八月行业动态报告：上半年水火业绩增长 7月用电量创新高

Investment Rating - Maintain "Buy" rating for the industry [1] Core Insights - The report highlights the growth in the power sector, with a focus on renewable energy and the impact of new policies on market dynamics [5][6][7][8][10][11][12][13][16][18][25][26][28][31][32][48][56][60][78][80] Industry News - The National Energy Administration plans to issue 236 million green certificates by July 2025, with 166 million being tradable, indicating a strong push for renewable energy projects [6] - The first central document on carbon markets was released, outlining a roadmap for the development of a national carbon market by 2027 [7] - The Central China Energy Regulatory Bureau revised regulations to enhance the management of power grid operations and auxiliary services [8] Industry Data Carbon Trading Market - The national carbon market's price fluctuated between 69.23 and 72.68 yuan per ton, with a total trading volume of 15.1 million tons in the latest month [29] Power Industry Data - In July 2025, the total electricity consumption reached 1,022.6 billion kWh, a year-on-year increase of 8.6% [31] - The cumulative installed capacity of power generation reached 3.67 billion kW, with solar and wind power growing by 50.8% and 22.1% respectively [25][31] Performance Overview - The power sector's revenue for the first half of 2025 was 1,036.8 billion yuan, a slight decline of 2.2%, while net profit increased by 2.6% to 107.1 billion yuan [48] - The performance of thermal and hydropower sectors improved, while nuclear and renewable energy sectors faced challenges [48][54][55] Investment Recommendations - The report suggests focusing on green electricity and renewable energy companies, particularly those with strong market positions like Longyuan Power and Three Gorges Energy [80] - For thermal power, companies with significant coal exposure and stable long-term contracts are recommended, such as Datang Power and Jiantou Energy [80] - Hydropower and nuclear power are seen as valuable long-term investments due to their stable returns and growth potential [80]