6月用电量较好，旺季部分区域电价或上涨

Investment Rating - The report suggests a long-term buy on thermal power, particularly during market style adjustments [1]. Core Insights - Electricity demand continues to rise, with June's total electricity consumption reaching 867 billion kWh, a year-over-year increase of 5.4% [4]. - The report anticipates a rebound in coal prices, particularly in Qinhuangdao, and expects improved Q3 performance for the industry due to rising thermal power electricity growth and prices [4]. - The National Energy Administration reported that the total installed capacity by the end of June was 3.65 billion kW, reflecting a year-over-year increase of 18.7% [4]. Summary by Sections Electricity Consumption - In June, total electricity consumption was 867 billion kWh, with secondary and tertiary industry consumption at 548.8 billion kWh and 175.8 billion kWh, showing year-over-year increases of 3.2% and 9% respectively [4]. - Residential electricity consumption reached 129.1 billion kWh, up 10.8% year-over-year [4]. Power Generation - June's power generation was 796.3 billion kWh, a year-over-year increase of 1.7% [4]. - From January to June, total power generation was 4,537.1 billion kWh, reflecting a year-over-year increase of 0.8% [4]. Installed Capacity and Investment - By the end of June, the total installed capacity was 3.65 billion kW, with hydro, thermal, nuclear, wind, and solar power showing year-over-year increases of 3%, 4.7%, 4.9%, 23%, and 54% respectively [4]. - Power engineering investment reached RMB 363.5 billion, a year-over-year increase of 5.9%, while grid investment was RMB 291.1 billion, up 14.6% year-over-year [4]. Storage Development - Gansu province is developing storage capacity, with new grid storage reaching 6 million kW, which is 5% of the 70 million kW of wind and solar capacity [4]. - Gansu's new storage capacity is 6.07 million kW and 14.03 million kWh, reflecting a year-over-year increase of 65.6% [4]. Policy Changes - Liaoning's new power reform policy includes a capacity market where coal power and grid storage receive fixed capacity price compensation [4]. - The spot market has a bid cap of RMB 1.1/kWh and a clearing cap of RMB 1.5/kWh, with adjustments for existing and new projects [4].