Core Viewpoint - The report highlights the growth in electricity generation in Tibet, with significant increases in various energy sources, indicating a positive trend in the energy sector in the region [1]. Group 1: Electricity Generation Data - In November 2025, Tibet's electricity generation reached 1.39 billion kilowatt-hours, marking a year-on-year increase of 3.7% [1]. - From January to November 2025, total electricity generation in Tibet was 15.06 billion kilowatt-hours, reflecting a year-on-year growth of 10.8% [1]. - Breakdown of electricity generation from January to November 2025 shows: - Thermal power generation was 0.5 billion kilowatt-hours, accounting for 3.3% of total generation, with a year-on-year increase of 43.3% [1]. - Hydropower generation was 12.61 billion kilowatt-hours, making up 83.7% of total generation, with a year-on-year increase of 5.3% [1]. - Wind power generation was 0.38 billion kilowatt-hours, representing 2.5% of total generation, with a year-on-year increase of 195.4% [1]. - Solar power generation was 1.571 billion kilowatt-hours, accounting for 10.4% of total generation, with a year-on-year increase of 37.4% [1]. Group 2: Statistical Data Source - The data presented in the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, focusing on large-scale industrial enterprises with annual main business income of 20 million yuan or more [1].

Group 1 - The core viewpoint of the articles highlights the growth in electricity generation in Guizhou Province, with a total generation of 211.4 billion kWh in November 2025, representing a year-on-year increase of 6.9% [1] - From January to November 2025, Guizhou Province generated 2,336.3 billion kWh of electricity, showing a year-on-year growth of 4.8% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 1,373.2 billion kWh (58.8% of total generation) with a year-on-year decline of 5.9%, while hydropower increased by 31.8% to 653.2 billion kWh (28% of total generation) [1] Group 2 - Wind power generation reached 134.1 billion kWh, representing 5.7% of total generation with a year-on-year increase of 8.5% [1] - Solar power generation amounted to 175.72 billion kWh, making up 7.5% of total generation and showing a year-on-year growth of 16.9% [1] - The report by Zhiyan Consulting provides an analysis of the energy industry market in China from 2026 to 2032, indicating potential investment opportunities [1]

Core Insights - The report highlights the growth in electricity generation in the Xinjiang Uygur Autonomous Region, with a total generation of 514.2 billion kilowatt-hours from January to November 2025, marking a year-on-year increase of 5% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 68.1% of the total generation, with a slight increase of 0.7% year-on-year, while hydropower decreased by 0.6% [1] - Wind power generation increased by 7.9% year-on-year, contributing 14.6% to the total generation, and solar power saw a significant growth of 43%, making up 10.8% of the total generation [1] Industry Overview - The report is based on data from the National Bureau of Statistics and compiled by Zhiyan Consulting, focusing on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2] - The report emphasizes the importance of consistent statistical criteria for year-on-year comparisons, noting that changes in the scope of large-scale industrial enterprises may affect data comparability [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored consulting services to support investment decisions [2]

Group 1 - The core viewpoint of the report indicates that Yunnan Province's electricity generation in November 2025 reached 34.34 billion kWh, representing a year-on-year increase of 8.4% [1] - From January to November 2025, Yunnan Province generated a total of 425.6 billion kWh of electricity, which is a year-on-year growth of 4.3% [1] - In terms of electricity generation by type, thermal power accounted for 12% of the total generation at 51.02 billion kWh, showing a decline of 6.3% year-on-year [1] - Hydropower generation was 308.48 billion kWh, making up 72.5% of the total, with a year-on-year increase of 5.6% [1] - Wind power generation was 29.84 billion kWh, representing 7% of the total, with a year-on-year decrease of 14.7% [1] - Solar power generation reached 36.254 billion kWh, accounting for 8.5% of the total, and saw a significant year-on-year increase of 36.2% [1] Group 2 - The report's data is based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [1] - The statistical scope of the report ensures that the year-on-year growth rates are consistent with the current year's enterprise statistics, which may differ from previously published data [1]

相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，青海省发电83.9亿千瓦时，同比下滑4.5%。2025年1-11月，青海省发电966.8亿千瓦时，同 比增长1%。分品种看，2025年1-11月，青海省火力发电量121亿千瓦时，占总发电量的12.5%，同比增 长5%；青海省水力发电量415.9亿千瓦时，占总发电量的43%，同比下滑6.9%；青海省风力发电量133.1 亿千瓦时，占总发电量的13.8%，同比增长7.5%；青海省太阳能发电量296.78亿千瓦时占总发电量的 30.7%，同比增长9.5%。 附注 2018-2025年1-11月青海省各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 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 ...

