Core Viewpoint - The electricity and public utilities sector has outperformed the market in October, with the CITIC Electricity and Public Utilities Index rising by 4.71% since the beginning of the month, surpassing the Shanghai and Shenzhen 300 Index by 3.09 percentage points [1][2]. Group 1: Market Performance - The CITIC Electricity and Public Utilities Index has increased by 4.71% since October 1, 2025, outperforming the Shanghai and Shenzhen 300 Index, which rose by 1.62% [1][2]. - The leading sub-sectors in terms of growth are thermal power (8.70%), gas (6.45%), and hydropower (4.48%) [1][2]. Group 2: Electricity Supply and Demand - In September 2025, electricity consumption increased by 4.5% year-on-year, with the first industry showing a higher growth rate compared to other industries and residential consumption [3]. - The industrial electricity generation in September 2025 saw a year-on-year increase of 1.5%, with thermal and wind power generation experiencing a decline, while hydropower generation increased [3]. - As of September 2025, the installed capacity of wind and solar power (45.96%) has surpassed that of thermal power (40.45%) [3]. Group 3: Coal Market - In September 2025, the production of raw coal was 410 million tons, a year-on-year decrease of 1.8%, with the decline rate narrowing compared to August [4]. - Coal prices have been rising, with the price of thermal coal at northern ports reaching 760 yuan/ton, an increase of 8.57% for the month [4]. Group 4: Natural Gas Market - Natural gas production increased by 9.4% year-on-year in September 2025, while imports decreased by 7.86% [6]. - The price of liquefied natural gas in China was 3864 yuan/ton as of October 20, 2025, remaining stable for the month [6]. Group 5: Hydropower Conditions - The water inflow at the Three Gorges has significantly improved since September 2025, with the inflow rate increasing by 143% compared to the same period in 2024 [7]. Group 6: Regional Electricity Supply and Demand - In September 2025, Henan Province experienced a year-on-year decrease in total electricity consumption of 4.99% and a decrease in generation of 12.1% [8]. - The installed capacity in Henan Province reached 16,259 MW by the end of September 2025, with wind and solar power accounting for 50.05% of the total [8].

中原证券近日发布电力及公用事业行业月报：9月电力及公用事业指数表现弱于市场。 截至2025年9月26日，本月中信电力及公用事业指数下跌0.20%，跑输沪深300（1.19%）1.39 个百分点。2025年8月，全社会用电量10154亿千瓦时，连续两月突破1万亿千瓦时，同比增 长5%，但增速较2025年7月降低3.6个百分点。其中，第一产业用电量增速最高，超过10%。 以下为研究报告摘要： 投资要点： 行情回顾：9月电力及公用事业指数表现弱于市场。截至2025年9月26日，本月中信电力 及公用事业指数下跌0.20%，跑输沪深300（1.19%）1.39个百分点。 全国电力供需情况 需求端：2025年8月，全社会用电量10154亿千瓦时，连续两月突破1万亿千瓦时，同比 增长5%，但增速较2025年7月降低3.6个百分点。其中，第一产业用电量增速最高，超过 10%。 供给端：2025年8月，规上工业风电增速加快，水电降幅扩大，火电、核电、太阳能发 电增速放缓。从发电量占比看，2025年1 8月，规上工业火电占比65.04%，规上工业水电占比13.07%，规上工业核电占比 5.01%，规上工业风电占比10.85%，规 ...

Investment Rating - The report maintains an "Outperform" rating for the power and utilities industry based on industry valuation levels, performance growth expectations, and development prospects [7]. Core Insights - In September 2025, the power and utilities index underperformed the market, with a decline of 0.20%, lagging behind the CSI 300 index by 1.39 percentage points [11]. - National electricity consumption in August 2025 reached 1,015.4 billion kWh, marking a 5% year-on-year increase, although the growth rate decreased by 3.6 percentage points compared to July 2025 [17][18]. - The supply side saw a slowdown in the growth of thermal, nuclear, and solar power generation, while wind power generation accelerated [25][26]. - The Three Gorges water inflow situation improved significantly, with daily average inflow and outflow rates increasing by 91% and 183% respectively compared to the same period in 2024 [53]. Summary by Sections 1. Market Review - The power and utilities index fell by 0.20% as of September 26, 2025, with 81 stocks rising and 143 stocks declining [11]. - The top-performing stocks included Fuke Environmental Protection (82.3%) and Jiaze New Energy (44.19%) [11]. 2. Industry Supply and Demand 2.1. Electricity Consumption - Total electricity consumption in August 2025 was 1,015.4 billion kWh, with the first industry showing the highest growth rate of over 10% [17][18]. 2.2. Electricity Supply - The industrial electricity generation in August 2025 was 936.3 billion kWh, with a year-on-year growth of 1.6% [25]. - Wind power generation increased by 20.2%, while hydroelectric power generation decreased by 10.1% [25][26]. 2.3. Industry Chain Volume and Price - Coal production and imports continued to show negative growth, with August 2025 coal production at 390 million tons, down 3.2% year-on-year [40]. - Domestic coal prices stabilized, with northern port thermal coal prices at 705 RMB/ton as of September 25, 2025 [43]. 3. Three Gorges Water Situation - The inflow and outflow rates at the Three Gorges Dam improved significantly, with inflow at 21,000 cubic meters per second and outflow at 28,700 cubic meters per second [53]. 4. Industry and Company News - The National Development and Reform Commission and the National Energy Administration released guidelines for integrating artificial intelligence with energy development [66]. - Major power companies reported a decline in revenue growth for the first half of 2025, with Huaneng International reporting 112.03 billion RMB [71].

