公用环保行业周报：加紧全面绿色转型，国内气价低位运行

Industry Investment Rating - The report maintains a "Positive" rating for the utilities sector, particularly highlighting opportunities in power, natural gas, and environmental protection industries [2] Core Views Power Sector - The central economic work conference emphasized accelerating the construction of large-scale renewable energy bases, particularly in the "Three North" regions (Northwest, North, and Northeast China), which are rich in resources but face challenges in construction and funding [2] - The first batch of large-scale wind and solar power bases is expected to drive significant progress in China's clean energy transition, with power and grid companies likely to increase investments to ensure timely project delivery [2] - Hydropower is expected to benefit from increased generation efficiency and rising electricity prices in Sichuan and Yunnan provinces, with recommended stocks including China Yangtze Power, SDIC Power, and Sichuan Chuantou Energy [2] - Nuclear power is seeing accelerated project approvals, with 11 new units approved in 2024, and long-term growth potential is highlighted for companies like China National Nuclear Power and CGN Power [2] - Coal-fired power plants, despite their role in peak regulation, are expected to maintain stable profitability due to capacity pricing and auxiliary service marketization policies [2] Natural Gas Sector - Global natural gas prices have shown mixed trends, with US prices rising due to increased domestic demand, while European and Asian prices have declined due to warmer weather and increased supply [2][8] - US Henry Hub spot prices rose 11.25% week-over-week to $3.15/mmBtu, while Dutch TTF and UK NBP prices fell by 10.91% and 11.31%, respectively [8] - Northeast Asia LNG spot prices dropped 3.33% to $14.5/mmBtu, with long-term price declines expected due to increased pipeline gas supply from Russia and Japan's nuclear power recovery [2][8] - Recommended stocks in the natural gas sector include ENN Energy, Shenzhen Gas, and Jovo Energy, with a focus on integrated natural gas traders and city gas companies [2] Environmental Protection Sector - The environmental protection sector is expected to benefit from debt resolution and policy support, with high-dividend stocks like Hongcheng Environment and Yongxing Materials recommended [2] - The EU's bio-jet fuel policy and the cancellation of UCO export tax rebates are expected to drive growth in the SAF (Sustainable Aviation Fuel) sector, with companies like Jiaao Environmental Protection and Haisun New Energy highlighted [2] Hydrogen Energy Sector - The hydrogen energy sector is gaining traction, with recommendations for companies involved in hydrogen production, pipeline construction, and fuel cell systems, such as Huadian Heavy Industries and Sinopec Engineering [2] Key Data and Trends Natural Gas Prices - US Henry Hub spot price: $3.15/mmBtu, up 11.25% week-over-week [8] - Dutch TTF spot price: €41.25/MWh, down 10.91% week-over-week [8] - UK NBP spot price: 101.90 pence/therm, down 11.31% week-over-week [8] - Northeast Asia LNG spot price: $14.5/mmBtu, down 3.33% week-over-week [8] - China LNG ex-factory price: 4,506 yuan/ton, down 1.40% week-over-week [8] Power Sector Developments - 11 new nuclear power units approved in 2024, following 10 units approved in 2022-2023 [2] - Hydropower generation efficiency improvements and rising electricity prices in Sichuan and Yunnan provinces are expected to drive growth in 2024 [2] Environmental Protection Sector - High-dividend environmental protection stocks are recommended, with a focus on companies benefiting from debt resolution and policy support [2] - The EU's bio-jet fuel policy is expected to create opportunities in the SAF sector, with companies like Jiaao Environmental Protection and Haisun New Energy highlighted [2]