TYN(SZ:000591) Guo Jia Tong Ji Ju·2025-12-17 01:54Core Insights - The National Bureau of Statistics reported stable energy production in November 2025, with coal production steady, oil production accelerating, natural gas production growing steadily, and electricity production maintaining an upward trend [1] Group 1: Coal, Oil, and Natural Gas Production - Coal production remained stable in November, with an output of 430 million tons, a year-on-year decrease of 0.5%, and an average daily output of 14.23 million tons. From January to November, coal production totaled 4.4 billion tons, reflecting a year-on-year increase of 1.4% [2] - Oil production accelerated in November, reaching 17.63 million tons, a year-on-year increase of 2.2%, with a daily average of 588,000 tons. For the first eleven months, oil production was 198.25 million tons, up 1.7% year-on-year [4] - Natural gas production showed steady growth in November, with an output of 21.9 billion cubic meters, a year-on-year increase of 5.7%, and a daily average of 730 million cubic meters. From January to November, natural gas production reached 238.9 billion cubic meters, up 6.3% year-on-year [8] Group 2: Electricity Production - Electricity production in the industrial sector maintained growth in November, with a total generation of 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%, and a daily average of 25.97 billion kilowatt-hours. For the first eleven months, electricity generation was 8.8567 trillion kilowatt-hours, reflecting a year-on-year increase of 2.4% [10] - By type, coal-fired power generation saw a year-on-year decrease of 4.2%, while hydropower increased by 17.1%. Nuclear power grew by 4.7%, wind power increased by 22.0%, and solar power surged by 23.4% [10] Group 3: Industrial Value Added - The industrial value added in November grew by 4.8% year-on-year, with a month-on-month increase of 0.44%. From January to November, the industrial value added increased by 6.0% year-on-year [12] - By sector, mining value added rose by 6.3%, manufacturing by 4.6%, and electricity, heat, gas, and water production and supply by 4.3% [12] - In terms of economic types, state-controlled enterprises saw a 4.2% increase, joint-stock enterprises grew by 5.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 3.4%, and private enterprises grew by 3.2% [12] Group 4: Product Performance - In November, 30 out of 41 major industries reported year-on-year growth in value added. Notable growth was seen in coal mining (7.5%), oil and gas extraction (5.1%), and automotive manufacturing (11.9%) [13] - Among 623 industrial products, 310 reported year-on-year production growth. Steel production was 115.91 million tons (down 2.6%), cement at 154.34 million tons (down 8.2%), and automotive production at 3.519 million units (up 2.4%), with new energy vehicles at 1.841 million units (up 17.0%) [13] Group 5: Sales and Exports - The sales rate for industrial enterprises was 96.5%, a year-on-year decrease of 0.8 percentage points. The export delivery value reached 1.361 trillion yuan, reflecting a nominal year-on-year decrease of 0.1% [14]