公用事业行业周报：能源法审议通过，长期利好可再生能源发展

Investment Rating - The industry rating is maintained at "Overweight" [8][32] Core Insights - The public utility sector (Shenwan) increased by 1.76% this week, underperforming the CSI 300 index by 3.74 percentage points, ranking 30th among Shenwan's first-level industries [3][10] - The national carbon market CEA saw a total transaction volume of 7.108 million tons, with a weekly increase of 46.59% and an average transaction price of 101.75 yuan/ton, up 6.85% week-on-week [4][16] - The average inflow to the Three Gorges Reservoir decreased by 17.71% week-on-week, with an average inflow of 6171.43 cubic meters per second [5][21] - The Energy Law was passed, which is expected to benefit renewable energy development in the long term [6][30] - Domestic LNG prices decreased by 3.25% week-on-week, while European gas prices increased by 8.26% [7][24] Market Performance - As of November 8, 2024, the public utility sector's PE (TTM) is 17.69 times, ranking in the 11.39% percentile over the past five years [13] - The public utility sector's PB (LF) is 1.55 times, ranking in the 48.31% percentile over the past five years [14] Industry Dynamics - The Energy Law emphasizes the priority development of renewable energy and the efficient use of fossil fuels, which is expected to support the transition to a clean and low-carbon energy system [6][30] - The ongoing transition towards clean energy is expected to reduce the proportion of traditional fossil fuel usage, while the electrification of end-use energy will continue to rise [32]