2025年公用事业行业投资策略：燃气景气度回升 公用红利价值持续

Investment Rating - The report maintains a positive outlook on the utility sector, particularly focusing on natural gas and electricity, highlighting potential profit improvements and dividend value [1][3]. Core Insights - The natural gas sector is expected to see profit improvements due to cost reductions and price reforms, with a favorable global LNG supply situation anticipated from 2025 [3][13]. - The electricity sector is projected to benefit from the growth of clean energy installations, with coal power showing improved profitability due to lower coal prices [3][60]. - The report emphasizes the importance of dividend value in the utility sector, especially during a declining interest rate environment [3][60]. Summary by Sections Natural Gas - Global natural gas demand is expected to grow by 2.5% in 2024, primarily driven by Asian markets [6]. - LNG supply is projected to increase significantly from 2025, improving the global supply-demand balance [13][35]. - The report recommends investing in quality Hong Kong gas companies and integrated gas traders [3][5]. Electricity - The long-term outlook for clean energy installations is positive, contributing to increased electricity demand [3][60]. - Coal power profitability is expected to improve due to lower coal prices, with operational efficiencies in regions with tight supply-demand conditions [3][60]. - Recommendations include high-dividend hydropower and rapidly growing nuclear power companies [3][5]. Dividend Value - The report highlights the sustained dividend value of utility companies amid a declining interest rate environment, suggesting a focus on companies with high dividend commitments [3][60].