公用事业行业：电量承压与电价落地，时间的煤硅再度演绎

Investment Rating - The industry investment rating is "Buy" [16][17]. Core Insights - The report highlights a focus on companies such as Waneng Power, Zheneng Power, CGN Power, Guotou Power, Changjiang Power, Huadian International, Sheneng Co., Longyuan Power, China Resources Power, Funiu Co., Kunlun Energy, and China Resources Gas [18]. - The growth rate of electricity consumption has declined due to high temperatures, base effects, and pressure on the secondary industry. In November, the growth rates for total electricity consumption, primary, secondary, and tertiary industries, and residential use were +2.8%, +7.6%, +2.2%, +4.7%, and +2.9% respectively [18]. - The report notes that the total installed capacity increased by 316.7 GW from January to November, with wind and solar accounting for 258 GW (up 26% year-on-year) and thermal power accounting for 44% of the total installed capacity [18]. - The report indicates that the market-oriented electricity prices are decreasing, with significant drops in provinces like Shandong, Shanxi, and Jiangsu [18]. - The report emphasizes the rapid decline in coal prices, with the latest Qinhuangdao thermal coal price at 780 CNY/ton, the lowest in the past year [18]. Summary by Sections Electricity Demand - The decline in electricity demand growth is attributed to high temperatures and economic weakness, with the secondary industry's growth rate affected by base effects [11][18]. - The report notes that the electricity generation growth rate for thermal power fell to 1.4% in November, while hydropower showed some improvement [18]. Installed Capacity - From January to November, the newly added installed capacity was 316.7 GW, with wind and solar accounting for 258 GW [18]. - The report states that 28 GW of thermal power was approved, and 79 GW of new thermal power construction commenced [18]. Water Conditions - The report indicates that water levels have been low since October, leading to a decline in electricity generation in major river basins [11][18]. Electricity Prices - The report highlights that market-oriented electricity prices are decreasing, with the largest year-on-year drop in Guangdong province [18]. Energy Prices - The report notes a rapid decline in coal prices, with high inventory levels maintained [18]. - Natural gas consumption increased by 9.9% year-on-year from January to October [18]. Recommended Stocks - The report suggests focusing on companies benefiting from the decline in gas prices and the stabilization of electricity prices, including those in the public utility sector [18].