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

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector 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 showed the highest growth in electricity consumption, with a year-on-year increase of 13.8% in April 2025 [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% [33][39]. Summary by Sections 1. Market Review - The power and utilities index outperformed the market in May 2025, rising by 3.40%, exceeding the Shanghai and Shenzhen 300 index by 1.03 percentage points [7][13]. 2. Industry Supply and Demand 2.1 Electricity Consumption - In April 2025, the first industry's electricity consumption was 110 billion kWh, up 13.8% year-on-year. The second industry's consumption was 5,285 billion kWh, up 3.0%, and the third industry's consumption was 1,390 billion kWh, up 9.0% [20][19]. 2.2 Electricity Supply - In April 2025, the industrial power generation was 711.1 billion kWh, a year-on-year increase of 0.9%. The share of thermal power generation was 66.46%, while wind and solar power generation increased by 12.7% and 16.7%, respectively [25][26]. 3. Industry and Company News - The report highlights the acceleration of nuclear power approvals and suggests a long-term focus on profitable large-scale hydropower and nuclear power companies [9][10][19].