公用事业行业深度跟踪：辅助服务规则征求意见，财政发力或促补贴回流

Investment Rating - The industry rating is "Buy" [1] Core Insights - The report emphasizes the importance of auxiliary service rules and the expected positive impact on thermal power generation, highlighting a robust demand for electricity and a rebound in coal prices, which will support electricity pricing agreements [1][21] - The auxiliary service policy is seen as significant for both thermal and renewable energy, with fiscal policies expected to promote subsidy distribution [1][24] - The report identifies three key themes for market attention: the rebound of undervalued renewable energy, strong performance in thermal and hydropower in Q3, and the implementation of long-term electricity pricing agreements alongside auxiliary service details [1][24] Summary by Sections Auxiliary Service Rules - The report discusses the draft rules for the auxiliary service market, focusing on pricing mechanisms, supply-demand dynamics, and compensation principles [21][24] - Key components include the optimization of pricing mechanisms based on the principle of "who provides, who benefits," and the establishment of a market price mechanism for auxiliary services [21][24] Policy Review - The National Development and Reform Commission encourages the purchase of green electricity and certificates to increase renewable energy consumption [3] - The report outlines the government's fiscal measures aimed at stabilizing growth and supporting renewable energy companies through subsidy distribution [37] Industry Data Tracking - Recent data indicates a stabilization in domestic and international coal prices, with a decrease in coastal power plant load month-on-month but an increase year-on-year [3] - Natural gas prices have significantly decreased, with recent weeks showing signs of stabilization [3] Individual Stock Highlights - The report tracks individual stock performance, noting that companies like China Nuclear Power and State Power Investment Corporation are receiving attention due to their stable dividend yields and long-term growth potential [2][3] - The report highlights the strong performance of hydropower companies in Q3, with notable mentions of China National Power and Changjiang Power [2][3]