传统能源行业周报：国家电网：在运抽水蓄能装机突破4000万千

Core Views - In the second week of December 2024, sectors such as retail, textiles, and media performed well, while non-bank financials, power equipment, and real estate lagged behind [2][3] - The Shanghai Composite Index fluctuated between 3300 and 3500 points, closing with a small decline, while the ChiNext Index also showed a similar pattern [2] - The market sentiment remains cautious, with a focus on the transition between new and old investment hotspots, particularly in AI, robotics, and the ice and snow economy [2] Market Performance - The Shanghai Composite Index fell by 0.36%, while the CSI 300 dropped by 1.01%. The CSI 1000 saw a slight increase of 0.08% [3][26] - The public utilities sector rose by 0.15%, ranking 17th out of 31 sectors, while the coal sector declined by 1.02%, ranking 26th [3][50] - Top performers in the public utilities sector included Guang'an Aizhong, Xinzheng Co., and ST Jinhong, with increases of 39.49%, 8.70%, and 8.29% respectively [46] - In the coal sector, the best performers were Antai Group, Huaihe Energy, and China Shenhua, with increases of 8.64%, 7.30%, and 0.61% respectively [50] Industry Dynamics - Hubei Yihua has expanded its coal business to form a complete industrial chain in chemicals, increasing its stake in Xinjiang Yihua from 35.597% to 75% [28][30] - The State Grid has surpassed 40 million kilowatts in operational pumped storage capacity, enhancing the stability and flexibility of the power system [32][36] - The new pumped storage power station in Shaanxi is expected to improve the power supply structure and enhance grid regulation capabilities [34][36] Industry Data - As of December 13, the average price of Qinhuangdao 5500 kcal thermal coal was 716 RMB/ton, a decrease of 3 RMB/ton year-on-year [42] - The closing price for coking coal futures was 1084.50 RMB/ton, up 44.50 RMB/ton year-on-year, while coking futures remained unchanged at 1828.00 RMB/ton [42]