Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - In November, electricity consumption increased by 6.2% year-on-year, with total electricity consumption reaching 835.6 billion kilowatt-hours [6] - The report highlights a shift in electricity generation, with thermal power output declining while hydropower and renewable energy sources like nuclear, solar, and wind power showed growth [6] - The report suggests that the demand for electricity across various industries has remained stable, with significant growth in sectors such as high-tech and equipment manufacturing [6] Summary by Relevant Sections Electricity Generation Data - In November, the industrial electricity generation was 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%. The average daily generation was 25.97 billion kilowatt-hours [6] - For the first eleven months, the total industrial electricity generation was 8,856.7 billion kilowatt-hours, up 2.4% year-on-year [6] - Breakdown of generation types in November: - Thermal power decreased by 4.2% year-on-year - Hydropower increased by 17.1% - Nuclear power grew by 4.7% - Wind power increased by 22.0% - Solar power surged by 23.4% [6] Electricity Consumption Data - Total electricity consumption for the first eleven months was 94,602 billion kilowatt-hours, reflecting a year-on-year growth of 5.2% [6] - Breakdown of consumption by sector in November: - Primary industry: 11.3 billion kilowatt-hours, up 7.9% - Secondary industry: 5,654 billion kilowatt-hours, up 4.4% - Tertiary industry: 1,532 billion kilowatt-hours, up 10.3% - Urban and rural residential consumption: 105.7 billion kilowatt-hours, up 9.8% [6] Investment Recommendations - The report recommends focusing on companies in the thermal and renewable energy sectors, including Huaneng International, Huadian International, Guodian Power, and Datang Power, as well as hydropower companies like Huaneng Hydropower and State Power Investment Corporation [6]

2025年1-10月，电力、热力、燃气及水生产和供应业企业数（以下数据涉及的企业，均为规模以上工业 企业，从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收 入2000万元）为23315个，和上年同期相比，增加了1622个，同比增长7.48%，占工业总企业的比重为 4.45%。 2019-2025年1-10月电力、热力、燃气及水生产和供应业企业数统计图 上市公司：深圳能源（000027），深南电A（000037），东旭蓝天（000040），太阳能（000591），建 投能源（000600），韶能股份（000601），宝新能源（000690），吉电股份（000875），湖北能源 （000883），赣能股份（000899），长源电力（000966），闽东电力（000993） 相关报告：智研咨询发布的《2025-2031年中国电力行业投资潜力研究及发展趋势预测报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化 ...

Core Insights - The report highlights the growth in the number of enterprises in the electricity, heat, gas, and water production and supply industry, which increased by 1,781 enterprises year-on-year, representing an 8.3% growth [1][1][1] Industry Overview - As of January to September 2025, there are 23,244 enterprises in the electricity, heat, gas, and water production and supply sector, accounting for 4.45% of the total industrial enterprises [1][1][1] - The threshold for scale enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1][1][1] Research and Consulting - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports, business plans, feasibility studies, and customized services [1][1][1] - The firm emphasizes its professional approach, quality service, and keen market insights to empower investment decisions [1][1][1]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the electricity, heat, gas, and water production and supply industry, which increased by 1,818 to a total of 22,893 enterprises from January to April 2025, representing a year-on-year growth of 8.63% [1] - The proportion of these enterprises in the total industrial enterprises is 4.41%, indicating a significant presence within the industrial sector [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Group 2 - The report referenced is titled "Research on Investment Potential and Development Trend Forecast of China's Power Industry from 2025 to 2031" published by Zhiyan Consulting [1] - The threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011, which may impact the statistics presented [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive industry solutions to empower investment decisions [1]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the electricity and heat production and supply industry, which increased by 1,278 to a total of 14,624 enterprises from January to July 2025, representing a year-on-year growth of 9.58% [1][1][1] - The proportion of the electricity and heat production and supply industry enterprises in the total industrial enterprises is 2.81% [1][1][1] - The data indicates a significant increase in the scale of the electricity and heat production and supply industry, reflecting a positive trend in the sector's development [1][1][1] Group 2 - The report referenced is the "2025-2031 China Power Industry Investment Potential Research and Development Trend Forecast Report" published by Zhiyan Consulting [1][1][1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1][1][1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market sensitivity [1][1][1]

上市公司：深圳能源（000027），深南电A（000037），东旭蓝天（000040），川能动力（000155）， 珠海港（000507），穗恒运Ａ（000531），皖能电力（000543），太阳能（000591），建投能源 （000600），韶能股份（000601），宝新能源（000690） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国电力行业投资潜力研究及发展趋势预测报告》 2025年上半年，电力、热力生产和供应业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为14584个，和上年同期相比，增加了1272个，同比增长9.56%，占工业总企业的比重为2.8%。 ...