公用事业行业周报：10月全国天然气表观消费量同比+10.9%，前10月电力及热力行业利润总额同比+13.8%

Investment Rating - The report maintains a recommendation for the power and gas sectors, indicating a stable outlook for investments in these industries [1]. Core Insights - In October, the apparent natural gas consumption in China increased by 10.9% year-on-year, while the total profit of the electricity and heat industry rose by 13.8% in the first ten months of 2024 [1]. - The A-share electricity index decreased by 0.60% as of November 29, 2024, with a TTM PE valuation of 17.0x, while the gas sector index fell by 0.19% with a TTM PE of 14.2x [1]. - The report highlights the performance of various segments within the power sector, including thermal, hydropower, and renewable energy, with specific recommendations for companies in these areas [1]. Summary by Sections 1. Power Sector Data Tracking - The domestic thermal coal spot price decreased by 1.20% week-on-week, with the Qinhuangdao port coal price at 825 RMB/ton as of November 30, 2024 [13]. - The total installed capacity of thermal power in China reached 1425.97 GW by the end of October 2024, with an increase of 42.18 GW in the first ten months [23]. - The average utilization hours for thermal power equipment were 3631 hours, a decrease of 46 hours compared to the previous year [28]. 2. Hydropower Sector Tracking - The total installed capacity of hydropower in China was 430.88 GW by the end of October 2024, with an increase of 8.87 GW in the first ten months [33]. - The average utilization hours for hydropower equipment increased by 233 hours to 2937 hours in the same period [39]. 3. Renewable Energy Sector Tracking - The cumulative installed capacity for wind and solar power reached 486.17 GW and 793.11 GW, respectively, with new installations of 45.80 GW and 181.30 GW in the first ten months of 2024 [43]. - The report notes the stability in the prices of solar components, with the market price for domestic monocrystalline solar modules at 0.66 RMB/W as of November 30, 2024 [48]. 4. Natural Gas Sector Data Tracking - The average ex-factory price for domestic LNG was 4489 RMB/ton, down 1.41% from November 22, 2024, while the average price for imported LNG increased by 0.87% [59]. - The apparent natural gas consumption for the first ten months of 2024 was 3537.2 billion cubic meters, reflecting a year-on-year growth of 9.9% [1].