电力行业周报：11月用电增速回落，关注电价落地后板块机会

Investment Rating - The report maintains a "Buy" rating for the sector, indicating a positive outlook based on expected performance relative to the benchmark index [57]. Core Insights - The report highlights a decline in national electricity growth rate to 2.8% in November, with cumulative growth at 7.1% for the year. The electricity consumption across various sectors shows mixed growth, with the secondary industry experiencing a slowdown [60]. - Nuclear power generation is accelerating, while wind, thermal, and solar power growth rates are declining. The report notes that the installed capacity for solar power has reached approximately 820 million kilowatts, a year-on-year increase of 46.7% [60]. - The report emphasizes the potential for cost reductions in electricity generation due to falling coal prices, which have dropped to around 770 RMB per ton. This could create a favorable environment for electricity pricing adjustments [60]. Summary by Sections 1. Industry Overview - The report discusses the construction of the world's largest compressed air energy storage power station, which is expected to enhance regional energy structure and improve grid stability [42]. - The Northwest power grid has surpassed 500 million kilowatts in installed capacity, with renewable energy accounting for over 53% of this total [15][42]. 2. Key Company Announcements - Huaihe Energy is planning a major asset restructuring involving the acquisition of a controlling stake in its power group [21]. - The establishment of the Qinghai Clean Energy Industry Development Group aims to integrate various clean energy projects and enhance the province's energy system [47]. 3. Market Performance - The report notes that the Shanghai Composite Index fell by 0.70%, while the electricity and public utilities sector underperformed, decreasing by 0.78% [59][38]. - The report identifies key stocks to watch, including thermal power companies and renewable energy operators, suggesting a focus on companies like Sheneng Co., Huadian International, and Longyuan Power [61].