公用环保行业周报：能源低碳清洁转型加速，九月天然气消费维持高增

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly in clean energy and natural gas [2]. Core Insights - The report highlights significant growth in renewable energy installations, with a 21% year-on-year increase in new capacity for the first three quarters of 2024, accounting for 86% of total new power installations [5][6]. - Natural gas consumption in September 2024 increased by 12.8%, with a total consumption of 338.8 billion cubic meters, reflecting a 9.9% increase year-to-date [20][21]. - The report emphasizes the acceleration of offshore wind projects and the potential for enhanced profitability in wind energy due to larger, more efficient turbines [2][8]. Summary by Sections 1. Electricity - In the first three quarters of 2024, new renewable energy installations reached 210 million kilowatts, with solar power contributing 161 million kilowatts, wind power 39.12 million kilowatts, and hydropower 7.97 million kilowatts [5][6]. - Cumulative renewable energy capacity reached 1.73 billion kilowatts by September 2024, representing a 25% year-on-year increase [5][6]. - The report recommends several companies for investment, including Longjiang Power, Guotou Power, and China Nuclear Power, based on their growth potential in the renewable sector [9]. 2. Natural Gas - The report notes a 12.8% increase in natural gas consumption in September 2024, with significant growth in imports and production [20][21]. - The average LNG price in China decreased by 3.05% to 4704 yuan per ton as of November 1, 2024, due to stable supply and moderate demand [17][21]. - Recommended companies in the natural gas sector include China Gas, Kunlun Energy, and New Hope Energy, focusing on their recovery potential amid changing pricing dynamics [21]. 3. Environmental Sector - The report identifies three key areas benefiting from policy changes: high-dividend stocks, undervalued water and waste management companies, and ecological restoration firms [2][9]. - Companies such as Hongcheng Environment and Yongxing Co. are highlighted for their stable performance and potential gains from policy support [9]. 4. Market Dynamics - The public utility sector, including electricity and environmental services, has outperformed the broader market, indicating strong investor interest [22]. - The report outlines the establishment of a unified national electricity market by 2029, which is expected to enhance market efficiency and investment opportunities [26].