公用事业行业周报：公用事业基金持仓：总量回落，结构分化

Investment Rating - The report maintains an "Overweight" rating for the utility sector [4]. Core Insights - The utility sector's fund holdings have decreased, with a notable increase in the proportion of passive funds. As of the end of Q3 2024, the utility sector (including electricity, heat, gas, and water production and supply) accounted for 2.27% of the total fund equity investment market value, down by 0.47 percentage points quarter-on-quarter [2][5]. - The report highlights a shift in focus towards gas companies, with significant increases in holdings for companies like Xin'ao Energy and Fuan Energy, while traditional power companies like China Nuclear Power and Guodian Power saw reductions in fund holdings [2][9]. - The report anticipates a revaluation of the sector due to tight supply-demand dynamics and expectations surrounding electricity market reforms, which are expected to enhance the pricing mechanisms for various power sources [10]. Summary by Sections 1. Key Events and Trends - The total fund holdings in the utility sector have decreased, with a structural differentiation observed. The number of funds holding key companies has also declined, with a total decrease of 534 funds and a market value reduction of 3.79 billion yuan [2][5]. - Gas companies are gaining attention, with significant increases in market value holdings for companies such as Xin'ao Energy (+1.79 billion yuan) and Fuan Energy (+1.19 billion yuan) [9]. 2. Market Review - The report notes the performance of various sectors, with hydropower down by 2.82%, thermal power up by 1.72%, wind power up by 4.91%, photovoltaic up by 6.49%, and gas up by 1.29% relative to the CSI 300 index [14][15]. - The top-performing company in the electricity sector was Guangxi Energy, which increased by 25.43%, while the top gas sector performer was Dazhong Public Utilities, which rose by 11.44% [19]. 3. Industry Dynamics - The report tracks industry data, noting increases in coal prices at ports and rising import prices for natural gas [2]. - The report emphasizes the importance of long-term stable profit assets in the current investment climate, suggesting that utility assets have not been fully priced in for their perpetual operating characteristics [10]. 4. Company Recommendations - Recommendations include investing in quality hydropower assets such as Changjiang Electric Power and Chuan Investment Energy, as well as selecting thermal power companies with advantageous locations and attractive dividends like Guodian Power and Huaneng International Power [10][13].