电力及公用事业行业月报：2月以来三峡水情回暖，陆丰核电1号机组全面开工

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector based on industry valuation levels, performance growth expectations, and development prospects [11][48]. Core Insights - The power and utilities sector is characterized by its stable performance and defensive nature, with significant growth in profitability expected in 2024 compared to the high base of 2023 [48]. - The sector is currently experiencing a favorable environment for large hydropower and nuclear power enterprises, which are noted for their robust profitability and high dividend yields [48]. - The report highlights the ongoing construction and commissioning of new energy projects, including the TB and Hard Beam hydropower stations and the launch of the Zhangzhou nuclear power plant [48]. Market Review - As of February 25, 2025, the CITIC Power and Utilities Index increased by 0.58%, underperforming the CSI 300 Index, which rose by 2.84%, resulting in a 2.26 percentage point lag [3][14]. - The coal prices have seen a significant decline, with the Qinhuangdao port's Shanxi-produced thermal coal (Q5500) closing at 708 RMB/ton, down 5.98% for the month and 7.45% year-to-date [3][18]. - International natural gas prices have surged, with the NYMEX natural gas futures closing at 3.98 USD/MMBtu, reflecting a 29.52% increase for the month [4][23]. Industry Chain Volume and Price - The average coal inventory at major ports increased significantly, totaling 74.99 million tons as of February 24, 2025, with a month-on-month increase of 6.466 million tons [3][22]. - The report notes a rise in the Yangtze River's inflow and outflow rates, with inflow at 7,100 cubic meters per second and outflow at 8,510 cubic meters per second, indicating a year-on-year increase of 13.36% and 22.82%, respectively [5][29]. Power Market Data - The top three regions for proxy electricity purchase prices as of February 2025 are Guangdong (511.3 RMB/MWh), Hainan (489.734 RMB/MWh), and Shandong (473.6 RMB/MWh) [6][30]. - In January 2025, Henan's total electricity consumption was 37.824 billion kWh, a year-on-year decrease of 3.49% [11][33]. Supply and Demand Situation - In January 2025, Henan's total power generation was 33.377 billion kWh, down 3.95% year-on-year, with hydropower generation increasing by 18.57% to 1.198 billion kWh [11][35]. - The installed capacity in Henan reached 15,072 MW by the end of January 2025, with significant contributions from solar and wind energy [11][37]. Industry and Company News - The report discusses various industry developments, including the implementation of new energy pricing reforms and the construction of new power plants, which are expected to enhance the sector's growth prospects [39][42]. - Notable company announcements include the construction of the Guangdong Lufeng nuclear power plant and the issuance of mid-term notes by major power companies [49][50].