公用事业行业双周报（2025、5、9-2025、5、22）：4月份全社会用电量同比增长4.7%-20250523

Investment Rating - The report maintains an "Overweight" rating for the utility sector, expecting the industry index to outperform the market index by more than 10% in the next six months [48]. Core Insights - In April, the total electricity consumption in the country increased by 4.7% year-on-year, with the secondary industry consuming 528.5 billion kWh, up 3.0% year-on-year, and the tertiary industry consuming 139.0 billion kWh, up 9.0% year-on-year [5][42]. - The Shenyin Wanguo Utility Index rose by 2.1% in the last two weeks, outperforming the CSI 300 Index by 0.6 percentage points, ranking 10th among 31 Shenwan industries [5][12]. - The installed power generation capacity reached 3.49 billion kW by the end of April, a year-on-year increase of 15.9%, with solar power capacity at 990 million kW, up 47.7% year-on-year [5][45]. Market Review - The Shenyin Wanguo Utility Index's sub-sectors all saw increases, with hydropower up 4.8%, thermal services and photovoltaic power both up 1.2%, and gas up 0.7% [5][14]. - Among the 131 listed companies in the index, 61 saw stock price increases, with Leshan Electric, Langfang Development, and Hunan Development leading with gains of 41.2%, 28.8%, and 26.8% respectively [5][16]. Industry Valuation - As of May 22, the utility sector's price-to-earnings (P/E) ratio is 18.7 times, with the photovoltaic sector at 736.9 times and thermal services at 30.9 times [20][21]. - The P/E ratios for various sub-sectors include hydropower at 21.5 times, wind power at 21.3 times, gas at 18.9 times, and thermal power at 12.1 times [20][21]. Industry Data Tracking - The average price of Shanxi Yulin block coal (Q6000) was 570 yuan/ton, down 3.6% from the previous value, while the average price of Qinhuangdao port coal (Q5500) was 621 yuan/ton, down 4.6% [31][34]. - The coal inventory at Qinhuangdao port averaged 7.54 million tons, an increase of 7.3% from the previous value [34]. Key Industry News - A "Zero Carbon Industrial Park Standard Seminar" was held on May 12, with guidelines for zero-carbon construction expected to be reviewed and approved this year [5][40]. - The National Energy Administration reported that total electricity consumption in April was 772.1 billion kWh, with significant growth in various sectors [5][42].