公用环保行业周报：今冬天然气供给充足，国内气价低位运行

Investment Rating - The report maintains a positive outlook on the utility and environmental sectors, particularly in natural gas and electricity generation [3]. Core Insights - The natural gas supply-demand situation has eased, leading to a decline in global gas prices. As of December 6, the Henry Hub spot price in the US was $2.83/mmBtu, down 16.66% week-on-week. The TTF spot price in the Netherlands was €46.30/MWh, down 1.45% week-on-week [3][9]. - Domestic natural gas consumption in China from January to October reached 353.72 billion cubic meters, a year-on-year increase of 9.9%, driven by demand from LNG heavy trucks and natural gas power generation [3][31]. - The report suggests that the winter gas prices may remain stable due to balanced supply and demand, with domestic gas prices expected to maintain a steady trend, benefiting city gas companies [3][34]. Summary by Sections Natural Gas - The easing of supply-demand tensions has resulted in a drop in global gas prices, with significant decreases noted in various markets [3][9]. - Domestic natural gas production in China has steadily increased, with a reported output of 203.9 billion cubic meters from January to October, marking a 6.7% year-on-year growth [3][31]. Investment Recommendations - For electricity: - Hydropower companies such as Changjiang Electric Power and Guotou Power are recommended due to expected price increases amid supply constraints [3]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are also highlighted for their growth potential [3]. - For natural gas: - City gas companies such as China Gas and Hong Kong and China Gas are recommended due to improved profitability from cost reductions [3][34]. - Integrated natural gas traders like New Hope Energy and Shenzhen Gas are also suggested [3][34]. - For environmental companies: - High-dividend stocks such as Hongcheng Environment and Yongxing Shares are recommended due to stable performance [3][34]. Market Overview - The report notes that the utility and environmental sectors have outperformed the Shanghai and Shenzhen 300 index during the review period [36].