公用事业—电力天然气周报：广东重点强调电力交易合规风险，欧盟天然气去库速度加快

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [3]. Core Insights - The report highlights the compliance risks in electricity trading emphasized by Guangdong Province and the accelerated pace of natural gas de-stocking in the EU [3]. - The public utility sector underperformed the market, with a 0.1% decline as of November 29, 2024, compared to a 1.3% increase in the CSI 300 index [14]. - The report indicates potential profitability improvements and value reassessment for the electricity sector following several rounds of supply-demand tensions [5]. Summary by Sections Market Performance - As of November 29, 2024, the public utility sector declined by 0.1%, with the electricity sector down 0.10% and the gas sector down 0.13% [14]. - The electricity sector's major companies showed varied performance, with Jiangsu Xinneng increasing by 3.71% and China Nuclear Power decreasing by 4.46% [16] [18]. Electricity Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) was 820 CNY/ton as of November 29, 2024, a decrease of 7 CNY/ton week-on-week [20]. - The daily coal consumption in inland provinces was 368.3 million tons, down 16.4 million tons/day week-on-week [30]. - The Three Gorges Reservoir's outflow increased to 6,970 cubic meters/second, up 4.03% year-on-year [43]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,489 CNY/ton as of November 29, 2024, a year-on-year decrease of 28.01% [52]. - Domestic natural gas consumption in October 2024 was 35.34 billion cubic meters, up 10.7% year-on-year [4]. - The EU's natural gas consumption for week 47 of 2024 was estimated at 89.6 billion cubic meters, a 6.5% increase week-on-week [4]. Industry News - Guangdong's Energy Bureau issued a notice regarding the 2025 electricity market trading, aiming to regulate market access and ensure transparency in electricity trading [4]. - The report notes that the domestic LNG import volume in October 2024 was 6.55 million tons, a year-on-year increase of 26.7% [4].