公用事业行业十二月行业动态报告：水电发电量降幅收窄，风光核装机目标明确

Investment Rating - The report maintains a "Recommended" rating for the public utility industry [65]. Core Insights - The report highlights the narrowing decline in hydropower generation and the clear targets for wind and nuclear power installations by 2025, indicating a positive outlook for the energy sector [55][57]. - It emphasizes the expected increase in renewable energy installations, with a projected addition of 200 million kilowatts of wind and solar power by 2025, which is anticipated to alleviate consumption pressure [56][58]. - The report suggests a short-term positive outlook for thermal power due to improving generation volumes and policy catalysts, while long-term prospects remain strong for hydropower and nuclear power due to their stable performance and strong dividend capabilities [58]. Summary by Sections 1. Industry News - The report discusses the recent trends in the carbon trading market and the overall electricity market performance, noting a 6% year-on-year increase in electricity trading volume in November [70]. 2. Electricity Industry Data - In November, the total industrial power generation was 749.5 billion kilowatt-hours, with a year-on-year growth of 0.9%, while hydropower generation saw a significant narrowing of its decline [15][55]. - The report indicates that as of November, the cumulative installed capacity of wind and solar power reached approximately 492.18 GW and 818.33 GW, respectively, marking year-on-year growth of 19.2% and 46.7% [106]. 3. Hydropower Generation - The report notes that the decline in hydropower generation has significantly narrowed, with November's hydropower generation showing a decrease of only 1.9% compared to the previous year, supported by favorable water storage conditions [15][55]. 4. Wind and Nuclear Power Installation Goals - The report outlines that by the end of 2025, the operational capacity of nuclear power is expected to reach approximately 65 million kilowatts, with an annual average increase of 3.02 million kilowatts during the 14th Five-Year Plan period [57][58]. - It also mentions that the government aims to approve a significant number of key power interconnection projects to enhance the transmission capacity of renewable energy [56]. 5. Investment Recommendations and Stock Pool - The report recommends focusing on companies with strong performance and dividend capabilities in the hydropower and nuclear sectors, while also identifying specific stocks such as Huaneng International, Waneng Power, and China General Nuclear Power as potential investment opportunities [58][44].