电力及公用事业行业月报：4月第一产业用电量增速最高，核电及新能源发电量增速较快-20250527

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry based on industry valuation levels, performance growth expectations, and development prospects [9][10][19]. Core Insights - In April 2025, the total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%. For the first four months of 2025, total electricity consumption was 3,156.6 billion kWh, up 3.1% year-on-year [2][19]. - The first industry saw the highest growth in electricity consumption, with a year-on-year increase of 13.8% in April 2025 [19][20]. - As of April 2025, the installed capacity of wind and solar power accounted for 43.97%, while the installed capacity of thermal power decreased to 41.73% [2][33]. Summary by Sections Market Review - The electric power and utilities index outperformed the market, rising 3.40% as of May 26, 2025, compared to a 2.37% increase in the CSI 300 index [7][13]. - Among sub-industries, environmental protection and water services led with a 4.63% increase, followed by thermal power at 4.17% [13]. Industry Supply and Demand - In April 2025, the industrial electricity generation was 711.1 billion kWh, a 0.9% year-on-year increase, with a cumulative generation of 2,984 billion kWh for the first four months, reflecting a 0.1% growth [2][25]. - The share of thermal power generation was 66.46%, while wind and solar power generation increased by 12.7% and 16.7%, respectively [26][25]. Coal Market - In April 2025, the output of industrial raw coal was 39 million tons, a year-on-year increase of 3.8%, while coal imports decreased by 16.4% [3][39]. - The price of thermal coal at northern ports was 615 RMB/ton, down 6.82% from the previous month [41]. Natural Gas Market - The production of industrial natural gas increased by 8.1% year-on-year in April 2025, while imports decreased by 6.1% [8][53]. - The price of liquefied natural gas in China was 4,401.1 RMB/ton, a decrease of 1.33% [57]. Hydrology of the Three Gorges - As of May 23, 2025, the inflow and outflow rates at the Three Gorges were 9,800 m³/s and 11,400 m³/s, respectively, with both rates lower than the same period in 2024 [59]. Provincial Electricity Supply and Demand - In April 2025, Henan province's total electricity consumption was 32.35 billion kWh, a year-on-year increase of 6.83% [62]. - The total generation in Henan was 28.44 billion kWh, with wind power generation increasing by 51.58% year-on-year [64].