电力及公用事业行业月报：全球市值最大的电力上市公司与谷歌开展AI合作-20251229

Investment Rating - The report maintains an "Outperform" investment rating for the power and utilities sector [3][5]. Core Insights - The power and utilities index underperformed the market in December 2025, with a slight increase of 0.05%, lagging behind the CSI 300 index by 2.83 percentage points [3][12]. - The report highlights significant growth in electricity consumption, particularly in the charging and swapping service industry, which saw a year-on-year increase of 48.3% [4][19]. - The supply side indicates a shift in generation trends, with hydropower showing rapid growth and thermal power experiencing a decline [4][27]. Summary by Sections Market Review - As of December 26, 2025, the power and utilities index had a monthly increase of 0.05%, while the CSI 300 index increased by 2.88% [3][12]. - Subsector performance ranked as follows: grid (2.85%), other generation (1.22%), thermal (0.76%), heating or others (0.63%), environmental and water services (0.30%), hydropower (-1.19%), and gas (-2.54%) [3][12]. National Power Supply and Demand - In the first 11 months of 2025, total electricity consumption reached 9.46 trillion kWh, with notable growth in specific sectors [4][19]. - By November 2025, the generation mix showed thermal power's share at 64.5%, hydropower at 13.9%, nuclear at 4.9%, wind at 10.7%, and solar at 6.0% [4][28]. Industry Chain Volume and Price - The report notes a decrease in coal production and an increase in coal imports, with November 2025 coal imports down by 19.9% year-on-year [43][49]. - Natural gas production growth slowed, while imports increased by 10.7% in November 2025 [52][53]. Regional Power Supply and Demand (Henan Province) - In November 2025, Henan's total electricity consumption was 33.12 billion kWh, a year-on-year increase of 4.88% [5][59]. - The province's generation mix included a significant increase in hydropower generation by 126.18% year-on-year [62]. Industry and Company News - The report outlines key industry developments, including the launch of new nuclear power projects and significant growth in renewable energy transactions [70].