公用事业—电力天然气周报：电厂日耗周环比上升，国家能源局预计今冬明春天然气消费量同增100亿方

Investment Rating - The report maintains a "Positive" investment rating for the utility sector, indicating an outlook that is better than the market average [2][3]. Core Insights - The daily coal consumption at power plants has increased week-on-week, with the National Energy Administration forecasting a natural gas consumption increase of 10 billion cubic meters for this winter and spring [2][3]. - The report highlights that the coal power sector is expected to see profitability improvements and value reassessment due to ongoing power supply-demand tensions and the gradual implementation of market reforms [3][4]. Summary by Sections Market Performance - As of December 13, the utility sector declined by 0.1%, outperforming the broader market, which saw a 1.0% drop in the CSI 300 index [12]. - The electricity sector fell by 0.03%, while the gas sector dropped by 1.28% [12][15]. Electricity Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) was 794 CNY/ton as of December 13, down 19 CNY/ton week-on-week [12][27]. - The daily coal consumption for inland 17 provinces increased by 11.38% week-on-week, reaching 4.326 million tons, while available days of coal supply decreased to 22.9 days [27][28]. - The Three Gorges reservoir outflow increased week-on-week to 7,020 cubic meters per second, although it was down 33.14% year-on-year [40]. Natural Gas Industry Data Tracking - Domestic LNG prices decreased week-on-week, with the Shanghai Petroleum and Natural Gas Exchange LNG factory price index at 4,506 CNY/ton, down 1.40% [49]. - In October 2024, domestic natural gas apparent consumption was 35.34 billion cubic meters, up 10.7% year-on-year [3][4]. Key Industry News - The National Energy Administration issued guidelines to support the innovation and development of new types of operating entities in the electricity sector [3]. - Anhui Province's natural gas consumption exceeded 10 billion cubic meters for the first time, marking a 17.6% year-on-year increase [3]. Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [3]. - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [3].