电力行业12月月报：12月用电增速企稳回升，分布式光伏管理办法正式发布

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The overall electricity consumption growth rate in December stabilized and rebounded, with the management measures for distributed photovoltaic officially released [2][4] - The electricity demand growth in 2024 is expected to be driven by high-tech manufacturing and consumption sectors, while high-energy-consuming industries may experience fluctuations [4][12] - The report anticipates that macro policies will support the expansion of high-tech industries and the recovery of high-energy-consuming sectors in 2025 [12] Monthly Electricity Demand Analysis - In December 2024, the total electricity consumption reached 883.5 billion kWh, with a year-on-year growth of 3.27% [17] - The growth rates for the primary, secondary, and tertiary industries in December were 7.69%, 2.24%, and 5.30%, respectively, while residential electricity consumption grew by 5.01% [19] - The overall electricity consumption growth showed a "high first, low later" trend throughout the year, influenced by base effects and economic activities [9][10] Monthly Electricity Supply Analysis - In December 2024, the total electricity generation was 846.24 billion kWh, with a year-on-year increase of 0.60% [42] - The generation from thermal power decreased by 2.60%, while solar power generation increased significantly by 28.50% [42] - The report highlights a shift towards renewable energy sources, with solar and wind power showing substantial growth [42][43] Investment Strategy and Key Listed Companies - The report suggests that the electricity sector is likely to see profit improvement and value reassessment due to past supply-demand tensions [6] - Key beneficiaries identified include coal-electricity integrated companies such as Xinji Energy and Shaanxi Energy, as well as national coal-electric leaders like Guodian Power and Huaneng International [6] - The report emphasizes the potential for improved performance among electricity operators due to favorable policies and market conditions [6]