1-4月份新增发电装机以风光发电为主

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2][6] Core Viewpoints - The report highlights that the national economy continues to show a positive trend, with a GDP growth of 5.4% year-on-year in the first quarter. This economic growth is driving an increase in electricity demand, with total electricity consumption reaching 31,566 billion kilowatt-hours, a year-on-year increase of 3.1% [4] - In the first four months, the newly added power generation capacity was 14,052 megawatts, representing a year-on-year growth of 58.21%. The majority of this new capacity came from wind and solar power, indicating a shift towards green and low-carbon energy development [4][5] - The report suggests focusing on renewable energy companies such as Longyuan Power (001289) and Three Gorges Energy (600905) due to the rapid growth in clean energy generation [5] Summary by Sections Electricity Demand - In the first four months, electricity consumption by various sectors was as follows: primary industry 42.4 billion kilowatt-hours (up 10.0%), secondary industry 20,497 billion kilowatt-hours (up 2.3%), tertiary industry 5,856 billion kilowatt-hours (up 6.0%), and urban and rural residents' electricity consumption 4,789 billion kilowatt-hours (up 2.5%) [4] Power Generation Capacity - The newly added power generation capacity breakdown is as follows: thermal power 1,298 megawatts (9.2%), hydropower 265 megawatts (1.9%), wind power 1,996 megawatts (14.2%), and solar power 10,493 megawatts (74.7%) [4] Industrial Power Generation - The industrial power generation for the first four months was 29,839.6 billion kilowatt-hours, with the following year-on-year changes: thermal power -4.1%, hydropower +2.2%, wind power +10.9%, nuclear power +12.7%, and solar power +19.5% [5]