公用事业行业周报：煤价强化火电业绩预期，关注水核红利投资价值

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [7]. Core Insights - The coal prices have dropped significantly, with the Qinhuangdao port Q5500 thermal coal price falling to 790 RMB/ton as of December 13, a year-on-year decrease of 158 RMB/ton, which strengthens the performance expectations for thermal power in Q4 [2][5]. - The demand for thermal power has rebounded quickly due to cold weather, with daily consumption reaching 6.123 million tons/day, a year-on-year increase of 2.4% [5]. - The report emphasizes the investment value of hydropower and nuclear assets, particularly highlighted by Changjiang Electric's first mid-term profit distribution, showcasing strong dividend value [2][5]. Summary by Sections Thermal Power Performance - The report notes a rapid recovery in thermal power demand due to heating needs, with a significant increase in daily consumption despite high coal inventories [5]. - Coal prices have shown a "旺季不旺" (strong season not strong) characteristic, with domestic coal supply and imports increasing, leading to a historical high of 54.982 million tons in November, a year-on-year increase of 26.38% [5]. - The report predicts continued improvement in thermal power profitability, supported by the current low coal prices and the expected stabilization of electricity prices as annual contracts are finalized [5]. Investment Opportunities - The report suggests focusing on quality thermal power companies such as China Resources Power, Fuzhou Energy, Huadian International, and others, as well as hydropower companies like Changjiang Electric and Guotou Power [5]. - The report highlights the long-term stable investment value of hydropower and nuclear power assets, especially in the context of ongoing fiscal and monetary policy expectations [5]. Market Trends - The 10-year government bond yield has dropped to 1.78%, further enhancing the attractiveness of dividend-paying assets [5]. - The report indicates that the "carbon neutrality" initiative and electricity market reforms will drive a comprehensive reassessment of the intrinsic value of electricity operators throughout the 14th Five-Year Plan period [5].