公用事业—电力天然气周报：9月份全国发电量同比增长6.0%，天然气进口量同比增长18.2%

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4][9]. Core Insights - National electricity generation increased by 6.0% year-on-year in September, with natural gas imports rising by 18.2% [4][9]. - The utility sector underperformed the market, with a 0.8% decline as of October 18, while the Shanghai Composite Index rose by 1.0% [9][11]. - The report highlights potential profitability improvements in the electricity sector due to ongoing supply-demand tensions and market reforms [4][9]. Summary by Sections 1. Market Performance - As of October 18, the utility sector fell by 0.8%, underperforming the broader market [9]. - The electricity sector specifically saw a decline of 0.89%, while the gas sector increased by 0.62% [11]. 2. Electricity Industry Data Tracking - Power coal prices showed mixed trends, with port coal prices decreasing week-on-week while imported coal prices increased [16]. - As of October 18, Qinhuangdao port's coal inventory was 5.44 million tons, up by 0.3 million tons week-on-week [23]. - Daily coal consumption in inland provinces increased by 5.94% week-on-week, indicating rising demand [23]. 3. Natural Gas Industry Data Tracking - Domestic natural gas consumption in August was 35.52 billion cubic meters, up 8.7% year-on-year [3]. - LNG imports in September reached 6.84 million tons, a 20.2% increase year-on-year [3]. - The report notes a slight decrease in domestic gas prices while import prices showed a small increase [38]. 4. Key Industry News - The report emphasizes the potential for profitability improvement in the electricity sector due to supply-demand dynamics and ongoing reforms [4]. - It suggests that companies in the coal and electricity sectors may benefit from the new cycle of coal power [4]. 5. Investment Recommendations - The report recommends focusing on leading coal power companies and those in regions with tight electricity supply [4]. - It also highlights potential beneficiaries in the gas sector, particularly those with low-cost long-term gas sources [4].