公用环保行业202412第4期：1-11月全社会用电量同比+7.1%，11月工业及混合油（UCO）出口量创历史新高

Investment Rating - The report maintains an "Outperform the Market" rating for the public utility sector [4][20][51]. Core Insights - The report emphasizes the recommendation of the new energy industry chain and comprehensive energy management in the context of carbon neutrality [29][51]. - It highlights the significant growth in industrial-grade mixed oil (UCO) exports, with November 2024 exports reaching 434,200 tons, a year-on-year increase of 94.2% [3][28]. - The report notes that the total electricity consumption in November 2024 was 784.9 billion kWh, a year-on-year increase of 2.8% [5][97]. Summary by Sections 1. Special Research and Core Insights - The report includes a detailed analysis of the export situation for industrial-grade mixed oil (UCO) in November 2024, noting a historical high in export volume [3][28]. - It discusses the importance of the new energy sector and comprehensive energy management strategies in achieving carbon neutrality [29][51]. 2. Sector Performance - The report indicates that the public utility index decreased by 0.50%, while the environmental index fell by 2.61% [18][52]. - It provides insights into the performance of various sub-sectors, with the electricity sector showing mixed results: thermal power down by 0.92%, hydropower up by 0.98%, and new energy down by 0.68% [53][56]. 3. Key Industry Data Overview - The report presents key data on electricity consumption, with a cumulative total of 89,686 billion kWh from January to November 2024, reflecting a year-on-year growth of 7.1% [5][74]. - It breaks down electricity consumption by sector, highlighting significant growth in the primary sector at 7.6% and the tertiary sector at 4.7% [5][97]. 4. Industry Dynamics and Company Announcements - The report discusses recent policy developments and events impacting the industry, including the release of electricity consumption data by the National Energy Administration [5][28]. - It highlights the performance of specific companies within the sector, recommending those with stable cash flows and growth potential [19][51].