电力行业数据点评：1-2月全社会用电量同比增长1.3%，风光发电保持较快增长

Investment Rating - The industry rating is "Overweight" [7] Core Insights - In January-February 2025, the total electricity consumption increased by 1.3% year-on-year, with a notable slowdown in growth primarily due to temperature effects [2] - The total electricity generation from large-scale power plants in January-February 2025 was 14,921 billion kWh, a decrease of 1.3% year-on-year, with varying performance across different energy sources [4] - The report emphasizes the long-term growth potential of electricity consumption driven by the transition to clean energy and the acceleration of electricity market reforms [5] Summary by Sections 1. Electricity Consumption Situation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, up 1.3% year-on-year, with a decline in growth rate of 9.7 percentage points [2] - Breakdown by industry: - Primary industry: 20.8 billion kWh, up 8.2% - Secondary industry: 9,636 billion kWh, up 0.9% - Tertiary industry: 2,980 billion kWh, up 3.6% - Urban and rural residential consumption: 2,740 billion kWh, up 0.1% [2] 2. Electricity Production Situation - Total electricity generation in January-February 2025 was 14,921 billion kWh, down 1.3% year-on-year, with a decline in growth rate of 9.6 percentage points [4] - Breakdown by energy source: - Hydropower: 1,461 billion kWh, up 4.5% - Thermal power: 10,214 billion kWh, down 5.8% - Nuclear power: 746 billion kWh, up 7.7% - Wind power: 1,776 billion kWh, up 10.4% - Photovoltaic power: 724 billion kWh, up 27.4% [4] 3. Investment Recommendations - Long-term outlook remains positive for electricity consumption due to the ongoing transition to clean energy and increased electrification [5] - Short to medium-term, the report suggests monitoring the performance of thermal power companies due to falling coal prices and changing supply-demand dynamics [5] - Recommended stocks include Huaneng International and Huaneng Hydropower, with a focus on companies with strong performance stability and high dividend rates [5]