电力月报：多地发布“136”号文衔接机制，风光抢装潮持续-20250606

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Insights - The report highlights the implementation of the "136" document mechanism in multiple regions, leading to a surge in renewable energy installations. The specific measures vary across regions, impacting the development of new energy projects significantly [3][8] - The report anticipates that the domestic electricity sector may experience profit improvement and value reassessment following several rounds of supply-demand tensions. Despite a gradual easing of supply-demand conflicts, some economically developed areas still face regional supply shortages [4][10] Summary by Sections Monthly Special Topic - The "136" document has been implemented in Shandong, Guangdong, and Inner Mongolia, with varying measures affecting the protection of existing projects and the execution of new projects [9][10] Monthly Sector and Key Listed Company Performance - In May, the electricity and public utilities sector rose by 2.3%, outperforming the broader market, while the Shanghai and Shenzhen 300 index increased by 1.8% [11][14] Monthly Electricity Demand Analysis - In April 2025, total electricity consumption reached 772.1 billion kWh, with a year-on-year growth of 4.7%. The growth rates for different sectors were 13.8% for primary industry, 3.0% for secondary industry, and 9.0% for tertiary industry [16][19] Monthly Electricity Production Analysis - In April 2025, total electricity generation was 711.1 billion kWh, with a year-on-year increase of 0.9%. Notably, wind and solar power generation saw significant growth of 12.7% and 16.7%, respectively [38][39] Monthly Electricity Market Data Analysis - The average purchase price of electricity in June was 385.80 yuan/MWh, showing a decrease of 1.02% month-on-month and 2.78% year-on-year [4] Investment Strategy and Valuation of Major Listed Companies - The report suggests that coal-electricity integrated companies and national coal-electricity leaders are likely to benefit from the current market conditions. Specific companies mentioned include Xinji Energy, Shaanxi Energy, and Huaneng International [4][10]