公用事业行业周报：辅助服务市场基本规则征求意见，关注调节性资源机会

Investment Rating - The industry is rated as "Overweight" [7][9][37] Core Insights - The public utility sector (Shenwan) experienced a decline of 4.83% in the week ending October 11, 2024, underperforming the CSI 300 index by 1.57 percentage points, ranking 13th among Shenwan's primary industries [2][10] - The carbon market saw an increase in transaction volume, with a total of 3.6095 million tons traded, reflecting a week-on-week increase of 15.05%, while the average transaction price was 93.9 yuan/ton, down 5.37% week-on-week [3][18] - The Three Gorges Reservoir's inflow decreased, with an average inflow of 7557.14 cubic meters per second, down 8.95% week-on-week and 53.31% year-on-year [4][22] - Domestic natural gas prices slightly increased, with the national LNG ex-factory price at 5098 yuan/ton, up 0.79% week-on-week and 10.23% year-on-year [5][29] Summary by Sections Industry Market Trends - The public utility sector's performance was poor, with all sub-sectors, including thermal power, hydropower, photovoltaic, wind power, and gas, experiencing declines ranging from 3.65% to 6.74% [2][10][16] Carbon Market Dynamics - The carbon market's total transaction volume reached 4.84 billion tons, with a cumulative transaction value of 28.754 billion yuan. The market is expected to maintain high prices due to tightening emissions quotas and reduced free carbon allowances [3][18] Water Resource Management - The Three Gorges Reservoir's water levels and inflow rates have shown a significant decrease, indicating potential impacts on hydropower generation [4][22] Natural Gas Pricing - The domestic LNG market showed a slight increase in prices, while international markets in the US and Europe saw declines, indicating a mixed pricing environment [5][29] Regulatory Developments - The National Energy Administration is seeking opinions on the "Basic Rules for the Electricity Auxiliary Service Market," which aims to optimize the auxiliary service market mechanism and enhance the participation of flexible adjustment resources [6][34][35] Investment Recommendations - The report suggests focusing on the thermal power sector, which is expected to benefit from the improved auxiliary service market mechanisms, and highlights the long-term value of green electricity [7][37]