公用事业行业周报：推进数字化绿色化协同转型发展，探索绿电消纳新模式

Investment Rating - The report maintains an "Outperform" rating for the utility sector [2] Core Insights - The report emphasizes the transition towards digitalization and green development in the utility sector, highlighting the need for new models for green electricity consumption [2] - It identifies significant investment opportunities in energy efficiency, environmental protection, and resource recycling, particularly in the context of China's "14th Five-Year Plan" [4][50] Market Performance - The report notes a mixed performance across sectors, with the Shenwan (2021) utility sector index declining by 2.2% and the environmental protection index down by 0.7% [26] - Within the utility sector, energy efficiency saw a notable increase of 3.4% [28] Industry Dynamics - Environmental regulations are tightening, with Guangdong Province mandating ultra-low emissions for cement production by the end of 2028, which will drive demand for environmental monitoring instruments and low-emission technologies [2][4] - Financial institutions are encouraged to support green low-carbon technology innovations, particularly in the Yangtze River Economic Belt [2][4] Subsector Performance - In the environmental protection sector, the monitoring/detection/instrument segment rose by 6.5%, while the water services segment fell by 5.6% [28] - In the utility sector, the water power segment decreased by 3.2%, while energy efficiency increased by 3.4% [28] Investment Recommendations - The report recommends focusing on companies involved in energy efficiency and environmental protection, such as Guolin Technology and Beijiete, while also suggesting attention to companies like Icewheel Environment and Huanneng Environment [4][50] - It highlights the ongoing transition towards low-carbon energy structures, with rapid growth expected in wind and solar installations [4][50] Natural Gas Market Update - The report provides insights into the natural gas market, noting a significant increase in the Dutch TTF spot price by 17.6% in August 2024 compared to July [47] - Domestic natural gas production in July 2024 reached 20 billion cubic meters, marking a year-on-year growth of 7.9% [50] Policy Developments - The report discusses the issuance of guidelines for the collaborative transformation of digitalization and green development by multiple government departments, aiming to enhance the synergy between computing power and electricity [2][55] - It also mentions the implementation of a new asset management framework for municipal infrastructure to improve public service functions and support sustainable development [54]