电力运营商：11月月度社会用电量数据发布 华润电

Investment Rating - The report suggests a "Buy" rating for the electricity operators, expecting a future investment return of over 15% within the next six months [23]. Core Insights - The report highlights that the total electricity consumption in November increased by 2.8% year-on-year, with a significant decline in growth rate compared to October's 4.3% [17][11]. - Cumulative electricity consumption from January to November reached 89,686 billion kWh, reflecting a robust growth of 7.1% [17]. - The report emphasizes that the electricity operator sector in Hong Kong is currently undervalued, with several stocks offering dividend yields exceeding 6%, recommending investors to consider quality operators like China Resources Power (836.HK) and China Power (2380.HK) [11][17]. Summary by Sections Electricity Consumption Data - In November, the total electricity consumption was 7,849 billion kWh, with a year-on-year growth of 2.8% [17]. - The cumulative electricity consumption for the first eleven months was 89,686 billion kWh, maintaining a growth rate of 7.1% [17]. - The report notes that the warm weather in November contributed to the slowdown in growth, particularly affecting residential electricity consumption [17]. Industrial Power Generation - The report states that the industrial power generation in November was stable, with a total of 7,495 billion kWh, reflecting a year-on-year increase of 0.9% [17]. - The growth rates for various power generation types in November included solar power at 10.3%, thermal power at 1.4%, nuclear power at 3.4%, while wind and hydro power saw declines of 3.3% and 1.9%, respectively [17]. Investment Recommendations - The report recommends investors to focus on undervalued electricity operators with high dividend yields, specifically mentioning China Resources Power (836.HK) and China Power (2380.HK) as attractive options [11][17].