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公用事业行业周报：江苏出台2025年电力市场交易文件，港口动力煤持续累库
INDUSTRIAL SECURITIES·2024-12-10 06:15

Investment Rating - The report maintains a recommendation for investment in the utility sector [1]. Core Insights - The report highlights that the A-share electricity index increased by 3.27% as of December 6, 2024, with a TTM PE valuation of 17.7x [1]. - The report notes that the coal price at Qinhuangdao port was 820 RMB/ton as of December 6, 2024, reflecting a decrease of 0.61% compared to November 29, 2024 [16]. - The total electricity consumption in China from January to October 2024 increased by 7.6% year-on-year, totaling 81,836 billion kWh [66]. Summary by Sections 1. Electricity Sector Data Tracking - The domestic thermal coal spot price decreased by 0.61% week-on-week, with Qinhuangdao port coal inventory increasing by 0.3% [16]. - The total installed capacity of thermal power in China reached 1,425.97 GW by the end of October 2024, with an increase of 42.18 GW in the first ten months of 2024 [29]. - The average utilization hours for thermal power equipment in the first ten months of 2024 were 3,631 hours, a decrease of 46 hours year-on-year [34]. 2. Hydropower Sector Tracking - The inflow to the Three Gorges Reservoir was 0.65 cubic meters per second on December 6, 2024, remaining stable year-on-year, while the outflow decreased by 3.07% [38]. - The total installed capacity of hydropower in China reached 430.88 GW by the end of October 2024, with an increase of 8.87 GW in the first ten months of 2024 [41]. - The hydropower generation from January to October 2024 was 1,110.1 billion kWh, reflecting a year-on-year increase of 12.2% [47]. 3. Green Energy Sector Tracking - The cumulative installed capacity of wind and solar power reached 486.17 GW and 793.11 GW, respectively, by the end of October 2024, with new installations of 45.80 GW and 181.30 GW in the first ten months of 2024 [54]. - The price of domestic monocrystalline solar modules (PERC, 310W) was stable at 0.66 RMB/W as of December 6, 2024 [60]. 4. Natural Gas Sector Data Tracking - The average ex-factory price of domestic gas increased by 4.16%, while the import gas price decreased by 1.13% as of December 6, 2024 [72]. - The LNG import price in China was 14.98 USD/million BTU as of December 5, 2024, reflecting a year-on-year increase of 0.50% [70].