公用环保行业周报：10月全国风光利用率下降，全球气价季节性回升

Investment Rating - The report maintains a "Positive" outlook on the public utility and environmental sectors, particularly focusing on electricity and natural gas industries [2]. Core Insights - The report highlights a significant decline in the utilization rates of wind and solar energy in October 2024, with wind power utilization at 96.2% (down 1.8 percentage points year-on-year) and solar power utilization at 95.8% (down 1.7 percentage points year-on-year) [9][11]. - Natural gas consumption in October 2024 increased by 10.9% year-on-year, reaching 35.34 billion cubic meters, with a total consumption of 353.72 billion cubic meters from January to October, marking a 9.9% increase [44]. - The report emphasizes the importance of improving the consumption of new energy sources due to the increasing rates of wind and solar energy abandonment [9][10]. Summary by Sections Electricity - In October 2024, the abandonment rates for wind and solar energy were the highest in five years, indicating a pressing need for better energy consumption strategies [9][10]. - The report recommends several companies for investment, including: - Hydropower: Yangtze Power, Guotou Power, Chuan Investment Energy, and Guangxi Power due to expected benefits from hydropower adjustments and rising electricity prices in Sichuan and Yunnan provinces [44]. - Nuclear Power: China National Nuclear Power and China General Nuclear Power, as the approval pace for new nuclear units has accelerated [44]. - Thermal Power: Companies like Sheneng Co., Zhejiang Energy, and Inner Mongolia Huadian are recommended due to stable profitability from market pricing policies [44]. Natural Gas - The report notes a strong seasonal demand for natural gas, with significant increases in both consumption and imports [44][46]. - Recommended companies include: - City gas companies such as China Resources Gas, Kunlun Energy, and Hong Kong and China Gas, which are expected to benefit from rising residential gas prices [46]. - Integrated gas traders like New Hope Energy and Shenzhen Gas, which are positioned to capitalize on cost reductions and increased sales [46]. Environmental Sector - The report identifies three key areas likely to benefit from policy changes: - High-dividend stocks such as Hongcheng Environment and Yongxing Co. are expected to gain from debt reduction and policy facilitation [44]. - Water and waste management state-owned enterprises like Wuhan Holdings and Chuangye Environmental are highlighted for their undervalued status [44]. - Companies involved in ecological restoration with high accounts receivable, such as Mongolian Grass Ecology, are also recommended [44]. Hydrogen Energy - The report suggests focusing on companies involved in hydrogen production, pipeline construction, and fuel cell systems, including Huadian Heavy Industry and Yihua Tong [44].