公用事业行业2025年投资策略：成长性，高股息，多元化投资机会

Investment Rating - The report maintains a positive investment outlook for the utility sector, highlighting growth potential, high dividend yields, and diversified investment opportunities for 2025 [1][2]. Core Insights - The report indicates that the coal price in Qinhuangdao decreased by 115 CNY/ton year-on-year in 2024, leading to improved cost structures for thermal power companies. The thermal power sector is expected to show positive trends in electricity volume, pricing, and costs in 2025, indicating growth potential. The hydropower and nuclear sectors are characterized by stable operations and strong cash flows, maintaining high dividend values. The deepening of domestic electricity market reforms is anticipated to create diversified investment opportunities across the sector [4][5]. Summary by Sections 2024 Industry Review - The utility sector demonstrated defensive capabilities with significant dividend assets. The overall revenue for the electricity sector in the first three quarters of 2024 was 1,462.8 billion CNY, a year-on-year decrease of 1.4%, while net profit attributable to shareholders increased by 9.0% to 160.6 billion CNY. The profitability of the electricity sector improved due to a decline in coal prices [15][18]. 2025 Industry Investment Strategy - Thermal Power: The report forecasts stable comprehensive electricity prices for thermal power in 2025, with coal prices expected to trend downward. The utilization hours for thermal power are projected to increase steadily [4][5]. - Hydropower: The sector is expected to attract incremental capital due to its high dividend value in a low-interest-rate environment. The hydropower sector achieved a cumulative return of 23.1% by the end of 2024, outperforming the broader market [4][5]. - Nuclear Power: The approval of new projects is accelerating, with a stable growth outlook for nuclear power companies. The cumulative return for China Nuclear Power and China General Nuclear Power reached 43.2% and 36.9%, respectively, in 2024 [4][5]. - Green Energy: The report highlights the recovery of installed capacity development and the deepening of electricity market reforms, which are expected to enhance the investment value of green energy companies [4][5]. Recommended Investment Targets - The report recommends focusing on high-elasticity thermal power companies and quality green energy firms with significant subsidy proportions. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [4][5].