Investment Rating - The report maintains a "Buy" rating for key companies in the power and coal sectors, including Harbin Electric, China Shenhua, and Zhongmei Energy [7][9][30]. Core Insights - The electricity demand in November 2025 is expected to continue its high growth rate, with a projected increase of 6.6% year-on-year, reaching 8,364 billion kWh [1]. - The report highlights a significant rebound in exports, particularly in integrated circuits and automobiles, which is expected to support electricity demand growth [3]. - The heating season is anticipated to be longer this year due to the late timing of the Spring Festival, potentially leading to higher-than-expected heating demand [4]. - The report emphasizes the resilience of domestic demand driven by government policies aimed at stabilizing growth and reducing competition [5]. Summary by Sections Electricity Generation Forecast - The estimated national electricity generation for November 2025 is 7,898 billion kWh, reflecting a year-on-year increase of 3.9% [1][10]. - The breakdown of generation includes thermal power at 5,069 billion kWh (down 2.1%), hydropower at 1,138 billion kWh (up 38.3%), wind power at 955 billion kWh (up 16.0%), solar power at 336 billion kWh (up 12.8%), and nuclear power at 400 billion kWh (up 6.4%) [10][14]. Coal Consumption Trends - Thermal coal consumption has shown a decline, with coastal provinces averaging 1.84 million tons per day (down 2.5% year-on-year) and inland provinces averaging 3.35 million tons per day (down 5.6% year-on-year) [2][10]. - The report suggests that improved water conditions and seasonal wind energy output may lead to a reduction in thermal power generation [2]. Company Recommendations - Harbin Electric is recommended due to its leading position in traditional power equipment and expected benefits from ongoing nuclear power approvals and global electricity shortages [30]. - Zhongmei Energy is highlighted for its effective cost control and expected recovery in coal prices, maintaining a "Buy" rating [31]. - China Shenhua is noted for its strong cost management and improved profitability, with a target price increase to 51.3 yuan [35]. Market Outlook - The report anticipates that electricity demand will outpace GDP growth for the year, supported by both domestic and export recovery [5]. - The potential for higher-than-expected coal demand during the heating season is emphasized, suggesting a bullish outlook for coal prices [4][5].