公用事业行业周报：Q3公募基金减仓公用事业，关注电力并购重组

Investment Rating - The industry rating is "Positive" (maintained) [3][31] Core Views - Despite a potential short-term increase in market risk appetite, dividend assets still hold comparative advantages under the backdrop of asset scarcity. It is recommended to seize long-term investment opportunities in high-quality dividend stocks and short-term rebound opportunities in previously oversold sectors [2][25]. - The report highlights three main investment themes: 1. Oversold Rebound: Focus on green electricity operation sectors, particularly in regions with abundant offshore wind resources, and small-cap flexible power energy stocks [2][27]. 2. Mergers and Acquisitions: Attention is drawn to the ongoing consolidation plans among state-owned enterprises in the power sector, which may enhance operational efficiency and market competitiveness [2][27]. 3. Electricity Spot Market: The report emphasizes the importance of thermal power in stabilizing the electricity system and suggests monitoring key players in the spot market [2][27]. Summary by Sections Market Review - From October 21 to October 25, the public utility sector index rose by 0.79%, underperforming the CSI 300 index by 0.01%. As of October 25, 2024, the public utility (Shenwan) PE (TTM) was 17.31 times, and PB (LF) was 1.54 times, indicating a slight increase in industry valuation [1][9][14]. Industry Dynamics 1. Q3 Public Fund Reduction in Public Utilities: In Q3 2024, the proportion of public utility holdings in active equity funds decreased to 1.73%, down 1.15 percentage points from Q2 2024. This decline is attributed to an increase in market risk appetite [1][24]. 2. Green Certificate Issuance: In September 2024, the National Energy Administration issued 477 million green certificates, with a total of 2.319 billion certificates issued by the end of September. The trading of green certificates is seen as a crucial mechanism for promoting the integration of renewable energy [1][24]. Investment Recommendations - The report recommends a stock combination of Funiu Co., Qingda Environmental Protection, and Zhongmin Energy, focusing on their respective strengths in the market [2][27][28].