公用事业行业周报：气温偏高需求增速放缓，水电降幅收窄风电转负

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The electricity demand in China has shown a year-on-year growth of 7.1% for the first eleven months of 2024, with significant contributions from various sectors [14][16]. - The report highlights the performance of different energy sources, noting that coal-fired power generation has seen a growth of 1.4% in November 2024, while hydropower generation decreased by 1.9% [40][46]. - The report emphasizes the expected benefits for companies involved in coal power due to reforms in electricity pricing and the tightening supply-demand balance in the power market [6][60]. Summary by Sections Electricity Demand - In the first eleven months of 2024, the total electricity consumption reached 89,686 billion kWh, with the first industry growing by 6.8%, the second industry by 5.3%, and the third industry by 10.4% [16][22]. - November 2024 saw a total electricity consumption of 7,849 billion kWh, reflecting a year-on-year increase of 2.8% [18]. Power Generation - The total power generation from large-scale units in November 2024 was 7,495 billion kWh, a 0.9% increase year-on-year, with coal power contributing 5,175 billion kWh [43][60]. - Hydropower generation for the first eleven months of 2024 was 11,926 billion kWh, showing an 11.2% increase year-on-year [15][54]. Company-Specific Insights - Huadian International is expected to benefit significantly from coal power capacity price reforms and the tightening electricity supply-demand situation [6]. - China Nuclear Power is projected to see an increase in nuclear power generation with new units coming online in 2024, enhancing its profitability [7]. - Huaneng Hydropower anticipates revenue support from expected electricity price increases in 2024 due to rising demand in Yunnan [8]. Market Performance - The report notes that the public utility sector has seen a 1.03% increase over the past month, with specific companies like Ningbo Energy showing a notable weekly increase of 22.75% [4][80]. - The report indicates that the overall performance of the electricity sector has been weaker compared to previous weeks, with water power performing relatively better [80].