公用事业行业周报（20260118）：25年全社会用电量同比提升5%，重视电力数字化板块机会-20260119

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The report highlights a 5% year-on-year increase in total electricity consumption for 2025, with significant growth in various sectors, including a 9.9% increase in the primary industry and an 8.2% increase in the tertiary industry [2][11] - The National Grid announced a fixed asset investment plan of 4 trillion yuan for the "14th Five-Year Plan" period, marking a 40% increase compared to the previous plan, aimed at building a new power system [3][11] - The report emphasizes the importance of digitalization in the power sector and suggests focusing on companies involved in power digitalization, such as State Grid Information Communication and Longxin Group [3] Summary by Sections Market Overview - The SW public utility sector rose by 0.06% this week, ranking 13th among 31 SW primary sectors, while the sub-sectors showed mixed performance with thermal power up by 0.35% and hydropower down by 1.76% [30] - Domestic and imported coal prices showed divergent trends, with domestic coal prices rising and imported coal prices declining [12][19] Key Events - The National Energy Administration released data indicating a 5% year-on-year increase in total electricity consumption for 2025, with notable contributions from the tertiary sector and urban residents [2][11] - The report notes that the average electricity price in Guangdong and Shanxi has increased year-on-year, while the monthly agent purchase electricity costs are on the rise due to increased capacity prices [13][14] Investment Opportunities - The report suggests that the results of annual long-term contracts for thermal power are expected to be reasonable, with significant improvements in profitability for national thermal power operators [4] - The green electricity sector is anticipated to undergo valuation recovery due to policy support and increased subsidies, with recommendations to focus on companies like Longyuan Power and Datang Renewable [4] - The report indicates that while the electricity supply-demand situation remains loose, there is still a need for thermal and green power investments to match overall investment returns [4]