新能源发电增速加快，各省现货推进

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - Thermal power remains the most promising yet divisive sector, with notable performance differences between northern and southern thermal power [3][4] - April power generation growth was 0.9%, while electricity consumption grew by 4.7% [4] - The report highlights a significant increase in new energy supply from the Western Inner Mongolia grid, with daily average clearing of 350 million kWh, a year-over-year increase of 31% [4] Summary by Sections Power Generation and Consumption - In April, industrial power generation reached 711.1 billion kWh, a year-over-year increase of 0.9%, while total electricity consumption was 772.1 billion kWh, up 4.7% [4] - The year-over-year changes for different power sources in April were: thermal power -2.3%, hydro -6.5%, nuclear +12.4%, wind +12.7%, and photovoltaic +16.7% [4] Market Dynamics - Coal prices continue to decline, and the profit growth for the thermal power industry in Q2 is expected to be promising [3][4] - The average spot clearing price in the market dropped from RMB 0.344/kWh in January to RMB 0.153/kWh in April, indicating a significant price reduction [4] Provincial Market Developments - Shanghai is advancing its power spot market with plans for daily continuous trading and expansion of green power trading participants [4] - Chongqing aims to transition to continuous settlement trials in its power spot market by the end of 2025, having conducted multiple trial runs since 2022 [4]