公用事业行业周报：全国统一电力市场规则体系基本建立

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Views - The construction of a unified national electricity market is accelerating, with improvements in the long-term, spot, and ancillary service markets, benefiting flexible coal-fired power and green electricity with environmental value [4][57] - The gas sector is expected to benefit from adjustments in residential gas prices across multiple regions, enhancing the profit margins of urban gas companies [4][57] Summary by Sections Market Review - From December 2 to December 6, the public utility sector index rose by 3.27%, outperforming the CSI 300 index by 1.83% [3][18] - As of December 6, 2024, the public utility (Shenwan) PE (TTM) was 17.90 times, and the PB (LF) was 1.53 times, indicating a slight increase in industry valuation [3][26] Important Industry Dynamics - The national unified electricity market rule system has been basically established, covering inter-provincial, regional, and intra-provincial transactions, with a significant increase in marketized electricity trading [4][49][51] - The Zhejiang electricity spot market allows negative electricity prices and plans to explore the introduction of new entities, such as grid-side energy storage and virtual power plants [4][53] Core Opinions and Investment Recommendations - Green Electricity Sector: The policy encourages high-energy-consuming industries to participate in green certificate trading, with the environmental value of green electricity expected to be realized further. The current valuation of green electricity is at a low point, particularly in Hong Kong stocks [4][57] - Coal-fired Power Sector: Coal-fired power is crucial for the stable operation of the electricity system, with increased demand expected during the winter peak. The flexibility of coal-fired power in the spot market is highlighted [4][57] - Gas Sector: The introduction of natural gas price linkage mechanisms in various regions is expected to enhance the profitability of urban gas companies [4][58] Key Stock Combinations - The report highlights a focus on the following stock combinations: Funiu Co., Ltd. + Fuan Energy + Zhongmin Energy [4][59]