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

Investment Rating - The report maintains an investment rating of "Outperform" for the electricity and public utilities sector [9] Core Insights - The electricity and public utilities index outperformed the market in March 2026, with a rise of 4.65%, surpassing the Shanghai and Shenzhen 300 index by 9.07 percentage points [4][13] - The report suggests a "barbell strategy" for asset allocation in the electricity sector, focusing on stable, high-dividend large hydropower companies for defensive positions and exploring opportunities in themes like virtual power plants for aggressive investments [9] Summary by Sections Market Review - In March 2026, the electricity and public utilities index increased by 4.65%, while the Shanghai and Shenzhen 300 index decreased by 4.42% [4][13] - Sub-industry performance for March ranked as follows: Other Generation (12.94%), Thermal Power (7.45%), Hydropower (6.00%), Grid (4.05%), Gas (1.77%), Environmental Protection and Water Services (-3.76%), Heating or Others (-4.66%) [4][13] Supply and Demand in the Industry - In January-February 2026, total electricity consumption reached 1,654.6 billion kWh, a year-on-year increase of 6.1% [5][19] - The industrial electricity generation in the same period was 1,571.8 billion kWh, up 4.1% year-on-year, with thermal power generation increasing to 1,053.9 billion kWh [5][24] - As of February 2026, the total installed capacity of power generation in China was 3,945 million kW, a year-on-year increase of 15.9% [5][34] Coal Price and Production - In January-February 2026, the domestic production of raw coal was 760 million tons, a slight decrease of 0.3% year-on-year [6][39] - The price of thermal coal at northern ports was 765 RMB/ton, with a monthly increase of 3.38% and an annual increase of 10.87% [6][42] Provincial Electricity Supply and Demand - In January-February 2026, Henan province's total electricity consumption was 73.502 billion kWh, a year-on-year increase of 2.63% [7][64] - The total generation in Henan was 63.154 billion kWh, a decrease of 0.45% year-on-year, with hydropower generation increasing by 22.31% [7][66] Industry News and Developments - The report highlights significant developments such as the issuance of long-term market implementation rules in Qinghai province and the commencement of major natural gas pipeline projects [74]