Core Viewpoint - The article highlights the strong performance of the electricity sector in response to high temperatures and increased electricity demand, with specific focus on companies like Huayin Electric and the overall market outlook for 2025 [1][2]. Group 1: Electricity Demand and Supply - The National Energy Administration reported that on July 4, the national maximum electricity load reached 1.465 billion kilowatts, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, marking a historical high [1]. - The East China Grid recorded a load of 422 million kilowatts, with air conditioning load accounting for about 37% [1]. - Due to the ongoing high temperatures, it is expected that the electricity grid load will remain elevated in the coming week, with the State Grid maximizing its resource allocation capabilities [1]. Group 2: Company Performance and Market Outlook - Huayin Electric announced that it expects to achieve a net profit attributable to shareholders of 180 million to 220 million yuan for the first half of 2025, representing an increase of 894.61% compared to the same period last year [2]. - Guosheng Securities suggests that the combination of high temperatures and the peak summer electricity load will catalyze interest in the electricity sector [2]. - Xiangcai Securities anticipates that the sustained high temperatures will maintain high grid loads, improving the electricity supply-demand balance, and recommends focusing on three main lines: hydropower assets, thermal power assets with favorable supply-demand conditions, and leading companies with strong operational capabilities [2].

Core Viewpoint - The electricity consumption growth rate for the first quarter of 2025 is projected at 2.5%, with a notable recovery in March [1][3]. Group 1: Electricity Demand and Supply - In March 2025, the total electricity consumption reached 828.2 billion kWh, representing a year-on-year increase of 4.8% [1][3]. - Cumulatively, from January to March 2025, the total electricity consumption was 2,384.6 billion kWh, also reflecting a year-on-year growth of 2.5%, with the primary industry showing the highest growth rate [1][3]. - For the first quarter of 2025, the industrial electricity generation decreased by 0.3% year-on-year, totaling 22,699 billion kWh [3]. - The share of thermal power generation was 67.52%, while wind power accounted for 12.45%, with hydro and nuclear power at 9.84% and 5.17%, respectively [3]. Group 2: Coal Market Overview - In March 2025, the industrial raw coal production was 44.1 million tons, marking a year-on-year increase of 9.6% [4]. - The average price of thermal coal at northern ports was 660 RMB/ton, down 2.22% in April 2025 [4]. - Coal inventory at northern ports was 31.12 million tons as of April 25, 2025, with slight fluctuations observed [5]. Group 3: Natural Gas Market Overview - Natural gas production showed stable growth, with an output of 66 billion cubic meters in the first quarter of 2025, up 4.3% year-on-year [6]. - Natural gas imports decreased by 10.0% year-on-year, totaling 29.42 million tons from January to March 2025 [6]. - The price of liquefied natural gas in China was 4,481.6 RMB/ton as of April 20, 2025, reflecting a slight increase of 0.51% [6]. Group 4: Hydropower Situation - As of April 24, 2025, the inflow and outflow of the Three Gorges Reservoir were 8,000 and 8,300 cubic meters per second, respectively, indicating a decrease in inflow compared to the same period in 2024 [7]. Group 5: Regional Electricity Supply and Demand - In March 2025, Henan Province's total electricity consumption was 4.259 billion kWh, up 3.33% year-on-year [8]. - The total electricity generation in Henan Province for March 2025 was 30.092 billion kWh, reflecting a year-on-year increase of 5.23% [8].