公用事业行业跟踪周报：云南发布2025年电力中长期合同签订履约工作通知，国家能源局鼓励新型经营主体平等参与电力市场

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - Yunnan has initiated the signing of long-term electricity contracts for 2025, encouraging contracts of three years or more. The Yunnan Energy Bureau mandates that the annual signing volume for medium and long-term contracts should not be less than 80% of the previous year's electricity consumption [1]. - The National Energy Administration encourages new business entities to participate equally in the electricity market, aiming to enhance the power system's regulation capacity and promote renewable energy consumption [1]. - The average electricity purchase price in December 2024 is reported at 375 RMB/MWh, showing a year-on-year decrease of 13% and a month-on-month decrease of 9% [1][133]. Summary by Sections 1. Market Review - The SW utility index increased by 3.27% from December 2 to December 6, 2024, outperforming the market. Notable increases were seen in nuclear power (+5.42%), thermal power (+3.49%), and photovoltaic (+3.78%) sectors [100]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to October 2024 reached 818 billion kWh, a year-on-year increase of 7.6%. The growth rates for different sectors were: primary industry (+6.7%), secondary industry (+5.6%), tertiary industry (+11.0%), and urban-rural residential consumption (+12.3%) [108]. 2.2. Power Generation - Cumulative power generation from January to October 2024 was 780 billion kWh, reflecting a year-on-year increase of 5.2%. The growth rates for various power sources were: thermal power (+1.9%), hydropower (+12.2%), nuclear power (+1.5%), wind power (+13.1%), and photovoltaic (+27.5%) [120]. 2.3. Electricity Prices - The average electricity purchase price in December 2024 is reported at 375 RMB/MWh, showing a year-on-year decrease of 13% and a month-on-month decrease of 9% [133]. 3. Natural Gas - The report indicates that with the upcoming elections, overseas exploration efforts are expected to increase, and LNG liquefaction construction will strengthen. Domestic gas prices have slightly increased, with a year-on-year consumption growth of 10.2% [1]. 4. Investment Recommendations - Recommendations include focusing on companies with quality long-term contracts and cost advantages in the natural gas sector, such as Jiufeng Energy and Xin'ao Co. Other sectors highlighted include thermal power, green energy, hydropower, and nuclear power, with specific companies recommended for investment [1].