公用事业—电力天然气周报：10月全社会用电量同比增长4.3%，欧美气价周环比上涨

Investment Rating - The report maintains a "Positive" investment rating for the utility sector, consistent with the previous rating [3]. Core Insights - In October, the total electricity consumption in society increased by 4.3% year-on-year, with significant growth in various sectors [4]. - The utility sector outperformed the broader market, with a 0.5% decline compared to a 2.6% drop in the Shanghai and Shenzhen 300 index [13]. - The report highlights the completion of the China-Russia East Line natural gas pipeline, which is expected to supply 38 billion cubic meters of gas annually to several regions [4]. Summary by Sections 1. Market Performance - As of November 22, the utility sector declined by 0.5%, with the electricity sector down by 0.59% and the gas sector up by 0.66% [3][15]. - The top-performing industries included comprehensive services and retail, while social services and food and beverage sectors faced significant declines [13]. 2. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port decreased by 13 CNY/ton to 827 CNY/ton as of November 22 [3]. - Coal inventory at Qinhuangdao Port increased by 30,000 tons to 6.98 million tons [34]. - Daily coal consumption in inland provinces rose by 30,000 tons to 3.847 million tons, with a decrease in available days to 26.1 days [34]. 3. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,553 CNY/ton, a 1.13% increase week-on-week [51]. - The European TTF spot price rose by 8.6% week-on-week to 14.13 USD/million BTU [55]. - Domestic natural gas consumption in September was 33.88 billion cubic meters, a 14.4% increase year-on-year [4]. 4. Industry News - The report notes the completion of the China-Russia East Line natural gas pipeline, which will enhance gas supply stability [4]. - The report emphasizes the potential for profit improvement and value reassessment in the electricity sector due to ongoing supply-demand tensions [4]. 5. Investment Recommendations - The report suggests focusing on leading coal-fired power companies such as Guodian Power and Huaneng International, as well as gas companies like Xin'ao and Guanghui Energy [4].