电力及公用事业行业月报：漳州核电及TB、硬梁包水电机组陆续投产

Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities sector, indicating an expected increase of over 10% in the sector index relative to the CSI 300 over the next six months [12][95]. Core Viewpoints - The electric power and utilities sector is characterized by stable performance and defensive attributes, with strong profitability and high dividend yields from large hydropower and nuclear power companies [90]. - The sector's overall valuation remains at a reasonable low level, with a price-to-earnings ratio of 17.83, below the ten-year median of 22.76 [89]. - The report highlights the ongoing growth in renewable energy installations, with a significant increase in solar and wind power capacities, contributing to the sector's long-term growth prospects [43][90]. Summary by Sections Market Review - As of January 23, 2025, the electric power and utilities index has decreased by 5.74%, underperforming the CSI 300 index, which fell by 3.33% [3][17]. - The report notes that all sub-industry indices have declined, with only a few stocks showing positive returns [17]. Supply and Demand Situation - In December 2024, the total electricity consumption reached 883.5 billion kWh, a year-on-year increase of 3.2%, with a total annual consumption of 9,852.1 billion kWh, up 6.8% from 2023 [3][21]. - The report indicates that the installed capacity of renewable energy has increased to 42.09%, with total installed capacity reaching approximately 3,350 million kW, a year-on-year growth of 14.6% [5][43]. Coal and Natural Gas Market - In December 2024, the output of raw coal was 440 million tons, a year-on-year increase of 4.2%, while natural gas production reached 21.8 billion cubic meters, up 3.6% year-on-year [6][11]. - The report notes fluctuations in coal prices, with the price of Shanxi-produced thermal coal at 753 RMB/ton, down 1.57% [10][51]. Industry and Company News - The report highlights significant developments in the industry, including the commissioning of new hydropower and nuclear power plants, which are expected to enhance the sector's capacity and reliability [90][86]. - It also mentions the government's initiatives to promote renewable energy and improve the efficiency of the power system, which are expected to support the sector's growth [83][90].