传统能源行业2024年11月月报：量能仍是核心，公用事业板块有望受益行业高低切换

Investment Rating - The industry investment rating is not explicitly stated in the report, but it suggests a focus on defensive strategies and low-valued sub-industries for potential investment opportunities [3][22]. Core Insights - The report indicates that the overall market in October experienced a high opening followed by a decline, with significant movements in financial, technology, and restructuring sectors. The electronic, computer, and comprehensive sectors led the gains, while food and beverage, coal, and oil sectors performed poorly [2][3]. - Key factors influencing the market in November include the results of the U.S. elections, the pace of interest rate cuts by the Federal Reserve, and the implementation of domestic monetary and fiscal policies [3]. - The report emphasizes the importance of market volume and profitability effects, suggesting that the market is likely to experience wide fluctuations, with sustainability depending on industry rotation and maintaining profitability [2][3]. Market Performance - From September 30 to October 31, 2024, the Shanghai Composite Index fell by 1.70%, while the CSI 300 dropped by 3.16%. The CSI 1000 increased by 7.14%, and the ChiNext Index rose by 6.03%. The public utility sector declined by 4.16%, ranking 26th out of 31 sectors, and the coal sector fell by 8.04%, ranking 30th out of 31 sectors [1][7]. Industry Dynamics - Shanxi Province is deepening reforms in mining rights, expecting to add 24 million tons of coal production capacity, which will generate approximately 68.483 billion yuan in fiscal revenue [10]. - The first unit of a large pumped storage power station in Ningbo, Zhejiang, has been successfully put into operation, enhancing the grid's peak-shaving capacity by 700,000 kilowatts [12][13]. Company Dynamics Public Utility Sector - The top three performing stocks in the public utility sector for the month were Dazhong Public Utility (47.09%), Tianfu Energy (34.53%), and Xichang Electric Power (31.16%). The worst performers included Lantian Gas (-18.32%), Huaneng Hydropower (-15.76%), and Shaanxi Energy (-13.97%) [16][17]. Coal Sector - In the coal sector, the top three performing stocks were Yunwei Co. (18.02%), Antai Group (15.98%), and Zhengzhou Coal Electric (9.84%). The worst performers were Lu'an Environmental Energy (-17.28%), Lanhua Sci-Tech (-16.15%), and Haohua Energy (-14.97%) [18][19].