统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 2025年11月，陕西省发电270.7亿千瓦时，同比增长3.8%。2025年1-11月，陕西省发电2963.1亿千瓦时， 同比增长2.7%。分品种看，2025年1-11月，陕西省火力发电量2527.9亿千瓦时，占总发电量的85.3%， 同比增长1.3%；陕西省水力发电量90.7亿千瓦时，占总发电量的3.1%，同比增长27.3%；陕西省风力发 电量192.9亿千瓦时，占总发电量的6.5%，同比增长5.9%；陕西省太阳能发电量151.69亿千瓦时占总发 电量的5.1%，同比增长11%。 2018-2025年1-11月陕西省各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 附注 上市企业：陕天然气（002267）、通源石油（300164）、宝光股份（600379）、隆基绿能（601012）、 中国西电（601179）、 ...

统计范围： 2018-2025年1-11月宁夏回族自治区各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 附注 上市企业：银星能源（000862）、宝丰能源（600989）、嘉泽新能（601619）、凯添燃气（831010）、 威力传动（300904） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，宁夏回族自治区发电207.5亿千瓦时，同比增长0.6%。2025年1-11月，宁夏回族自治区发 电2173.8亿千瓦时，同比增长4.1%。分品种看，2025年1-11月，宁夏回族自治区火力发电量1572.3亿千 瓦时，占总发电量的72.3%，同比增长0.7%；宁夏回族自治区水力发电量16.6亿千瓦时，占总发电量的 0.8%，同比下滑10.5%；宁夏回族自治区风力发电量250.2亿千瓦时，占总发电量的11.5%，同比增长 2.8%；宁夏回族自治区太阳能发电量334.66亿千瓦时占总发电量的15.4%，同比增长26.3%。 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企 ...

上市企业：甘肃能化（000552）、甘肃能源（000791）、首航高科（002665）、海默科技（300084）、 金刚光伏（300093）、长城电工（600192）、蓝科高新（601798）、兰石重装（603169） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，甘肃省发电209.5亿千瓦时，同比增长26%。2025年1-11月，甘肃省发电2105.8亿千瓦时， 同比增长9.6%。分品种看，2025年1-11月，甘肃省火力发电量1096.6亿千瓦时，占总发电量的52.1%， 同比增长14.7%；甘肃省水力发电量274.7亿千瓦时，占总发电量的13%，同比下滑8.4%；甘肃省风力发 电量476.2亿千瓦时，占总发电量的22.6%，同比增长14.2%；甘肃省太阳能发电量258.3亿千瓦时占总发 电量的12.3%，同比增长4.2%。 2018-2025年1-11月甘肃省各品种发电量累计产量统计图 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保 ...

Core Viewpoint - The rapid iteration of AI technology is significantly increasing energy demand, leading to explosive growth in computing power and the expansion of new load types such as data centers, creating investment opportunities in the power sector [2][3]. Group 1: Investment Opportunities in the Power Sector - By 2025, several stocks in the power sector are expected to double in value, with indices related to ultra-high voltage and power grid equipment showing annual growth exceeding 70% [2][3]. - The "Power Selection Index" rose by 10.49% in 2025, while the "Hang Seng A-Share Power Grid Equipment" index saw a growth of over 70%, indicating strong performance in related ETFs [3]. - Fund managers emphasize the increasing importance of power supply, particularly due to aging infrastructure and energy transition needs, which are driving sustained demand for power equipment [2][3]. Group 2: Electricity Shortage and AI Demand - The ongoing AI boom is creating a strong logic for electricity shortages, particularly in the U.S. where AI data centers face significant power supply constraints, with shortages potentially exceeding 10% in the coming years [4][5]. - AI training, exemplified by OpenAI's GPT-3XL model, can consume up to 11.83 million megawatt-hours annually, highlighting the substantial electricity requirements for AI operations [4]. - By 2027, NVIDIA's GPU clusters alone are projected to consume between 150-200 GW of electricity, equivalent to the total electricity consumption of France, underscoring the critical nature of power supply for AI development [5]. Group 3: Strategic Directions in the Power Industry - Three key areas for investment in the power sector are emerging: 1. The grid side, where demand for power equipment is increasing due to data center integration and aging infrastructure, providing opportunities for Chinese companies in overseas markets [6]. 2. The user side, where data center power density is rising, potentially leading to a shift towards higher voltage and direct current supply architectures [7]. 3. The power source side, where various energy sources such as gas, nuclear, and solid oxide fuel cells are expected to enhance power supply capabilities for data centers [7]. - The overall landscape of the power industry is characterized by supply constraints, increased demand for renewable energy solutions, and China's competitive advantages in energy supply and manufacturing [7].

上市企业：川能动力（000155）、德龙汇能（000593）、运机集团（001288）、ST升达（002259）、 融发核电（002366）、新筑股份（002480）、华西能源（002630）、科新机电（300092）、英杰电气 （300820）、大宏立（300865）、川投能源（600674）、东方电气（600875）、国机重装（601399）、 成都燃气（603053）、长虹能源（836239）、瑞奇智造（833781） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 附注 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 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 ...