电力及公用事业行业月报：七月单月用电量突破万亿千瓦时，红利资产仍具长期价值-20250827

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry [1][7]. Core Insights - In July 2025, the total electricity consumption reached 10,226 billion kWh, marking an 8.6% year-on-year increase, with a growth rate improvement of 3.2 percentage points compared to June 2025 [4][21]. - The report highlights the long-term value of dividend assets, particularly large hydropower enterprises, suggesting a focus on their stable profitability for long-term investments [7]. Summary by Sections 1. Market Review - The electric power and utilities index underperformed the market in August 2025, with a 4.78% increase compared to a 9.66% rise in the CSI 300 index, resulting in a 4.88 percentage point lag [7][14]. - Among sub-industries, the rankings for August 2025 were led by heating or others (8.89%), environmental protection and water services (8.52%), and electric grid (7.91%) [14]. 2. Industry Supply and Demand 2.1. Electricity Consumption - In July 2025, the electricity consumption growth rate was 8.6%, with urban and rural residential electricity consumption growing by 18% [4][21]. - Cumulative electricity consumption from January to July 2025 was 58,633 billion kWh, reflecting a 4.5% year-on-year increase [4][21]. 2.2. Electricity Supply - The industrial electricity generation in July 2025 was 9,267 billion kWh, a 3.1% year-on-year increase, with growth accelerating by 1.4 percentage points compared to June 2025 [4][27]. - The report notes that the share of coal-fired power generation was 64.79%, while hydropower accounted for 12.63% of total industrial generation from January to July 2025 [28]. 2.3. Industry Chain Volume and Price - In July 2025, the output of industrial raw coal was 38 million tons, a decrease of 3.8% year-on-year, while coal imports fell by 22.9% [5][43]. - Coal prices have been recovering, with the northern port thermal coal price reaching 700 RMB/ton, a monthly increase of 7.69% [5][46]. 3. Henan Province Monthly Electricity Supply and Demand - In July 2025, Henan's total electricity consumption was 53.173 billion kWh, a year-on-year increase of 27.95% [68]. - The province's electricity generation also saw a significant increase of 33.12% year-on-year, with solar power generation rising by 70.21% [72][76]. 4. Industry and Company News - The report mentions that on August 4, 2025, Henan's total electricity load exceeded 90 million kW for the first time in history [78]. - On August 7, 2025, the State Grid Corporation successfully issued 10 billion RMB in offshore RMB bonds, marking a significant milestone for state-owned enterprises [84].