电力及公用事业行业周报（25WK17）：风光装机首次超过火电，逐步成为主体装机能源

Investment Rating - The report maintains a "Recommended" rating for several companies including Three Gorges Energy, Yangtze Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [4][24]. Core Insights - The wind and solar installed capacity has surpassed thermal power for the first time, indicating a shift towards renewable energy as the main source of installed capacity [2][25]. - As of Q1 2025, the total installed capacity of wind and solar power reached 1.482 billion kilowatts, with wind power at 536 million kilowatts and solar power at 946 million kilowatts, exceeding thermal power's 1.451 billion kilowatts [2][25]. - The report forecasts a 6% year-on-year growth in total electricity consumption for 2025, with an expected total of 10.4 trillion kilowatt-hours [29]. Summary by Sections Weekly Market Review - The electricity sector outperformed the market, with the public utility sector index rising by 2.43% and the electricity sub-sector by 2.39% as of April 25, 2025 [1][8]. - Among the electricity sub-sectors, thermal power increased by 3.75%, while wind and solar power saw increases of 2.73% and 1.99%, respectively [15][22]. Industry Data Tracking - The report highlights that the total installed capacity of renewable energy is expected to exceed 60% by 2025, with new renewable energy installations projected to surpass 300 million kilowatts [29]. - The first quarter of 2025 saw a total electricity consumption of 2.38 trillion kilowatt-hours, a 2.5% increase year-on-year [27][28]. Investment Recommendations - The report suggests focusing on high-dividend stocks within the electricity sector and those with stable performance and relatively low valuations, recommending companies such as Funiu Co., Yangtze Power, and others [3][22]. - It also emphasizes the importance of companies with strong wind power assets and low-cost thermal power, recommending Three Gorges Energy and Funiu Co. [23][24].