公用事业行业周报：火电增速边际放缓，清洁能源延续分化-20250922

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [9] Core Insights - In August, the national power generation reached 936.3 billion kWh, a year-on-year increase of 1.6%, while the cumulative generation from January to August was 6419.3 billion kWh, up 1.5% year-on-year [2][19] - Thermal power generation in August grew by 1.7% year-on-year, but the growth rate decreased by 2.6 percentage points month-on-month due to weakening demand from high temperatures [6][54] - Hydropower generation saw a significant decline of 10.1% year-on-year in August, with the drop expanding by 0.3 percentage points month-on-month [7][25] - Non-hydropower clean energy showed a mixed performance, with wind power generation increasing by 20.2% year-on-year and solar power generation rising by 15.9% year-on-year, although the latter's growth rate decreased by 12.8 percentage points month-on-month [7][32] Summary by Sections Power Generation Data - In August, the total power generation was 936.3 billion kWh, with thermal power contributing 627.4 billion kWh, hydropower at 147.9 billion kWh, nuclear power at 42.6 billion kWh, wind power at 64.5 billion kWh, and solar power at 53.8 billion kWh [18] - For the first eight months of 2025, thermal power generation was 4175.3 billion kWh, down 0.8% year-on-year, while hydropower was 838.7 billion kWh, down 5.5% year-on-year [18] Clean Energy Performance - Wind power generation in August increased significantly, with a year-on-year growth of 20.2%, while solar power generation grew by 15.9% [7][40] - Nuclear power generation maintained a steady growth of 5.9% year-on-year in August, although the growth rate decreased by 2.4 percentage points month-on-month [7][43] Market Trends - The report highlights a recovery in green certificate trading, with 48.38 million certificates traded in August, a year-on-year increase of 105% [33] - The average price of green certificates rose to 5.66 yuan per certificate in August, reflecting a 22.77% month-on-month increase [33] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][60][61]