公用环保行业周报：碳排放体系完善利好环境价值释放供需趋紧全球气价回升

Investment Rating - The report maintains a "Positive" outlook on the public utility and environmental sectors, particularly focusing on electricity and natural gas markets [2]. Core Insights - The improvement of the carbon emission accounting system is expected to accelerate the release of environmental value in the electricity sector. The recent issuance of the "Carbon Emission Accounting System Improvement Work Plan" by multiple government departments outlines key tasks and specific measures to enhance carbon emission statistics and management [2][6]. - In the natural gas sector, strong demand coupled with concerns over supply instability has led to a general increase in global gas prices. The report highlights significant price increases in various markets, including a 5.87% rise in the US Henry Hub spot price and a 10.64% increase in the Dutch TTF spot price [2][9]. Summary by Sections Electricity - The "Carbon Emission Accounting System Improvement Work Plan" aims to establish a comprehensive carbon emission reporting system by 2025, enhancing data accuracy and comparability. This will support carbon data collection and taxation, facilitating environmental protection and energy transition goals [6][7]. - Key tasks include improving carbon emission accounting mechanisms for high-energy-consuming industries, establishing a carbon footprint management system, and enhancing international cooperation to align with global standards [5][6]. - Investment recommendations include focusing on hydropower companies like Changjiang Electric Power and Guotou Power, nuclear power firms such as China Nuclear Power and China General Nuclear Power, and coal-fired power companies like Sheneng Co. and Inner Mongolia Huadian [8]. Natural Gas - The report notes a significant rebound in global gas prices due to increased demand and geopolitical tensions affecting supply stability. As of October 25, the US Henry Hub spot price reached $1.93/mmBtu, reflecting a 5.87% weekly increase [9][10]. - Recommendations for investment include high-quality city gas companies such as China Gas and Kunlun Energy, as well as integrated natural gas traders like New Hope and Shenzhen Gas [18][19]. - The report emphasizes the importance of monitoring geopolitical developments and their potential impact on gas prices and supply stability [15][19]. Environmental Sector - The report identifies three main areas likely to benefit from debt reduction and policy facilitation: high-dividend stocks, undervalued water and waste management state-owned enterprises, and ecological restoration companies with high receivables [8]. - Specific companies recommended for investment include Hongcheng Environment, Yongxing Co., and Huaneng Water Power [8]. Market Performance - The report notes that the gas, electricity equipment, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of October 18 to October 25, while the public utility and electricity sectors lagged behind [20][21].