were 5.06%, 2.72%, and 8.36%, respectively, with residential electricity consumption growing by 8.07% [25]. Monthly Power Supply Analysis - In October 2024, the national power generation increased by 2.10%, with thermal power generation growing by 1.80% and hydropower generation decreasing by 14.90% [3]. - The average utilization hours for power generation equipment from January to October 2024 were 2880 hours, a decrease of 4.27% year-on-year [3]. Monthly Power Market Data Analysis - The average purchase price of electricity in December was 408.76 yuan/MWh, remaining stable month-on-month but increasing by 0.12% year-on-year [3]. Industry News - The National Energy Administration issued a notice to further standardize electricity market trading behaviors [4]. Investment Strategy and Key Listed Company Valuation - The report suggests that the power sector is expected to see profit improvement and value reassessment due to ongoing electricity supply-demand tensions [5]. - Key beneficiaries identified include integrated coal and electricity companies, national coal power leaders, and regional power supply leaders [5].