行业周报：市值考核推动增持，提分红，行业价值实现-20250829

Investment Rating - The report suggests a positive outlook for the utility sector, indicating potential for increased dividends and capital expenditure reductions, which could lead to share buybacks [2][5]. Core Insights - The report highlights that the surge in electricity consumption by 8.6% in July 2025 is expected to continue into Q3, improving fixed costs for coal power [5]. - It notes that the increase in dividend rates by GD Power Development from 50% to 60% and the share buyback plans from major shareholders signal a competitive environment among thermal power companies [5]. - The report emphasizes the ample cash flow in the electricity sector, suggesting numerous investment opportunities [2][5]. Summary by Sections - Market Performance: The Shanghai Index surpassed 3800 points, with the power sector expected to follow the trend seen in 2014-2015 after the internet boom [5]. - Electricity Consumption: By July 2025, total electricity consumption reached 1.02 trillion kWh, with significant year-over-year increases across various sectors [5]. - Power Market Reforms: Multiple regions are advancing power spot market reforms, with trials for continuous settlement underway in several provinces [5]. - External Power Supply: Zhejiang province has increased its external power supply, purchasing an additional 4.4 million kW from other regions [5]. - Energy Storage Growth: In H1 2025, new energy storage installations reached 23.03 GW, with a projected compound annual growth rate of over 20% for the next five years [5]. - Peak Load Records: Jiangsu province's peak load hit a record 155 million kW, with significant contributions from wind and solar power [5].