11月电力数据点评：水电发电量降幅收窄，用电量增速下降

Investment Rating - The report maintains a "Buy" rating for the thermal power sector, highlighting its potential for policy-driven growth and continuous performance improvement. It also expresses a long-term positive outlook for the hydropower and nuclear power sectors due to their strong dividend capabilities [2][3]. Core Insights - In November, the total industrial power generation reached 749.5 billion kWh, with a year-on-year growth of 0.9%, reflecting a slowdown of 1.2 percentage points compared to October. The growth rates for various power sources in November were as follows: thermal power increased by 1.4%, hydropower decreased by 1.9%, nuclear power grew by 3.1%, wind power declined by 3.3%, and solar power surged by 10.3% [1][7]. - The report indicates that the decline in hydropower generation has significantly narrowed, primarily due to favorable water storage conditions, which are expected to support power generation during the dry season [1][7]. - The report projects that by the end of 2024, the cumulative installed capacity for wind and solar power will reach 510 GW and 840 GW, respectively, with a total of approximately 300 GW of new renewable energy installations expected for the year [7][16]. Summary by Sections Power Generation Data - In November, the total electricity consumption was 784.9 billion kWh, showing a year-on-year growth of 2.8%, which is a decrease of 1.5 percentage points from October. The growth rates for different sectors were: primary industry at 7.6%, secondary industry at 2.2%, tertiary industry at 4.7%, and residential consumption at 2.9% [8]. - The report attributes the slowdown in electricity consumption growth to warmer temperatures and a high base effect from the previous year [8]. Company Focus - The report highlights specific companies to watch, including Huaneng International, Huadian International, Chuanwei Energy, Yangtze Power, and China General Nuclear Power, which are expected to benefit from the favorable market conditions [2][4].