公用事业行业深度跟踪：指数反弹，关注低估值和超跌的绿电火电

Investment Rating - The report assigns a "Buy" rating for the utility sector [1]. Core Viewpoints - The report emphasizes the importance of focusing on undervalued green electricity and oversold thermal power, particularly in the Hong Kong market, which offers significant value [1][8]. - The utility sector exhibits strong defensive characteristics, with historical analysis indicating that it typically outperforms during rapid market rallies, except for the 2014-2015 period [1][8]. - The report suggests three key strategies: (1) short-term focus on wind and solar energy, which are currently at low price-to-book (PB) ratios of 9% and 7% since mid-2016, indicating potential for upward elasticity; (2) monitoring the upcoming quarterly reports in October, which are expected to show improved performance in hydropower and thermal power; (3) paying attention to the signing of electricity prices and auxiliary service details for thermal power, which has seen a significant adjustment of nearly 10% since July [1][8]. Summary by Sections Section 1: Market Performance - The report highlights the recent market rebound and the need to capitalize on undervalued green and thermal power stocks, particularly in the Hong Kong market [1][8]. - It notes that the utility sector has historically shown strong defensive attributes, with the overall index typically underperforming during market rallies, except for the 2014-2015 period [1][8]. Section 2: Policy Review - The report discusses recent policies aimed at enhancing the clean and efficient use of coal, including the establishment of a unified national electricity market registration system [25][26]. - It mentions the goal of improving coal utilization efficiency and promoting low-carbon transformations in coal power projects [25][26]. Section 3: Industry Data Tracking - The report provides insights into recent trends in coal prices, noting stabilization in domestic and international markets, with coastal power plant loads showing a decrease month-on-month but an increase year-on-year [27]. - It highlights that the price of Qinhuangdao 5500 kcal thermal coal has fluctuated between 900 and 1050 CNY/ton recently, with a slight increase noted in late September [27].