公用环保行业周报：《能源法》出台明确绿色低碳发展路径，需求提升欧洲气价反弹

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, particularly in electricity and natural gas [2]. Core Insights - The introduction of the "Energy Law" in China emphasizes the strategic direction towards green and low-carbon development, supporting the priority development of renewable energy [5][6]. - The report highlights the seasonal demand for natural gas in Europe, with prices showing a rebound due to decreasing temperatures and the onset of the natural gas inventory extraction period [11][15]. Summary by Sections 1. Electricity: "Energy Law" Implementation - The "Energy Law" fills a legislative gap in China's energy sector and will take effect on January 1, 2025. It includes provisions for energy planning, development, market systems, and innovation [5][6]. - The law supports the development of renewable energy and establishes mechanisms for ensuring the consumption of renewable energy [6][7]. 2. Natural Gas: Seasonal Demand Emergence - As of November 8, 2024, the Henry Hub spot price in the U.S. was $1.21/mmBtu, reflecting a weekly decrease of 14.83%. In contrast, European gas prices, such as TTF, increased by 9.07% to €41.72/MWh [11][12]. - The report notes that European gas prices are rebounding due to increased heating demand as temperatures drop, while Northeast Asia's LNG prices have slightly decreased due to mild weather [11][19]. 3. Weekly Market Review - The public utility sector, particularly the electricity sector, underperformed compared to the CSI 300 index during the week of November 4 to November 8, 2024. However, the gas and environmental sectors outperformed the index [21]. 4. Company and Industry Dynamics - The report mentions significant government initiatives to enhance renewable energy supply and consumption, including a directive from the National Development and Reform Commission [23]. - Key companies in the sector are actively engaging in projects and tenders, with notable contracts awarded to firms like XJ Electric and Longyuan Power [25][26]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility sector, indicating a "Buy" rating for several firms, including China Power and Longyuan Power, based on their projected earnings and market performance [28].