11月电力数据：核电出力环比加快，用电增速环比放缓

Investment Rating - The industry investment rating is "Recommended (Maintain)" [3] Core Views - The report highlights stable growth in electricity production, with November industrial electricity generation reaching 749.5 billion kilowatt-hours, a year-on-year increase of 0.9% [3] - Cumulatively, from January to November, industrial electricity generation totaled 856.87 billion kilowatt-hours, reflecting a year-on-year growth of 5.0% [3] - In November, the growth rates of various electricity generation types showed mixed trends, with nuclear power generation accelerating at a growth rate of 3.1%, while wind power saw a decline of 3.3% [3] - Total electricity consumption in November was 784.9 billion kilowatt-hours, with a year-on-year increase of 2.8%, although the growth rate decreased by 1.53 percentage points compared to the previous month [3] Summary by Sections Electricity Generation - In November, the growth rates for thermal power and solar power generation decreased, while nuclear power generation accelerated. Specifically, thermal power grew by 1.4%, down 0.4 percentage points from October, and solar power increased by 10.3%, down 2.3 percentage points from October [3] - The report indicates that the electricity generation from hydropower decreased by 1.9%, but the decline was less severe than in October, which saw a 13.0% drop [3] Electricity Consumption - The report notes that electricity consumption growth rates across various industries slowed down in November. The primary industry saw a consumption of 10.4 billion kilowatt-hours, up 7.6% year-on-year, while the secondary industry consumed 539.9 billion kilowatt-hours, reflecting a 2.2% increase [3] - The tertiary industry consumed 138.3 billion kilowatt-hours, with a year-on-year growth of 4.7%, but the growth rate decreased by 3.66 percentage points compared to the previous month [3] Investment Recommendations - The report suggests focusing on specific companies within the industry, including Huadian International, Guodian Power, and Datang Power in the thermal and new energy sectors, as well as Huaneng Hydropower and China Nuclear Power in the hydropower and nuclear sectors respectively [3]