第34周：宁电入湘工程投运送电，7月水电降幅明显，高温天气推升用电负荷

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in electricity consumption due to high temperatures, with total electricity usage reaching 10,226 billion kWh in July, a year-on-year growth of 8.6% [3][80] - The "Ningdian into Hunan" project, China's first approved ultra-high voltage transmission line primarily for renewable energy, has commenced operation, enhancing electricity supply capabilities in Hunan [4][63] Summary by Sections Market Review - From August 18 to August 22, the environmental sector rose by 2.15%, the electricity sector by 1.51%, while the gas sector fell by 1.13%, against a 4.18% increase in the CSI 300 index [13][14] Industry Dynamics - In July, the electricity generation from major industries was 9,267 billion kWh, with a year-on-year increase of 3.1%. The growth rates for various energy sources were as follows: thermal power increased by 4.3%, wind power by 5.5%, solar power by 28.7%, while hydropower saw a decline of 9.8% [34][41] - The report notes that July's rainfall was 6.2% below the historical average, impacting water resource availability and consequently hydropower generation [35][40] Investment Recommendations - The report recommends investing in the thermal power sector, specifically suggesting Jiangsu Guoxin, while cautiously recommending Sheneng Co. and Zhejiang Energy. It also advises attention to Funiu Co. and Huadian International [5] - For the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power. In the green energy sector, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [5]