Dongguan Securities·2025-08-29 09:39Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [48]. Core Insights - The monthly electricity consumption has surpassed 1 trillion kilowatt-hours for the first time, indicating strong electricity demand [1]. - The public utility index has increased by 2.0% in the last two weeks, underperforming the CSI 300 index by 5.0 percentage points, ranking 25th among 31 industries [4][11]. - The report highlights significant growth in electricity consumption across various sectors, with the first industry growing by 20.2%, the second by 4.7%, the third by 10.7%, and urban and rural residents' consumption by 18.0% [43]. Summary by Sections 1. Market Review - As of August 28, the public utility index has risen by 0.7% year-to-date, lagging behind the CSI 300 index by 12.7 percentage points, ranking 29th among 31 industries [4][11]. - Among the sub-sectors, the photovoltaic power sector saw an increase of 8.9%, while the thermal power sector rose by 4.5% [12]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.1 times, with the thermal power sector at 12.3 times and the gas sector at 16.0 times [19][20]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) is 630 yuan/ton, up 0.6% from the previous value, while the average price of Qinhuangdao port thermal coal (Q5500) is 699 yuan/ton, up 3.5% [32]. 4. Key Company Announcements - Notable announcements include South Network Energy reporting a revenue of 1.603 billion yuan, up 21.13%, and a net profit of 214 million yuan, up 4.48% [41]. 5. Key Industry News - The National Energy Administration reported that total electricity consumption reached 10,226 billion kilowatt-hours in July, a year-on-year increase of 8.6% [43]. - The government is pushing for high-quality urban development and energy efficiency improvements [44]. 6. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power, which are expected to benefit from lower coal prices and improved profitability [43].