电力行业点评：用电需求放缓，风电表现亮眼

Investment Rating - The industry investment rating is "Synchronize with the market" and the rating change is maintained [2] Core Viewpoints - The report highlights that electricity demand is slowing down, while residential electricity demand remains strong under continuous high temperatures [4] - In February, the total electricity consumption increased by 8.6% year-on-year, with significant growth in the first and second industries, while residential electricity consumption decreased by 4.2% [7] - The report suggests investment strategies based on different power source attributes, recommending local thermal power companies in regions like the Yangtze River Delta and Pearl River Delta, as well as focusing on wind, water, and nuclear power companies [7] Summary by Sections - Electricity Demand Trends: In February, total electricity consumption reached 743.4 billion kWh, with the first industry growing by 10.2%, the second industry by 12.4%, and the third industry by 9.7%, while residential consumption fell by 4.2% [7] - Industrial Power Generation: In the first two months, industrial power generation was 14,921 billion kWh, showing a slight decline of 1.3%. Wind power generation increased by 10.4%, while thermal power saw a decline of 5.8% [7] - Investment Recommendations: The report recommends focusing on thermal power companies like Anhui Energy and Shenneng Co., wind power companies like Yunnan Energy Investment and Three Gorges Energy, and nuclear power companies like China General Nuclear Power and China National Nuclear Power [7]