公用事业行业一月行业动态报告：业绩预告陆续发布，火电24Q4表现相对较好

Investment Rating - The report maintains a "Buy" rating for the utility sector [1] Core Insights - The report highlights that by the end of 2024, the total installed capacity of wind power reached 520.68 GW, a year-on-year increase of 18.0%, while solar power capacity reached 886.66 GW, increasing by 45.2% [52][53] - The overall electricity consumption in 2024 was 98,521 billion kWh, reflecting a year-on-year growth of 6.8% [55] - The report emphasizes the significant growth in new energy installations, with over 350 GW added in 2024, marking a historical high with a year-on-year growth of 22.2% [53] Industry News - The National Development and Reform Commission and the National Energy Administration issued a plan to enhance the power system's regulation capacity by 2027, aiming for an annual addition of over 200 GW of new energy [6] - The implementation of the "Distributed Photovoltaic Management Measures" is expected to lead to a phase of rapid installations due to the clear distinction between new and existing projects [57][58] Industry Data - In December 2024, the total electricity generation was 8,462 billion kWh, with a year-on-year increase of 0.6% [54] - The average utilization hours of power generation equipment in major power plants decreased to 3,442 hours, a reduction of 157 hours compared to the previous year [29] Operational Data and Performance Overview - The report indicates that the average electricity price for related companies in Q4 2024 saw a slight decline due to falling coal prices and pressure on new energy pricing [40] - The performance of various power generation types in Q4 2024 showed significant growth in hydropower and nuclear power, while thermal power experienced a decline [42] Investment Recommendations and Stock Pool - The core investment recommendations include companies such as China General Nuclear Power, Sichuan Investment Energy, and Zhejiang Energy, which have shown strong performance against the industry index [82] - The report suggests focusing on water and nuclear power sectors, which are less affected by price declines, while also considering thermal power companies that are expected to perform well in Q4 2024 [84]