1-7月风光新增装机加快，全国累计发电装机达36.7亿千瓦

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights that from January to July, the new installed capacity for wind and solar energy has accelerated, with the total installed power generation capacity reaching 3.67 billion kilowatts, a year-on-year increase of 18.2% [6] - The report emphasizes the ongoing construction of a unified national electricity market, which is expected to accelerate the revaluation of electricity asset values [8] Summary by Sections Industry Performance - The public utility sector (Shenwan) rose by 1.89% this week, underperforming the market by 2.29 percentage points, ranking 23rd among Shenwan's primary industries [3] - The sub-sectors showed varied performance, with heating services up by 5.46%, photovoltaic power up by 4.84%, and thermal power up by 3.38% [3] Key Data Tracking - The report notes a continued rise in spot coal prices week-on-week, with inventory levels increasing [4][7] - Domestic natural gas prices fell week-on-week, with the national LNG ex-factory price at 4099 RMB/ton, a decrease of 73 RMB/ton [5] Industry Dynamics - The report states that the total installed capacity for solar power reached 1.11 billion kilowatts, a year-on-year increase of 50.8%, while wind power capacity reached 570 million kilowatts, up 22.1% [6] Investment Recommendations - The report recommends focusing on three main lines: hydropower stocks with stable fundamentals benefiting from the unified electricity market, thermal power stocks with improving performance due to cost reductions, and green energy projects with stable profitability [8] - Specific stock recommendations include Changjiang Electric Power, Huaneng Hydropower, Huaneng International, Jingneng Electric Power, and Funiu Co., Ltd. [8]