公用事业行业周报：分布式光伏确定入市，大型工商业需自发自用

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - Despite short-term market risk appetite potentially increasing, dividend assets still hold comparative advantages in the context of asset scarcity. It is recommended to seize long-term investment opportunities in quality dividend stocks and short-term rebound opportunities in previously oversold sectors [3][32] - The report highlights three main investment themes: rebound from oversold conditions, mergers and acquisitions, and opportunities in water, fire, nuclear, and gas sectors during a new round of dividend style [3][32] Summary by Sections Market Review - From October 7 to October 11, the public utility sector index fell by 4.83%, underperforming the CSI 300 index by 1.57%. As of October 11, 2024, the public utility (Shenwan) PE (TTM) was 17.34 times, and PB (LF) was 1.55 times, indicating a slight increase in industry valuation [2][10] Industry Dynamics 1. Distributed Photovoltaics Entering the Market: On October 9, 2024, the National Energy Administration released a notice regarding the management of distributed photovoltaic power generation projects, allowing these projects to participate in various electricity market transactions. Large commercial distributed photovoltaics must adopt a self-consumption model, indicating a shift in responsibility for grid absorption [2][30] 2. Gas Pricing Notification in Zhengzhou: On October 8, 2024, Zhengzhou's Development and Reform Commission announced a new pricing policy for residential natural gas, which is expected to positively impact city gas companies' gross margins [2][31] Investment Recommendations - Rebound from Oversold Conditions: Focus on green electricity operation sectors, particularly in regions with abundant offshore wind resources. Suggested stocks include Zhongmin Energy and Funiu Co., among others [3][34] - Mergers and Acquisitions: Attention is drawn to several central state-owned enterprises initiating mergers and acquisitions, which may enhance operational efficiency and market competitiveness [3][34] - Opportunities in Water, Fire, Nuclear, and Gas: Long-term prospects for hydropower remain stable, while nuclear power shows definite growth potential. Recent price adjustments in residential gas are expected to benefit city gas companies [3][34]