公用事业行业周报：电力交易进一步规范，考虑成本，有利火电

Investment Rating - The investment rating for the utility industry is "Outperform the Market" [2]. Core Viewpoints - The report highlights that the decline in coal prices and the upcoming long-term electricity price contracts for 2025 make thermal power generation an attractive investment opportunity. The report notes that recent stock price movements of major companies in the sector have shown a decrease, but the impact of electricity price news on stock prices has diminished. The expectation is that the decline in long-term electricity prices for 2025 will be limited, and there is a potential for further decreases in coal prices, making thermal power generation a favorable investment [4][5]. Summary by Relevant Sections - Electricity Market Regulation: The National Energy Administration has issued guidelines to standardize electricity market transactions, aiming to create a unified, competitive, and efficient national electricity market. This includes measures to prevent price manipulation and ensure that market prices reflect the true value of electricity [5]. - Inter-Provincial Electricity Market: The inter-provincial electricity spot market has been operational since January 2022, with a total transaction volume of 746.8 billion kilowatt-hours by mid-2024. The average transaction price for thermal power is significantly higher than for other energy sources, indicating a strong market for thermal power generation [6]. - Profitability Outlook: The report suggests that profitability for thermal power generation is expected to improve in Q4. It recommends focusing on companies with strong thermal power generation capabilities and those transitioning to cleaner energy sources [6].