电力行业点评：能源行业产融动态报告

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but it can be inferred from the performance of the public utility sector and its sub-sectors, particularly the electricity and gas sectors, which showed relatively stable performance amidst a broader market decline [2]. Core Insights - The public utility sector, particularly the electricity sector, demonstrated defensive characteristics during a weak A-share market, with the electricity sector showing a decline of -0.39% [2]. - The signing of the cooperation framework agreement for water governance in the Yongding River basin indicates a focus on enhancing water management capabilities, which may have implications for the electricity sector in terms of resource management and regulatory frameworks [3]. Summary by Sections Market Performance - The Shanghai Composite Index fell by 1.65%, with the public utility sector ranking second among 31 primary industry classifications, showing a decline of -0.42% [2]. - Within the electricity and gas sectors, the electricity sector declined by -0.39%, while the gas sector saw a decline of -0.74%, ranking 12th and 15th respectively among 124 secondary industry classifications [2]. Industry News - A cooperation framework agreement was signed among multiple provinces for water governance in the Yongding River basin, aiming to enhance management capabilities and establish a unified legal environment for water governance [3].