公用事业2025年第3周周报（20250117）：12月水核风光好转 国网2025投资超6500亿

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - In December, electricity demand was weak, but hydropower, nuclear, and wind energy showed improvement [5][9] - The National Grid is expected to invest over 650 billion yuan in 2025, marking a significant increase in investment [6][24] Summary by Sections Electricity Sector - In December 2024, the national industrial power generation was 846.2 billion kWh, a year-on-year increase of 0.6%, with a decline in growth rate compared to November [6][9] - Hydropower generation increased by 5.5% in December, while thermal power saw a decline of 2.6% [11][12] - Nuclear power generation grew by 11.4%, and solar power generation surged by 28.5% [11][12] Coal and Gas Sector - In December, both domestic coal production and imports increased, contributing to a decline in coal prices [15][18] - The coal production in December reached 440 million tons, a year-on-year increase of 4.2% [18][20] - Natural gas production was 21.8 billion cubic meters, a year-on-year increase of 3.6%, while imports decreased by 7.9% [21] Power Equipment Sector - The National Grid's investment in 2025 is projected to exceed 650 billion yuan, driven by the construction of high-voltage direct current projects [24][27] - The number of high-voltage direct current projects is expected to significantly increase in 2025, with five new projects planned [27][28] - Key recommended companies include XJ Electric, Rikon Technology, and Huaming Equipment [24][28]