公用事业行业周报：10月火电发电量同比+1.8%，多省份下发2025年电力市场化交易方案

Investment Rating - The report maintains a recommendation for the power generation sector, indicating a stable outlook for coal-fired power generation with a year-on-year increase of 1.8% in October [2][3]. Core Insights - The report highlights that the A-share power index has decreased by 2.75% as of November 15, with a TTM PE valuation of 17.3x for the A-share power sector [2][3]. - The report notes that the gas sector index has also declined by 1.83%, with a TTM PE valuation of 14.3x [2][3]. - The report emphasizes the importance of monitoring the annual long-term contract electricity prices in various provinces, as the electricity market reform is expected to enhance the stability of return on equity (ROE) for coal-fired power companies [2][3]. Summary by Sections 1. Power Sector Data Tracking - In October, the national coal-fired power generation increased by 1.8% year-on-year, while the overall electricity consumption rose by 8.5% [2][3]. - The report provides data on coal prices, indicating that as of November 15, the market price for thermal coal was 850 RMB/ton, a decrease of 1.16% compared to November 8 [14][31]. - The report tracks the water inflow and outflow of the Three Gorges Reservoir, noting a decrease in inflow by 24.39% year-on-year as of November 15 [31][32]. 2. Natural Gas Key Data Tracking - The report indicates that the domestic gas ex-factory price has decreased by 2.04%, while the imported gas ex-factory price has dropped by 2.46% as of November 15 [2][3]. - The report highlights that the industrial natural gas production for October was 20.8 billion cubic meters, reflecting a year-on-year increase of 8.4% [2][3]. 3. Industry News - The report mentions that multiple provinces have issued plans for market-oriented electricity trading by 2025, which is expected to impact the electricity market dynamics [2][3]. - It also notes the launch of a 2.4GW offshore wind power competitive allocation project in Fujian Province [2][3]. 4. Investment Recommendations - For the power sector, the report recommends focusing on coal-fired power companies with stable performance, such as Zhejiang Energy, Anhui Energy, and Shenneng Shares, as well as major state-owned enterprises like Guodian Power and Huaneng International [2][3]. - In the gas sector, the report recommends companies like Xin'ao and Jiufeng Energy [2][3].