公用事业行业周报：电改持续推进，消纳政策趋于细化

Investment Rating - The report maintains an "Overweight" rating for the utility sector, consistent with the previous rating [3]. Core Insights - Demand-side management is expected to strengthen, enhancing the flexibility of the power system. The "computing power and electricity collaboration" is anticipated to open up space for green electricity consumption, with the environmental premium of green electricity gradually becoming more prominent. Future consumption policies are expected to be further refined [4][5]. - The report highlights the release of the "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" by the National Development and Reform Commission, which emphasizes the importance of demand-side response capabilities in regions with significant peak load issues or difficulties in consuming renewable energy [7][8]. Summary by Sections 1. Key Events and Industry Views - The report discusses the ongoing electricity reform and the gradual refinement of consumption policies. It emphasizes the potential for significant increases in green electricity demand due to the establishment of a computing power and electricity collaboration mechanism [8][9]. - The report predicts that the electricity supply-demand balance will remain tight, with expectations for electricity consumption growth to outpace economic growth. The market-oriented reform of electricity pricing mechanisms is expected to drive a revaluation of quality assets within the industry [9]. 2. Market Review - The report notes that the electricity sector experienced a decline of 1.59% during the week, with specific segments such as hydropower and thermal power also showing declines [12][16]. - The report identifies the top-performing companies in the electricity sector, including Lingda Co., which saw a significant increase of 23.87% [16]. 3. Industry Dynamics - The report tracks industry data, noting a decrease in port coal prices and an increase in imported natural gas prices. For instance, the price of Q5500 thermal coal in Qinhuangdao was reported at 846 RMB/ton, reflecting a slight decrease [21][22]. - The report also highlights fluctuations in electricity prices across different regions, with Guangdong's average spot market price increasing by 26.4% [27][29]. 4. Investment Recommendations - The report recommends maintaining an "Overweight" rating, suggesting that the tight supply-demand situation and the ongoing electricity reform will catalyze industry valuation improvements. Specific stock recommendations include: - Thermal Power: Guodian Power and Sheneng Co. - Hydropower: Changjiang Power and Chuan Investment Energy. - Nuclear Power: China General Nuclear Power and China Nuclear Power. - Renewable Energy: Yunnan Energy Investment [5][9][11].