传统能源行业2024年12月月报：全国统一电力市场发展路线图和时间表出炉

Investment Rating - The report does not explicitly state the investment rating for the industry, but it provides a framework for categorizing ratings based on expected returns over a six-month period [41]. Core Insights - The report indicates that the market experienced a notable pullback in November 2024, with a focus on sectors driven by news and speculation, particularly in technology [3]. - The public utilities and coal sectors underperformed in November, with the public utilities sector down 2.23% and coal down 1.13%, ranking 28th and 26th respectively among 31 sectors [2][14]. - The report highlights the launch of significant logistics projects aimed at optimizing coal transportation and the establishment of a unified national electricity market by 2025, with full implementation expected by 2029 [19][20]. Market Performance - From October 31 to November 30, 2024, the Shanghai Composite Index rose by 1.42%, while the public utilities sector fell by 2.23%, underperforming the index by 3.65 percentage points [2][14]. - The coal sector also saw a decline of 1.13%, trailing the Shanghai Composite Index by 2.55 percentage points [2][14]. Industry Dynamics - The "Xinjiang Coal into Ningxia" logistics project was initiated to enhance coal transportation efficiency and regional energy cooperation [19]. - The national unified electricity market development plan outlines a three-step strategy to establish a comprehensive market by 2035, with significant progress expected by 2025 [20][21]. Industry Chain Data - The report provides current coal prices, noting that the Qinhuangdao 5500 kcal thermal coal price was 722 RMB/ton at the end of November, down from 728 RMB/ton in October [25]. - Futures prices for coking coal and coke also showed declines, with coking coal at 1102 RMB/ton and coke at 1770 RMB/ton at the end of November [25]. Company Dynamics - In the public utilities sector, the top three performing stocks were Changchun Gas, Shanhai Huaneng, and Dongfang Huanyu, with increases of 48.25%, 39.25%, and 25.66% respectively [30]. - Conversely, the worst performers included Dazhong Public Utilities, Xichang Electric Power, and Fuling Electric Power, with declines of -20.72%, -14.36%, and -12.71% respectively [30][31]. - In the coal sector, the top gainers were Baotailong, Yongtai Energy, and Zhengzhou Coal Power, with increases of 15.95%, 13.25%, and 12.19% respectively [32].