电力行业11月月报：各省电力交易结果陆续落地，暖冬及二产拖累用电量增速

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report indicates that the annual electricity trading results for 2025 are gradually being finalized, with significant price declines observed in coastal regions, suggesting that the downward price risk has been largely released [4][9] - The ongoing electricity market reform is expected to promote the establishment of a spot market, which will likely become a major focus in 2025 [4][9] - The report anticipates that the profitability of the electricity sector will improve and undergo a value reassessment due to the easing of supply-demand tensions and the continued growth of renewable energy installations [6][9] Monthly Sector and Key Listed Company Performance - In December, the electricity and public utilities sector rose by 2.2%, outperforming the broader market, with the Shanghai and Shenzhen 300 index increasing by 0.5% [13] - The top three performing companies in the electricity sector in December were Sheneng Co. (+15.73%), Guiguan Electric (+11.29%), and China Nuclear Power (+10.84%) [14] Monthly Electricity Demand Analysis - In November 2024, total electricity consumption increased by 2.79% year-on-year, with industrial electricity consumption growth declining for six consecutive months [15][18] - The electricity consumption growth rates for the primary, secondary, and tertiary industries were 7.60%, 2.20%, and 4.70%, respectively, with residential electricity consumption growing by 2.90% [18] Monthly Electricity Production Analysis - In November 2024, total electricity generation increased by 0.90% year-on-year, with thermal power generation rising by 1.40% and hydropower generation declining by 1.90% [39][40] - The total new installed capacity in November 2024 was 37.33 million kilowatts, with significant contributions from solar power [5] Monthly Electricity Market Data Analysis - The average purchase price for electricity in January was 401.88 yuan/MWh, remaining stable month-on-month but down 2.00% year-on-year [6] Industry News - The report highlights recent announcements from various provincial electricity trading centers regarding the 2025 annual trading results [6] Investment Strategy and Key Listed Company Valuation - The report suggests that coal-electricity integrated companies and national coal-electric leaders are likely to benefit from the ongoing market reforms and the expected improvement in profitability [6]