公用事业行业：10月全社会用电量+4.3%，广东出台2025年电力市场交易文件

Investment Rating - The report maintains a "Hold" investment rating for the utility sector [1]. Core Insights - The total electricity consumption in China increased by 4.3% in October 2024, with a cumulative growth of 7.6% from January to October 2024 [1][55]. - The report highlights the introduction of the 2025 electricity market trading document by Guangdong province, which is expected to impact market dynamics [1]. - The A-share electricity index decreased by 0.68% as of November 22, 2024, with a TTM PE ratio of 17.2x [1]. Summary by Sections 1. Electricity Sector Data Tracking - Thermal Power: The domestic thermal coal spot price decreased by 1.76% week-on-week, with the Qinhuangdao port coal price at 835 RMB/ton as of November 22, 2024 [13]. The coal inventory at Qinhuangdao port was 6.98 million tons, up 0.4% from the previous week [13]. - Hydropower: As of October 2024, the cumulative hydropower installed capacity in China reached 430.88 GW, with an increase of 8.87 GW from January to October 2024 [30][32]. The hydropower generation from January to October 2024 was 1,110.1 billion kWh, reflecting a year-on-year increase of 12.2% [36]. - Green Energy: The report noted that from January to October 2024, new wind and solar power installations were 45.80 GW and 181.30 GW, respectively [42]. The total installed capacity for wind and solar energy reached 486.17 GW and 793.11 GW by the end of October 2024 [42]. 2. Natural Gas Key Data Tracking - The average ex-factory price of domestic gas increased by 3.34% as of November 22, 2024, while the import gas price rose by 0.65% [61]. The LNG ex-factory price nationwide was 4,536 RMB/ton, reflecting a 0.62% increase from the previous week [61]. 3. Industry News - The report emphasizes the cumulative electricity consumption in China from January to October 2024, which reached 81,836 billion kWh, marking a year-on-year growth of 7.6% [55]. The introduction of the 2025 electricity market trading document by Guangdong province is also highlighted as a significant development [1]. 4. Investment Recommendations - For the electricity sector, the report recommends focusing on stable-performing local thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng Shares, as well as major state-owned enterprises like Guodian Power and Huaneng International [1]. In the hydropower sector, recommended companies include Guotou Power and Chuan Investment Energy [1]. For the gas sector, the report suggests investing in companies like Xin'ao Shares and Jiufeng Energy [1].