公用事业行业：9月全社会用电量同比+8.5%、火电发电量同比+8.9%

Investment Rating - The report maintains the investment rating for the power and gas sectors [1] Core Views - The A-share power index decreased by 1.29% as of October 18, with a TTM PE ratio of 21.2x, while the gas sector index increased by 1.31% with a TTM PE ratio of 13.5x [2][3] - In September, China's coal imports reached 47.588 million tons, a year-on-year increase of 12.93% [2][3] - The report highlights the formal operation of the inter-provincial electricity spot market, expanding the scope of market-oriented electricity trading [2][3] Summary by Sections 1. Power Sector Data Tracking - As of October 18, the domestic thermal coal market price was 860 RMB/ton, a decrease of 1.71% compared to October 11 [9] - The inventory of thermal coal at Qinhuangdao Port was 5.44 million tons, an increase of 5.8% from October 11 [9] - The average utilization hours for thermal power equipment in the first eight months of 2024 were 2929 hours, a decrease of 70 hours year-on-year [17] 2. Natural Gas Key Data Tracking - As of October 18, the average ex-factory price of domestic gas was 4797 RMB/ton, down 3.10% from October 11 [44] - The average ex-factory price of imported LNG was 5591 RMB/ton, down 1.04% from October 11 [44] - The LNG import price as of October 18 was 13.27 USD/million BTU, a year-on-year decrease of 30.36% [42] 3. Industry News - In September, the total electricity consumption in society was 847.5 billion kWh, a year-on-year increase of 8.5% [48] - The industrial electricity generation in September was 802.4 billion kWh, a year-on-year increase of 6.0% [48] - The report notes that the average utilization hours for hydropower equipment in the first eight months of 2024 were 2360 hours, an increase of 376 hours year-on-year [26]