公用事业行业申万公用环保周报：10月风电发电高增，全球气价季节性回升

Investment Rating - The report maintains a "Positive" outlook on the public utility and environmental sectors, particularly focusing on electricity and natural gas industries [3]. Core Insights - The report highlights significant growth in wind power generation, with a year-on-year increase of 34% in October, while hydropower continues to show negative growth [3][8]. - Global natural gas prices are experiencing seasonal increases, with notable price hikes in the US and Europe due to rising demand as the heating season begins [16][20]. Summary by Sections 1. Electricity - In the first ten months of 2024, the total industrial electricity generation reached 78,027 billion kWh, a 5.2% increase year-on-year, with October's generation at 7,310 billion kWh, up 2.1% year-on-year [3][8]. - Hydropower generation saw a decline of 14.9% year-on-year, while wind power generation contributed significantly with an increase of 203 billion kWh, accounting for 135% of the total generation increase [9][10]. - Recommendations include focusing on companies like China Yangtze Power and Guodian Power for hydropower, and China Nuclear Power for nuclear energy due to the acceleration in approvals for new units [14]. 2. Natural Gas - As of November 15, 2024, the Henry Hub spot price was $1.65/mmBtu, reflecting a weekly increase of 36.14%, while European gas prices also surged due to increased demand and supply constraints [16][20]. - The report suggests that the heating season's onset has led to a rise in domestic and LNG export demand in the US, contributing to price rebounds [16][20]. - Recommended companies include China Gas and Kunlun Energy, which are expected to benefit from improved profitability due to cost reductions and favorable pricing policies [34][36]. 3. Environmental Sector - The report anticipates benefits from debt reduction and policy facilitation in the environmental sector, recommending companies like Hongcheng Environment and Yongxing Co. for their stable performance and high dividend yields [3][14]. - It also highlights opportunities in water and solid waste management sectors, suggesting companies like Wuhan Holdings and Chuangye Environmental for potential investments [14].