电力及公用事业行业周报(25WK24)：5月用电量同比增长4.4% 湖南机制量价公布_老虎社区_美港股上老虎

电力及公用事业行业周报(25WK24)：5月用电量同比增长4.4% 湖南机制量价公布

民生证券2025-06-22

本周（20250614-20250620）电力板块行情：本周电力板块走势劣于大盘。截至2025 年06 月20 日，本周公用事业板块收于2355.40 点，下跌27.03点，跌幅1.13%；电力子板块收于3131.64 点，下跌41.65 点，跌幅1.31%，劣于沪深300 本周走势。公用事业（电力）板块走势变化幅度在申万31 个一级板块中排第12 位。从电力子板块来看：本周光伏发电下跌1.57%...

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月20 日，本周公用事业板块收于2355.40 点，下跌27.03点，跌幅1.13%；电力子板块收于3131.64 点，下跌41.65 点，跌幅1.31%，劣于沪深300 本周走势。公用事业（电力）板块走势变化幅度在申万31 个一级板块中排第12 位。从电力子板块来看：本周光伏发电下跌1.57%，风力发电下跌1.28%，热力服务上涨2.08%，火力发电下跌1.07%，水力发电下跌0.18%。本周专题：5 月份，全社会用电量8096 亿千瓦时，同比增长4.4%。一产用电量119 亿千瓦时，同比增长8.4%；二产用电量5414 亿千瓦时，同比增长2.1%；三产用电量1550 亿千瓦时，同比增长9.4%；城乡居民用电量1013 亿千瓦时，同比增长9.6%。1-5 月，全社会用电量累计39665 亿千瓦时，同比增长3.4%。从分产业用电看，一产用电量543 亿千瓦时，同比增长9.6%；第二产业用电量25914 亿千瓦时，同比增长2.2%；第三产业用电量7406 亿千瓦时，同比增长6.8%；城乡居民生活用电量5802 亿千瓦时，同比增长3.7%。《湖南省深化新能源上网电价市场化改革实施细则（暂行）》的通知文件显示：1）2025 年6 月1 日前全容量并网的存量项目：老项目未100%纳入机制电量，部分项目只纳入80%作为机制电量，机制电价对标省内燃煤标杆电价。扶贫项目电量全额纳入机制电量；普通分布式光伏项目、接入电压等级35kV 及以下风电和集中式光伏项目纳入机制电量的规模按照其上网电量的80%确定。机制电价为0.45 元/kWh。2）2025 年6 月1 日后全容量并网的增量项目：明确竞价区间为0.26-0.38 元/kwh，上限低于本省燃煤标杆电价0.45 元/kwh。2025 年新增项目纳入机制电量的比例按2025 年参与竞价的风电、光伏项目年上网电量20%确定，单体项目最高申报比例不得超过全部上网电量的80%。2025 年竞价区间为0.26-0.38 元/千瓦时，执行期限：为10 年。投资建议：火电受益于煤价下跌，Q2 成本端继续回落，电量下滑幅度收窄，在煤价维持低位时业绩有望持续改善，部分企业积极布局风电及热电联产等优质资产，远期成长性可期。重点推荐【福能股份】、【申能股份】；北方火电厂以及全国性电厂业绩表现较为稳定，煤价维持低位，火电Q2 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