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National Energy Administration: By the end of December 2024, the cumulative installed generation capacity in the country is approximately 3.35 billion kilowatts, an increase of 14.6% year-on-year.
As of the end of December, the cumulative installed power generation capacity nationwide is approximately 3.35 billion kilowatts, a year-on-year increase of 14.6%.
The social electricity consumption in the mainland grew by 6.8% year-on-year last year.
The National Energy Administration announced that the total electricity consumption in society last year was 9,852.1 billion kilowatt-hours, a year-on-year increase of 6.8%, with large-scale industrial power generation amounting to 9,418.1 billion kilowatt-hours. In terms of electricity consumption by industry, the first industry consumed 135.7 billion kilowatt-hours, growing by 6.3% year-on-year; the second industry consumed 6,387.4 billion kilowatt-hours, growing by 5.1% year-on-year; the third industry consumed 1,834.8 billion kilowatt-hours, growing by 9.9% year-on-year; and the electricity consumption of urban and rural residents was 1,494.2 billion kilowatt-hours, growing by 10.6% year-on-year.
Bank of America Merrill Lynch: Last year, the defensive yields from thermal and hydro power performed exceptionally well in the Utility Sector, upgrading HUANENG POWER (00902) rating to "Buy."
The MSCI China Utilities Index rose about 17% last year, performing in line with the market. Among them, defensive yields like thermal and hydro power have performed exceptionally well within the Sector. It is recommended that investors choose defensive stocks this year and add to positions when individual quality Beta stocks experience price corrections.
Bank of America Securities upgraded the rating of China Resources Power Holdings Company Limited (00902.HK) to "Buy", while lowering the ratings of Longfor Group Holdings Limited (01038.HK), Yunnan Energy New Material Co., Ltd (01103.HK) and Guangdong Inv
Bank of America Securities released a research report indicating that the MSCI China Utilities Industry rose approximately 17% last year, performing in line with the broader market. Among them, defensive yields from thermal power and hydropower performed excellently in the sector. Investors are advised to select defensive stocks this year and increase their positions when individual high-quality Beta stocks experience price corrections. The selected defensive utilities stocks by Bank of America include Huaneng (00902.HK), Huadian (01071.HK), China Yangtze Power (600900.SH), and Beijing Enterprises (00392.HK). High-quality Beta stocks include CHINA RES GAS (01193.HK) and Jiangsu Zhongtian Technology (600.
HSBC Research's investment rating and Target Price for Electric Power stocks (table).
HSBC Research has published a report listing the investment ratings and Target Prices for Electric Power stocks as follows: Stocks | Investment Rating | Target Price (HKD) CHINA RES POWER (00836.HK) | Buy → Hold | 23 yuan → 18 yuan CHINA LONGYUAN (00916.HK) | Buy | 9.2 yuan → 8.4 yuan HUANENG POWER (00902.HK) | Hold | 4.3 yuan HUADIAN POWER (01071.HK) | Hold | 3.5 yuan → 4 yuan CHINA POWER (02380.HK) | Buy
HSBC Research has downgraded the rating of Electric Power (00836.HK) to "Hold" and adjusted the Target Price.
HSBC Research released a report stating that as of now, most provinces in China have determined their annual wholesale electricity prices. Due to the impact of input costs and a weak demand outlook, the national average electricity price has decreased by 6% year-on-year, which is basically in line with expectations, but the gap between provinces is widening. The bank pointed out that CHINA RES POWER (00836.HK) seems to be facing the highest electricity price risk, with a year-on-year drop of 8%, and therefore downgraded its rating from "Buy" to "Hold." Huadian Power International Corporation (01071.HK) has been most affected in the thermal power sector due to geographical factors, with electricity prices falling 4% year-on-year; China Yangtze Power (600900.SH).
