Investment Rating - The investment rating for the industry is "Overweight" [4] Core Views - The industrial power generation volume in July increased by 3.1% year-on-year, indicating a recovery in power production [3] - The implementation of Gansu's "Document 136" has established a market-oriented pricing mechanism for renewable energy, with a stock price of 0.3078 yuan/kWh [3][42] - The overall valuation of the public utility sector has slightly decreased, with the industry index PE (TTM) at 17.38 times, down from 17.51 times the previous week [25] Market Performance - The public utility sector index fell by 0.55% during the week of August 11-15, underperforming compared to the Shanghai Composite Index by 2.24 percentage points [2][13] - The individual stock performance showed significant gains for companies like Fuan Energy (+28.72%) and Hongtong Gas (+15.80%), while companies like Huayin Power (-9.44%) and Xinzhu Co. (-8.79%) faced declines [31][31] Industry Dynamics - The total industrial power generation for July reached 926.7 billion kWh, with a notable increase in thermal and solar power generation [37] - Gansu's new pricing mechanism for renewable energy projects aims to stabilize the market and improve project profitability [38][42] - The implementation of demand response subsidies in Guangzhou aims to enhance the efficiency of power supply and demand management [46] Key Data Tracking - As of August 15, the price of Shanxi mixed coal (5500) was 695 yuan/ton, reflecting a week-on-week increase of 2.51% [53] - The trading volume of green certificates for wind and solar power reached 14.22 and 12.26 thousand respectively during the week of August 11-17 [56] - The national CEA trading volume for the week was 93.0 million tons, with an average transaction price of 72.30 yuan/ton [58]
行业周报：7月规上发电量+3.1%，甘肃正式出台136号文落地实施方案-20250819
Great Wall Securities·2025-08-19 03:52