20251118-国元国际控股-电力行业即时点评_10月电力生产增速加快_火电由降转增_2页_304kb

Summary of Electricity Production Report (October 2025)

The National Bureau of Statistics released data for October 2025, indicating a significant acceleration in electricity production.规模以上工业发电量 in October rose by 7.9% year-on-year, up 6.4 percentage points from September. Key developments include a reversal of thermal power production from negative to positive growth (7.3% YoY after September's -5.4%), along with changes in other sources like hydropower (slower growth), nuclear power (faster growth), wind power (larger decline), and solar power (slower growth).

The analysis highlights that rising coal prices, driven by supply constraints, have strengthened expectations for stable electricity pricing amidst higher costs. Investment advice focuses on thermal power's role in a flexible system, with recommendations to monitor and invest in companies such as China Resources Power, Datang Power Generation, and Huadian International.Overall, the report underscores improved production dynamics and potential profitability enhancements in the sector.