电力及公用事业行业月报：城乡居民生活用电量增速持续提升，太阳能单月新增装机容量0.92亿千瓦-20250626

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry based on valuation levels, performance growth expectations, and development prospects [13]. Core Insights - The growth rate of electricity consumption in urban and rural households continues to rise, with a total electricity consumption of 8,096 billion kWh in May 2025, reflecting a year-on-year increase of 4.4% [5][23]. - The total installed capacity of solar power reached a monthly addition of 0.92 million kW in May 2025, with the share of wind and solar power installations reaching 45.77% by the end of May 2025 [6][40]. - The report highlights the strong performance of large hydropower companies as a long-term investment opportunity due to their stable profitability [13]. Summary by Sections Market Review - As of June 25, 2025, the electric power and utilities index increased by 0.75%, underperforming the CSI 300 index, which rose by 3.12% [9][17]. - The sub-industry performance rankings show gas (1.69%), hydropower (1.42%), and environmental and water services (0.97%) leading, while thermal power (-0.15%) and the grid sector (-3.35%) lagged [17]. Industry Supply and Demand - In May 2025, the total electricity consumption reached 8,096 billion kWh, with a cumulative total of 39,665 billion kWh from January to May, marking a 3.4% year-on-year growth [5][23]. - The industrial power generation in May 2025 was 7,378 billion kWh, a 0.5% increase year-on-year, with thermal power accounting for 65.60% of the total generation [5][33]. Installed Capacity - By the end of May 2025, the total installed capacity of the country reached 361 million kW, a year-on-year increase of 18.8%, with solar power capacity growing by 56.9% [40]. Coal and Natural Gas Market - In May 2025, the production of raw coal was 400 million tons, a year-on-year increase of 4.2%, while coal imports decreased by 17.7% [7][47]. - The price of thermal coal at northern ports was 610 yuan/ton, down 20.78% year-on-year [48]. Hydropower and Water Conditions - As of June 24, 2025, the inflow and outflow rates at the Three Gorges Dam were 16,500 m³/s and 17,500 m³/s, respectively, indicating a decrease in inflow compared to the same period in 2024 [12][66]. Regional Power Supply and Demand - In May 2025, Henan province's total electricity consumption was 34.924 billion kWh, a year-on-year increase of 3.81%, with hydropower generation increasing by 13.46% [13][72].