2025年8月电量点评：高基数扰动需求，后续电量有望维持高增

Investment Rating - The report maintains a "Positive" outlook for the utility sector [7] Core Insights - The report indicates that the decline in electricity consumption growth in August 2025 is primarily due to a high base effect from August 2024, rather than a weakening demand [7] - It is expected that electricity consumption will maintain rapid growth from September to December 2025 as the base effect dissipates [7] - The report highlights that the electricity consumption growth rate for August 2025 was +5.0%, a decrease of 3.6 percentage points from July 2025, with a two-year CAGR of +6.9% [7] - The report notes that the electricity consumption growth rates for different sectors in August 2025 were +9.7% for primary industry, +5.0% for secondary industry, +7.2% for tertiary industry, and +2.4% for residential use [7] - The report anticipates that the growth rate of hydropower generation will improve marginally in the future, despite a decline in August 2025 [7] Summary by Sections Electricity Consumption - Cumulative electricity consumption from January to August 2025 increased by +4.6% year-on-year [10] - The cumulative electricity consumption for the primary industry was +10.6%, secondary industry +3.1%, tertiary industry +7.7%, and residential use +6.6% [13][17] Power Generation - Cumulative power generation from January to August 2025 increased by +1.5% year-on-year [18] - Cumulative thermal power generation decreased by -0.8%, while hydropower generation decreased by -5.5% [20] - Cumulative nuclear power generation increased by +10.1%, wind power by +11.6%, and photovoltaic power by +23.4% [22] Investment Recommendations - The report suggests a positive outlook for the utility sector, emphasizing the attractiveness of dividend assets in the current low-interest-rate environment [7] - Specific recommendations include focusing on thermal power, hydropower, nuclear power, and wind/solar power sectors, with identified stocks for potential investment [7]