公用事业—电力天然气周报：六部门发文大力实施可再生能源替代行动，9月全国天然气表观消费量同比增长12.8%

Investment Rating - The public utility sector is rated as "Positive" [1] Core Insights - The report highlights a significant increase in natural gas apparent consumption in September 2024, which grew by 12.8% year-on-year, reaching 33.88 billion cubic meters [3][2] - The report emphasizes the implementation of renewable energy substitution actions by six government departments, aiming to enhance the reliability and safety of renewable energy sources [3] Market Performance - As of November 1, 2024, the public utility sector rose by 0.3%, outperforming the broader market, with the electricity sector increasing by 0.31% and the gas sector by 0.29% [7] - The report notes that the coal price at Qinhuangdao Port (Q5500) was 850 RMB/ton, a slight decrease of 3 RMB/ton week-on-week [10] Electricity Sector Data Tracking - The report provides detailed tracking of electricity market prices, indicating that the average price in the Guangdong electricity market was 285.84 RMB/MWh, down 15.53% week-on-week [21] - The report also notes that the average price in the Shanxi electricity market increased by 2.63% week-on-week, reaching 290.74 RMB/MWh [24] Natural Gas Sector Data Tracking - Domestic LNG ex-factory prices decreased by 10.43% year-on-year to 4704 RMB/ton as of November 1, 2024 [27] - The report indicates that LNG imports in September 2024 reached 6.84 million tons, a year-on-year increase of 20.2% [2] Investment Recommendations - For the electricity sector, the report suggests focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as hydropower operators like China Yangtze Power [3] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao Co. and Guanghui Energy [3]