公用事业行业周报：电力辅助服务市场规则征求意见下发，郑州疏导居民管道天然气价格

Investment Rating - The report maintains a positive investment suggestion for the power and gas sectors, highlighting specific companies for investment [2][5]. Core Insights - The report indicates that the A-share power index decreased by 4.90% and the gas sector index decreased by 3.54% as of October 11, 2024. The TTM PE ratios for the power and gas sectors are 21.4x and 13.3x, respectively [2][5]. - The report emphasizes the importance of the electricity auxiliary service market, which is essential for maintaining the stability and quality of electricity supply. It outlines the roles of various energy sources in providing these services [2][5][49]. Summary by Sections 1. Power Sector Data Tracking - The domestic thermal coal market price remained stable at 875 RMB/ton as of October 11, 2024, with a 4.6% decrease in inventory at Qinhuangdao Port [9][22]. - The Three Gorges Reservoir's inflow and outflow rates on October 11, 2024, showed significant year-on-year decreases of 47.50% and 50.55%, respectively [22][28]. - The total electricity consumption in China from January to August 2024 was 65,619 billion kWh, reflecting a year-on-year increase of 7.9% [40]. 2. Gas Sector Key Data Tracking - As of October 11, 2024, the average ex-factory price of domestic gas increased by 1.00% to 4,951 RMB/ton, while the average ex-factory price of imported LNG rose by 0.57% to 5,650 RMB/ton [44][42]. - The report notes a decrease in the LNG import price to 13.00 USD/million BTU, which is a 15.35% year-on-year decline [42][44]. 3. Industry News - The National Energy Administration has released a draft for public consultation on the basic rules for the electricity auxiliary service market, which aims to enhance the stability and quality of electricity supply [49]. - The report mentions adjustments to the residential pipeline natural gas prices in Zhengzhou, with the first-tier price set at 2.94 RMB/cubic meter [44][49]. 4. Investment Recommendations - For the power sector, the report recommends focusing on thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng Co., as well as major state-owned enterprises like Guodian Power and Huaneng International [2][5]. - In the gas sector, the report suggests investing in companies like Xin'ao Co. and Jiufeng Energy [2][5].