公用环保行业周报：8月火电发电增速复苏，化债推进利好环保业绩及估值提升

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, particularly highlighting the recovery in thermal power generation and the favorable policies for the environmental industry [3]. Core Insights - The report emphasizes the rapid increase in demand for new production capacities in the electricity sector, with hydropower maintaining high output and thermal power showing signs of recovery. Industrial electricity consumption from January to August 2024 reached 41,411.55 billion kWh, a year-on-year increase of 6.48% [3][6]. - In the natural gas sector, a relaxed supply-demand balance partially offsets geopolitical impacts, leading to an overall decline in global gas prices. As of October 11, 2024, the Henry Hub spot price was $2.31/mmBtu, reflecting a weekly decrease of 6.96% [3][20]. - The environmental sector is expected to benefit from debt restructuring and liquidity support measures, which could enhance the performance and valuation of companies within this space [3][34]. Summary by Sections Electricity - Industrial electricity consumption increased by 6.48% year-on-year, with significant growth in the chemical and non-ferrous metal industries, while the black metal smelting industry saw a decline [6][9]. - Hydropower generation showed a year-on-year increase of 15.97% for the first nine months of 2024, supported by favorable water conditions [3][14]. - The report recommends several companies in the electricity sector, including Yangtze Power and Guizhou Power, due to expected price increases and strong demand [3][19]. Natural Gas - Global gas prices are on a downward trend, with the Northeast Asia LNG spot price at $13/mmBtu, down 0.76% week-on-week [20][29]. - The report suggests focusing on integrated natural gas companies like ENN Energy and China Gas, which are expected to benefit from cost reductions and improved sales [3][33]. Environmental - The report highlights the government's plan to increase debt limits for local governments, which is expected to directly benefit the environmental sector by improving cash flow and profitability [3][34]. - Recommended companies include Hongcheng Environment and Yongxing Shares, which are expected to benefit from the debt restructuring and liquidity measures [3][34].