公用事业—电力天然气周报：国家能源局发文规范电力市场交易，10月我国规上工业天然气产量同比增长8.4%

Investment Rating - The public utility sector is rated as "Positive" [3] Core Insights - The report highlights that the National Energy Administration has issued guidelines to regulate electricity market transactions, and in October, China's industrial natural gas production increased by 8.4% year-on-year [3][5] - The report indicates that the public utility sector has outperformed the broader market, with a 3.0% decline as of November 15, compared to a 3.3% drop in the Shanghai and Shenzhen 300 index [14] - The report suggests that the electricity sector is expected to see profit improvements and value reassessment following several rounds of supply-demand tensions [5] Summary by Sections 1. Market Performance - As of November 15, the public utility sector declined by 3.0%, outperforming the broader market [14] - The electricity sector specifically saw a decline of 3.15%, while the gas sector fell by 1.75% [17] 2. Electricity Industry Data Tracking - The report notes that the price of Qinhuangdao port thermal coal (Q5500) was 840 CNY/ton as of November 15, down 8 CNY/ton week-on-week [25] - The report also mentions that the coal inventory at Qinhuangdao port increased by 350,000 tons week-on-week, totaling 6.95 million tons [33] 3. Natural Gas Industry Data Tracking - Domestic natural gas apparent consumption in September 2024 was 33.88 billion cubic meters, up 14.4% year-on-year [4] - The report states that the LNG import volume in September 2024 was 6.84 million tons, an increase of 20.2% year-on-year [4] 4. Key Industry News - The National Energy Administration issued a notice on November 8 to further regulate electricity market transactions, aiming to prevent market operation risks and ensure orderly competition [5] - In October, China's industrial natural gas production reached 20.8 billion cubic meters, marking an 8.4% year-on-year increase [5] 5. Investment Recommendations and Valuation - The report recommends focusing on leading coal-fired power companies such as Guodian Power and Huaneng International, as well as gas companies like Xin'ao Co. and Guanghui Energy, which are expected to benefit from the recovery in natural gas consumption [5]