公用事业行业跟踪周报：安徽推动绿电直连发展征求意见，广东第一批零碳园区建设名单公布-20260330

Investment Rating - Maintain "Buy" rating for the utility sector [1] Core Insights - Anhui Province is promoting the development of green electricity direct connection, with a focus on new loads and existing loads that meet specific criteria [4] - Guangdong Province has announced the first batch of zero-carbon park construction, with 15 parks included, emphasizing green electricity supply models [4] - The average electricity purchase price in March 2026 decreased by 11% year-on-year [36] - The price of thermal coal at Qinhuangdao port increased by 14.4% year-on-year as of March 27, 2026 [42] - The inflow and outflow of the Three Gorges Reservoir decreased by 3.62% and 23.9% year-on-year, respectively [50] Summary by Sections 1. Industry Trends - The utility index increased by 2.50% from March 23 to March 27, 2026, with notable gains in nuclear power and thermal power sectors [9] 2. Electricity Sector Tracking - Total electricity consumption in 2025 reached 10.37 trillion kWh, a year-on-year increase of 5.0% [14] - Total power generation in 2025 was 9.72 trillion kWh, with a year-on-year growth of 2.2% [21] - The average electricity purchase price in March 2026 was 352 RMB/MWh, down 11% year-on-year [36] 3. Thermal Power - The cumulative installed capacity of thermal power reached 1.54 billion kW by the end of 2025, with a year-on-year increase of 6.3% [43] - The average utilization hours for thermal power in 2025 were 4147 hours, a decrease of 232 hours year-on-year [43] 4. Hydropower - The cumulative installed capacity of hydropower was 450 million kW by the end of 2025, with a year-on-year increase of 2.9% [53] - The inflow and outflow of the Three Gorges Reservoir showed significant decreases, indicating potential impacts on hydropower generation [50] 5. Investment Recommendations - Focus on green electricity, thermal power reliability, and hydropower market benefits [4]