电力及公用事业行业月报：充换电服务业以及信息传输、软件和信息技术服务业用电量增长较快-20251203

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector based on industry valuation levels, earnings growth expectations, and development prospects [7]. Core Insights - The power and utilities index outperformed the market in November 2025, with a decline of 1.80%, compared to a 2.46% drop in the CSI 300, resulting in a 0.66 percentage point outperformance [2][11]. - In October 2025, the national electricity consumption reached 857.2 billion kWh, showing a year-on-year growth of 10.4%, with significant increases in the charging and swapping service industry, as well as in information transmission, software, and IT services [3][15]. - The installed capacity of wind and solar power combined exceeded that of thermal power for the first time, accounting for 46.1% of total installed capacity as of October 2025 [3][37]. Summary by Sections Market Review - The power and utilities index showed a stronger performance than the market, with specific sub-sectors like heating and gas showing positive growth [2][11]. - The top-performing stocks in November included Shengli Co. (33.07%) and Delong Huineng (26.03%) [11]. Supply and Demand in the Industry - Electricity consumption in October 2025 reached 857.2 billion kWh, with a notable increase in the third sector's consumption, particularly in charging services [15][16]. - The total electricity generation in October 2025 was 800.2 billion kWh, with a year-on-year increase of 7.9%, driven by a recovery in thermal power generation [24][25]. Industry Chain Volume and Price - Coal production and imports continued to decline, with a 2.3% decrease in domestic coal production in October 2025 [4][38]. - The price of thermal coal at northern ports was reported at 820 RMB/ton, reflecting a monthly increase of 7.9% [4][46]. Natural Gas Volume and Price - Natural gas production growth slowed to 5.9% year-on-year in October 2025, while imports decreased by 7.3% [5][54]. - The price of liquefied natural gas was reported at 4268 RMB/ton, with a slight monthly increase of 0.7% [5][57]. Yangtze River Three Gorges Water Conditions - The water inflow at the Three Gorges continued to improve, with significant increases in both inflow and outflow rates compared to the previous year [7][62]. Monthly Power Supply and Demand in Henan Province - In October 2025, Henan's total electricity consumption decreased by 4.47% year-on-year, while the total generation also saw a decline of 3.75% [67][71].