公用事业行业周报：11月进口煤规模同比+26.38%，辽宁拟于25年3月起开展电力现货连续结算试运行

Investment Rating - The report maintains a positive investment suggestion for the power sector, particularly focusing on thermal power, hydropower, and nuclear power companies [2][7]. Core Insights - The report highlights a significant increase in coal imports, with November 2024 imports reaching 54.98 million tons, a year-on-year increase of 26.38% [2][3]. - The report notes that the total electricity consumption in China for January to October 2024 was 818.36 billion kWh, reflecting a year-on-year growth of 7.6% [57][61]. - The report emphasizes the ongoing developments in the electricity market, including the planned launch of continuous settlement for the electricity spot market in Liaoning province starting March 2025 [2][3]. Summary by Sections 1. Power Sector Data Tracking - Thermal Power: As of December 13, 2024, the market price for thermal coal was 800 yuan/ton, down 2.44% from December 6, 2024 [14][26]. - Hydropower: The total installed capacity of hydropower in China reached 430.88 GW by the end of October 2024, with an increase of 8.87 GW in the first ten months of 2024 [34][38]. - Green Energy: The report states that the newly installed capacity for wind and solar power in the first ten months of 2024 was 45.80 GW and 181.30 GW, respectively [44][48]. 2. Natural Gas Key Data Tracking - Domestic gas ex-factory prices decreased by 0.65%, while imported gas prices fell by 2.58% as of December 13, 2024 [61][63]. - The average ex-factory price for LNG in Shanghai was 4,537 yuan/ton, down 0.94% from December 6, 2024 [63]. 3. Industry News - The report mentions that the coal import volume for the first eleven months of 2024 was 49.03 million tons, a year-on-year increase of 14.8% [2][3]. - It also discusses the implementation of long-term trading contracts in the electricity market, emphasizing the importance of annual trading contracts being no less than 80% of actual consumption [2][3]. 4. Investment Recommendations - For the thermal power sector, the report recommends companies such as Zhejiang Energy, Anhui Energy, and State Power Investment Corporation, highlighting their stable performance and strong asset bases [2][7]. - In the hydropower sector, recommended companies include China Power Investment Corporation and Sichuan Investment Energy [2][7]. - For the gas sector, the report suggests investing in companies like Xin'ao and Jiufeng Energy [2][7].