公用事业行业周报：前10月进口煤规模同比+13.5%，我国《能源法》发布

Investment Rating - The report maintains a positive investment rating for the power and gas sectors, highlighting stable performance and growth potential [1][3]. Core Insights - The total profit of the electricity and heat industry increased by 13.8% year-on-year in the first nine months of 2024, indicating robust sector performance [1]. - The report emphasizes the importance of the newly implemented Energy Law, which will take effect on January 1, 2025, mandating renewable energy consumption responsibilities for power supply companies and users [1][3]. - The report tracks significant increases in coal imports, with a 28.5% year-on-year rise in October, reflecting strong demand in the energy sector [1][3]. Summary by Sections 1. Power Sector Data Tracking - As of November 8, 2024, the market price for thermal coal (Q5500) is 860 RMB/ton, showing a decrease of 0.58% from November 1 [9]. - The total installed capacity of thermal power reached 1418.60 GW by the end of September 2024, with an increase of 33.43 GW in the first nine months of 2024 [12][16]. - The average utilization hours for thermal power equipment in 2024 were 3305 hours, a decrease of 39 hours compared to the previous year [15]. 2. Gas Sector Data Tracking - Domestic gas ex-factory prices decreased by 2.11% as of November 8, 2024, while imported gas prices fell by 2.46% [32]. - The average ex-factory price for LNG in Shanghai was 4551 RMB/ton, down 3.25% from November 1 [33]. - In the first ten months of 2024, China imported 110 million tons of natural gas, a year-on-year increase of 13.6% [1]. 3. Industry News - The report notes that the total coal import volume for the first ten months of 2024 increased by 13.5% year-on-year, reflecting ongoing demand in the energy sector [3]. - The report highlights the approval of the Energy Law by the National People's Congress, which aims to enhance the renewable energy sector's integration into the national energy framework [1][3]. 4. Investment Recommendations - For the power sector, the report recommends focusing on stable local thermal power companies such as Zhejiang Energy and Anhui Energy, as well as central enterprises like China Guodian and Huaneng International [1]. - In the gas sector, the report suggests investing in companies like Xin'ao and Jiufeng Energy, which are expected to benefit from the ongoing demand for natural gas [1].