中信证券：价格改革进一步深化 电力、水务、燃气等公用事业价格有望更加市场化

Group 1 - The core viewpoint is that the deepening of price reforms and the improvement of governance mechanisms will lead to more market-oriented pricing in public utilities such as electricity, water, and gas [1][2] - The recent guidance from the Central Committee and the State Council emphasizes the need to enhance market price formation mechanisms and improve price regulation, which will support high-quality economic development [2] - The electricity market reform aims to establish a multi-level market system and improve pricing mechanisms for various power sources, which is expected to benefit large hydropower projects as prices become more market-oriented [3] Group 2 - Water pricing mechanisms need optimization to address the slow adjustment frequency and rising losses in the water supply industry, with the new guidelines expected to accelerate price reforms [4] - The sewage treatment fee structure is under pressure due to low government payments and user charges, and the new policies aim to alleviate the increasing accounts receivable issues in the sewage industry [4] - The gas price adjustment mechanism is being deepened, with several regions already increasing residential gas prices, which is expected to enhance the profitability of urban gas companies [5] Group 3 - The investment strategy suggests that the market-oriented pricing mechanisms will benefit large hydropower projects, improve water utility operations, and enhance the profitability of leading urban gas companies [7][8]