公用事业行业周报：绿电中长期交易基本规则发布，利好绿电环境价值兑现

Investment Rating - The industry rating is "Overweight" [7] Core Insights - The public utility sector (Shenwan) declined by 1.85% this week, underperforming the CSI 300 index by 1.3 percentage points, ranking 8th among Shenwan's primary industries [2][10] - The average inflow of the Three Gorges Reservoir decreased to 13,571.43 cubic meters per second, a week-on-week decline of 22.76% and a year-on-year decline of 31.16% [4][22] - The national carbon market CEA transaction volume surged to 2.21 million tons, a week-on-week increase of 197.31%, while the average transaction price fell to 83.13 yuan per ton, a week-on-week decrease of 9.77% [3][17] Summary by Sections 1. Industry Market Trends - As of August 23, 2024, the public utility sector (Shenwan) fell by 1.85%, with sub-sectors such as thermal power down by 2.98%, hydropower down by 0.26%, and photovoltaic power down by 5.3% [2][10][15] 2. Carbon Market Dynamics - The total transaction volume in the national carbon market reached 4.71 billion tons, with a cumulative transaction value of 27.535 billion yuan [3][17] 3. Water Resource Management - The average outflow from the Three Gorges Reservoir was 14,014.29 cubic meters per second, reflecting a week-on-week decrease of 9% [4][22] 4. Natural Gas Market Overview - The national LNG ex-factory price index was 4,949 yuan per ton, a week-on-week decrease of 0.14% [5][25] 5. Investment Recommendations - The report suggests focusing on hydropower improvements and fire power valuation recovery, with a long-term positive outlook on green electricity consumption and environmental value realization [8][40]