公用事业行业周报：多部门联合发文，大力推动可再生能源替代

Investment Rating - The industry investment rating is maintained at "Overweight" [1][29]. Core Viewpoints - The transition to clean and low-carbon energy will lead to a continuous decline in the proportion of traditional fossil energy usage, while the electrification level of end-use energy will continue to rise, supporting stable long-term growth in electricity consumption [2][29]. - The acceleration of electricity market reforms and the construction of a unified national electricity market are expected to lead to a revaluation of electricity assets [2][29]. - The report suggests focusing on the recovery of both performance and valuation in the thermal power sector, as well as stable and high dividend-paying leaders in hydropower, while maintaining a long-term positive outlook on green electricity consumption improvement and environmental value realization [2][29]. Industry Performance - As of November 1, 2024, the public utility sector (Shenwan) rose by 0.31%, outperforming the CSI 300 index by 1.99 percentage points, ranking 12th among Shenwan's first-level industries [4]. - In the sub-sectors, thermal power decreased by 0.45%, hydropower increased by 1.19%, photovoltaic power decreased by 0.39%, wind power increased by 1.27%, gas increased by 0.29%, thermal services decreased by 0.79%, and comprehensive electricity services increased by 1.25% [4]. Carbon Market Trends - The national carbon market CEA saw a significant increase, with a total transaction volume of 4.8489 million tons as of November 1, 2024, a week-on-week increase of 60.68% [10]. - The average transaction price was 95.23 yuan/ton, with a week-on-week decrease of 6.37% [10]. - The cumulative transaction volume in the national carbon market reached 496 million tons, with a total transaction value of 29.933 billion yuan [10]. Water Resource Management - As of November 3, 2024, the average inflow of the Three Gorges Reservoir was 7,500 cubic meters per second, a week-on-week decrease of 19.23% and a year-on-year decrease of 32.43% [14]. - The average outflow was 6,985.71 cubic meters per second, with a week-on-week increase of 0.08% and a year-on-year decrease of 49.74% [14]. Natural Gas Market - As of November 1, 2024, the national index for LNG ex-factory prices was 4,704 yuan/ton, a week-on-week decrease of 3.05% and a year-on-year decrease of 11.73% [20]. - The LNG import price was 12.87 USD/mmbtu, with a week-on-week decrease of 9.08% and a year-on-year decrease of 19.76% [20].