电力及公用事业行业周报（4.14~4.20）：3月全社会用电量增长4.8%，板块市场表现持续回暖

Investment Rating - The investment rating for the electricity and public utilities sector is "Outperform the Market" [4][8]. Core Insights - In March 2025, the total electricity consumption in society reached 828.2 billion kilowatt-hours, marking a year-on-year growth of 4.8% [3][37]. - The sector's market performance has shown continuous recovery, with the industry index rising by 1.77% during the week of April 14-20, 2025, outperforming the Shanghai Composite Index by 0.58 percentage points [2][11]. - The report highlights the positive outlook for thermal power, hydropower, and green electricity sectors, driven by favorable policies and market conditions [7][41]. Summary by Sections 1. Market Performance - The industry valuation as of April 20, 2025, shows a price-to-earnings (PE) ratio of 16.49, slightly up from 16.33 the previous week, and down from 20.2 a year earlier [1][25]. - The price-to-book (PB) ratio for the same date is 1.76, compared to 1.73 the previous week and 1.83 a year ago [1][28]. - The top five stocks by percentage increase during the week were Leshan Electric (+52.28%), Xichang Electric (+18.89%), and others [2][31]. 2. Industry Dynamics - The National Energy Administration reported a significant increase in electricity consumption across various sectors, with the first industry growing by 9.9% and the second industry by 3.8% [3][37]. - The report discusses the establishment of a "five-segment" time-of-use pricing mechanism in Shandong, aimed at optimizing electricity resource allocation [41][42]. - The green electricity certificate market is expanding, with a total of 49.55 billion certificates issued by the end of 2024, reflecting a robust growth in renewable energy projects [38][39]. 3. Key Data Tracking - As of April 21, 2025, the price of Shanxi mixed coal (5500) was 663 RMB per ton, with a week-on-week change of -0.6% [45]. - The trading volume of green certificates for wind and solar power reached 723 million in March 2025, indicating strong market activity [49][50]. - The report also tracks the carbon emissions trading market, with significant trading volumes and average prices reported for the week of April 14-18, 2025 [55][56].