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 recent regulatory changes on market dynamics [6][7][10] - The carbon trading market is showing significant activity, with a total transaction volume of 15.1 million tons in the latest month, indicating a robust trading environment [29] - The overall electricity consumption in China reached 10,226 billion kWh in July 2025, marking an 8.6% year-on-year increase, with notable growth in various sectors [31][59] Summary by Sections Industry News - The National Energy Administration issued 236 million green certificates in July 2025, with 70.63% being tradable [6] - The first central document on the carbon market was released, outlining a roadmap for its development by 2027 [7] - Regulatory updates in the Central China region aim to enhance the coordination of power systems and market operations [8] Industry Data - The carbon trading market's price fluctuated between 69.23 and 72.68 yuan per ton, with a total transaction value of approximately 1.04 billion yuan [29] - As of July 2025, the total installed power generation capacity in China reached 3.67 billion kW, a year-on-year increase of 18.2% [25][37] - The cumulative electricity consumption for the first seven months of 2025 was 58,633 billion kWh, reflecting a 4.5% increase compared to the previous year [31] Performance Analysis - 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 different segments showed that thermal and hydropower sectors experienced profit growth, while nuclear and renewable energy sectors faced challenges [52][54] Investment Recommendations - The report suggests focusing on green electricity as demand is expected to rise due to regulatory support, with key companies like Longyuan Power and Three Gorges Energy highlighted for potential investment [78] - For thermal power, companies with significant coal exposure and stable long-term contracts are recommended, such as Datang Power and Jingtou Energy [78] - Water and nuclear power sectors are seen as having long-term investment value, with companies like Yangtze Power and China Nuclear Power recommended [78]