能源运营行业：2024年3月可再生能源发电量增长强劲

Investment Rating - The report maintains an "Outperform" rating for the Energy Operations sector [1]. Core Insights - In March 2024, China's electricity consumption growth slowed to 7.4% year-on-year, reaching 795 TWh, a decrease of 3.6 percentage points compared to January-February 2024 [1]. - National power generation growth also slowed in March 2024, with industrial power generation increasing by 2.8% year-on-year, down 5.5 percentage points from January-February 2024 [1]. - Hydropower, wind power, and solar power generation showed strong growth, with wind power generation increasing by 16.8% year-on-year and solar power generation rising by 15.8% year-on-year [1]. - As of the end of February 2024, China's cumulative solar power installed capacity reached 648 GW, a year-on-year increase of 56.9% [1]. - In March 2024, China's wind power generation exceeded 100 TWh, setting a record for the highest monthly generation by a single country, surpassing the total generation of all European and North American countries combined [1]. Summary by Sections Electricity Consumption - March 2024 electricity consumption growth slowed to 7.4% year-on-year, reaching 795 TWh [1]. Power Generation - National power generation growth slowed, with industrial power generation increasing by 2.8% year-on-year [1]. - Hydropower, wind power, and solar power generation growth accelerated [1]. Renewable Energy Growth - Wind power generation increased by 16.8% year-on-year, while solar power generation rose by 15.8% year-on-year [1]. - Cumulative solar power installed capacity reached 648 GW, a 56.9% year-on-year increase [1]. Investment Recommendations - The report recommends maintaining an "Outperform" rating for independent power producers focusing on green transformation strategies, such as China Resources Power and China Power [1]. - It also favors pure renewable energy producers with high dividend and growth potential, like Longyuan Power [1].