4月电力数据：光伏出力环比加快，用电增速同比+4.7%

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Views - In April, the electricity production showed steady growth, with industrial power generation reaching 711.1 billion kWh, a year-on-year increase of 0.9%. The average daily generation was 23.7 billion kWh. From January to April, the total industrial power generation was 298.4 billion kWh, with a year-on-year growth of 0.1% [5] - The electricity consumption in April increased by 4.7%, totaling 772.1 billion kWh, with a cumulative total of 3156.6 billion kWh from January to April, reflecting a year-on-year growth of 3.1% [5] - The first industry saw a significant increase in electricity consumption, with a year-on-year growth of 13.8% in April, while the second and third industries grew by 3.0% and 9.0%, respectively [5] Summary by Sections Electricity Generation - In April, the growth rates varied by energy source: coal power decreased by 2.3%, hydropower fell by 6.5%, nuclear power grew by 12.4%, wind power increased by 12.7%, and solar power surged by 16.7% [5] Electricity Consumption - The breakdown of electricity consumption in April showed that the first industry consumed 11 billion kWh, the second industry consumed 528.5 billion kWh, the third industry consumed 139 billion kWh, and residential consumption was 93.6 billion kWh [5] Investment Recommendations - The report suggests focusing on companies in the thermal and renewable energy sectors such as Huaneng International, Huadian International, Guodian Power, and Datang Power. For hydropower, recommended companies include Huaneng Hydropower, Guotou Power, Chuan Investment Energy, and Yangtze Power. In the nuclear power sector, China National Nuclear Power and China General Nuclear Power are highlighted [5]