公用事业行业跟踪周报：中央经济工作会议举行，国企改革深化提升&加紧全面绿色转型

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1]. Core Insights - The Central Economic Work Conference has outlined key tasks for 2025, emphasizing the need for high-quality state-owned enterprise reforms and accelerating the green transition in economic and social development [1]. - Key tasks include the construction of the "Shage Desert" renewable energy base and the promotion of a national carbon market [1]. - Major state-owned power companies are focusing on energy security, green development, technological innovation, and optimizing investment structures [1]. Industry Data Tracking - Electricity Prices: The average grid purchase price in December 2024 is 375 RMB/MWh, showing a year-on-year decrease of 13% and a month-on-month decrease of 9% [1][136]. - Coal Prices: As of December 13, 2024, the price of thermal coal at Qinhuangdao is 790 RMB/ton, down 22 RMB/ton week-on-week [1]. - Natural Gas Prices: As of December 13, 2024, natural gas prices in various regions show mixed trends, with a week-on-week increase of 5.3% in the US and a decrease of 12.3% in Europe [1]. Investment Recommendations 1. Natural Gas: Expect increased overseas exploration and LNG liquefaction construction. Recommended companies include Jiu Feng Energy and Xin Ao Shares, with a focus on cost advantages and flexible scheduling [1]. 2. Thermal Power: Suggests attention to investment opportunities in thermal power, recommending companies like Wan Neng Power and Huaneng International [1]. 3. Green Power: Anticipates resolution of historical issues regarding state subsidies for green power, recommending Longjing Environmental Protection [1]. 4. Hydropower: Highlights low costs and cash flow advantages, recommending Changjiang Power [1]. 5. Nuclear Power: Expects growth and improved profitability, recommending China Nuclear Power and China General Nuclear Power [1]. 6. Consumption: Focus on the ultra-high voltage and smart grid sectors, recommending companies involved in digitalization and internationalization [1].