Investment Rating - The industry rating is "Overweight" [7][22] Core Views - The public utility sector has underperformed, with a decline of 0.76% compared to a 0.98% increase in the CSI 300 index, ranking 28th among the first-level industries [2][10] - The inter-provincial electricity spot market has officially started operations, benefiting the consumption of clean energy and optimizing electricity resource allocation [6][20] - The carbon market shows a slight decrease in transaction volume but an increase in trading prices, indicating a tightening of future quota distribution policies [3][15] Summary by Sections Market Performance - As of October 18, 2024, the public utility sector has decreased by 0.76%, underperforming the CSI 300 index by 1.74 percentage points [2][10] - Sub-sectors include: thermal power down 1.42%, hydropower down 2.39%, photovoltaic power up 0.2%, wind power down 1.27%, gas up 0.62%, heating services up 2.45%, and comprehensive electricity services up 5.36% [2][10] Carbon Market - The total transaction volume in the national carbon market (CEA) was 3.4553 million tons, a week-on-week decrease of 4.27%, with an average price of 100.23 yuan/ton, up 6.75% [3][15] - The market is expected to maintain high prices due to tightening carbon emissions and a gradual reduction in free carbon quotas [3][15] Hydropower Data - The average inflow at the Three Gorges Reservoir was 10,700 cubic meters/second, a week-on-week increase of 41.59% [4][16] Natural Gas Prices - As of October 18, 2024, the national LNG ex-factory price index was 5,020 yuan/ton, a week-on-week decrease of 1.53% [5][18] Inter-Provincial Electricity Market - The inter-provincial electricity spot market has been officially launched, promoting the consumption of renewable energy and ensuring reliable electricity supply [6][20] - By September 2024, the market had consumed nearly 40 billion kWh of renewable energy [6][20] Investment Recommendations - Focus on the thermal power sector benefiting from improved auxiliary service market mechanisms and stable dividend-paying leading power operators [8][22]
公用事业行业周报:省间电力现货市场正式运行,利好清洁能源消纳
Xiangcai Securities·2024-10-22 02:43