电力及公用事业行业月报：电力板块强于大市，在变革波动中前行-20260330

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector based on industry valuation levels, performance growth expectations, and development prospects [9]. Core Insights - The power and utilities index outperformed the market in March, with a 4.65% increase compared to a 4.42% decline in the CSI 300, resulting in a 9.07 percentage point advantage [4][13]. - The report suggests a "barbell strategy" for asset allocation in the power sector, focusing on stable, high-dividend large hydropower companies for defensive positions and exploring thematic investment opportunities like virtual power plants for aggressive positions [9]. Summary by Sections Market Review - In March, the power and utilities index rose by 4.65%, outperforming the CSI 300 by 9.07 percentage points. Sub-sectors showed varied performance, with other generation up by 12.94%, thermal power by 7.45%, and hydropower by 6.00% [4][13]. Supply and Demand in the Industry - National electricity consumption reached 1,654.6 billion kWh in January-February 2026, a 6.1% year-on-year increase. The second industry saw a 10.6% increase in electricity consumption in high-tech and equipment manufacturing [5][19]. - The total installed power generation capacity in China reached 3,945 million kW by the end of February 2026, a 15.9% year-on-year increase, with solar power capacity growing by 33.2% [5][34]. Coal Price and Volume - Domestic coal production decreased by 0.3% year-on-year to 760 million tons in January-February 2026, while coal imports fell by 9.9% to 30.94 million tons [6][39]. - The price of thermal coal at northern ports was 765 RMB/ton, reflecting a monthly increase of 3.38% and an annual increase of 10.87% [6][42]. Provincial Power Supply and Demand - In Henan province, total electricity consumption was 73.502 billion kWh in January-February 2026, a 2.63% year-on-year increase, while total generation was 63.154 billion kWh, a decrease of 0.45% [7][64].