智通财经网·2025-12-23 11:55Core Viewpoint - The report from Guotai Junan indicates that industrial power generation in November reached 779.2 billion kWh, showing a year-on-year increase of 2.7%, while the growth rate for October was 7.9% [1] Group 1: Power Generation Data - In November, the breakdown of power generation showed a decline in thermal power by 4.2% compared to October, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22%, and solar power by 23% [1][3] - From January to November, total industrial power generation was 88,567 billion kWh, with a year-on-year increase of 2.4% [1][3] Group 2: Market Dynamics and Pricing - The National Energy Administration has penalized five cases of power plants colluding to raise prices, indicating a need for a long-term perspective in the energy market [2] - The second round of electricity pricing mechanisms may see lower prices compared to the first round, with specific prices for wind and solar power in Jiangxi and Jilin showing declines [2] - In Anhui, the retail market settlement price for electricity remained stable at 0.4182 yuan/kWh, with a slight difference from the wholesale market price [4] Group 3: Investment Trends - Fixed asset investment in the power sector grew by 10.7% from January to November, while overall investment in the secondary industry increased by 3.9% [3] - The manufacturing sector saw a modest investment growth of 1.9%, while the third industry experienced a decline of 6.3% [3]