行业周报：分布式光伏新政出台，板块表现弱于大盘

Investment Rating - The investment rating for the power and utilities sector remains "Outperform the Market" [2] Core Views - The introduction of new policies for distributed photovoltaics aims to enhance self-consumption ratios and promote market-oriented transactions, indicating a deeper marketization of the sector [7] - The report recommends focusing on comprehensive power generation companies based on hydropower and thermal power, such as Guotou Power and Guodian Power, while also favoring green power operators with quality resources like Zhongmin Energy and Three Gorges Energy for long-term investments [7] Market Performance - The public utilities sector index decreased by 4.83% during the week of October 8-13, underperforming compared to the Shanghai Composite Index and CSI 300 [10][12] - The sector's price-to-earnings (PE) ratio (TTM) was 17.24, down from 18.16 the previous week and 21.28 a year earlier [15][17] - The sector's price-to-book (PB) ratio was 1.85, down from 1.95 the previous week and 1.76 a year earlier [17] Stock Performance - The top five stocks by weekly performance were: Zhaoxin Co. (+14.98%), ST Lingda (+7.01%), Shouhua Gas (+2.52%), Zhongmin Energy (+2.37%), and Disen Co. (+2.32%) [20] - The bottom five stocks by weekly performance were: ST Shengda (-13.21%), Dalian Thermal Power (-12.31%), Hangzhou Thermal Power (-11.13%), Fuling Power (-10.38%), and Tongbao Energy (-10.12%) [20] Industry Dynamics - The National Energy Administration is soliciting opinions on the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation" [25] - The National Energy Administration is also seeking feedback on the "Basic Rules for the Electricity Auxiliary Service Market" [25] - Financial institutions are being encouraged to participate in the national carbon market construction [25][26] Company Updates - Chengdu Energy reported a 6.48% increase in total operating revenue for the first three quarters of 2024, attributed to favorable water conditions [29] - Three Gorges Energy announced a 38.05% increase in total power generation for Q3 2024 compared to the previous year [31] - Yangtze Power reported a 15.97% increase in total power generation for the first three quarters of 2024 compared to the previous year [31]