电新&公用行业动态点评报告：12月电力数据：光伏出力环比加快，用电增速环比提升

Investment Rating - The industry investment rating is maintained as "Recommended" [2][5]. Core Views - In December, the power generation showed stable growth, with industrial power generation reaching 846.2 billion kWh, a year-on-year increase of 0.6%. The average daily power generation was 27.3 billion kWh. For the entire year of 2024, the industrial power generation totaled 941.81 billion kWh, reflecting a year-on-year growth of 4.6% [5]. - The report highlights that in December, the growth rates of nuclear power and solar power generation accelerated, while thermal power shifted from growth to decline. Hydropower and wind power saw a turnaround from decline to growth. Specifically, industrial thermal power decreased by 2.6% year-on-year, while hydropower increased by 5.5%, nuclear power grew by 11.4%, wind power rose by 6.6%, and solar power surged by 28.5%, marking an acceleration of 18.2 percentage points compared to November [5]. - The total electricity consumption in December was 883.5 billion kWh, with a year-on-year growth of 3.2%, and a month-on-month increase of 0.41 percentage points. For the entire year, total electricity consumption reached 985.21 billion kWh, up by 6.8% year-on-year [5]. Summary by Sections Power Generation Data - In December, the industrial power generation was 846.2 billion kWh, with a year-on-year increase of 0.6%. The daily average was 27.3 billion kWh. The total for 2024 was 941.81 billion kWh, up 4.6% year-on-year [5]. - By power type, nuclear and solar power saw accelerated growth, while thermal power declined. Hydropower and wind power increased, with specific growth rates of 11.4% for nuclear, 28.5% for solar, and 6.6% for wind [5]. Electricity Consumption Data - Total electricity consumption in December was 883.5 billion kWh, a 3.2% year-on-year increase. The total for the year was 985.21 billion kWh, reflecting a 6.8% growth [5]. - By sector, the first industry consumed 135.7 billion kWh (up 6.3%), the second industry 638.74 billion kWh (up 5.1%), the third industry 183.48 billion kWh (up 9.9%), and urban and rural residential consumption was 149.42 billion kWh (up 10.6%) [5]. Investment Recommendations - The report suggests focusing on companies in the thermal and renewable energy sectors, including Huaneng International, Huadian International, Guodian Power, and Datang Power. In the hydropower sector, recommended companies include Huaneng Hydropower, Guotou Power, Chuan Investment Energy, and Yangtze Power. For nuclear power, China National Nuclear Power and China General Nuclear Power are highlighted [5].