20231116-国盛证券-电力_10月全国用电保持高增_火电发电增速加快_10页_1mb

Demand in October 2023 showed strong growth in electricity consumption, with a local year-over-year increase of 84% and cumulative growth of 58% for January to October 2023. Key sectors included booming industrial and service用电, while residential用电 declined slightly.

Supply side data revealed a cumulative generation increase of 44% YoY through October, with 52% growth in October alone. Thermal power generation accelerated, solar energy posted high growth, while hydro, nuclear, and wind power performance varied.

Investment recommendations emphasize capturing opportunities in novel systems, particularly focusing on thermal power stocks like 华能国际, hydro power options such as 长江电力, and other sectors like nuclear and green energy. The report suggests following specific stocks across different power sources.

Risks to consider include potential delays in projects, increases in coal prices, and uncertainties in policy reforms like capacity pricing.