公用事业—电力天然气周报：11月全社会用电量同比增长2.8%，全国天然气产量同比增长3.1%

Investment Rating - The industry investment rating is "Positive" indicating that the industry index is expected to outperform the benchmark [28]. Core Viewpoints - The power sector is anticipated to see profit improvement and value reassessment following multiple rounds of electricity supply-demand tensions. The peak value of coal power is highlighted, and the ongoing market reform is expected to lead to a slight increase in electricity prices. The introduction of a capacity price mechanism reinforces the foundational role of coal power. The new power system construction under carbon neutrality goals will continue to rely on diverse system regulation methods and investments [37]. - The natural gas sector is expected to benefit from the recovery in domestic consumption and a decrease in upstream gas prices. Companies with low-cost long-term gas sources and receiving station assets may expand imports or capitalize on international market opportunities to enhance profit margins [37]. Summary by Sections Power Industry - In November, the total electricity consumption reached 784.9 billion kWh, a year-on-year increase of 2.8%. The first industry saw a 7.6% increase, while the second and third industries grew by 2.2% and 4.7%, respectively [37]. - The average weekly price in the Guangdong electricity market as of November 8 was 334.15 RMB/MWh, up 11.91% week-on-week but down 26.2% year-on-year. The real-time market price was 306.57 RMB/MWh, up 11.19% week-on-week and down 33.4% year-on-year [5]. - The average weekly price in the Shanxi electricity market as of November 14 was 384.67 RMB/MWh, up 16.29% week-on-week and up 3.5% year-on-year. The real-time market price was 413.23 RMB/MWh, up 25.79% week-on-week and up 10.3% year-on-year [6]. Natural Gas Industry - The apparent consumption of natural gas in China for October 2024 was 35.34 billion cubic meters, a year-on-year increase of 10.7%. The cumulative consumption from January to October was 353.72 billion cubic meters, up 9.9% year-on-year [15]. - The cumulative natural gas production in China from January to November 2024 was 224.56 billion cubic meters, a year-on-year increase of 7.1%. The cumulative LNG imports during the same period were 69.61 million tons, up 10.5% year-on-year [17]. - The average spot price for LNG in China was 13.34 USD/MMBtu as of December 19, reflecting a year-on-year increase of 9.2% [9]. Investment Recommendations - Recommended companies include national coal power leaders such as Guodian Power, Huaneng International, and Huadian International. Regional leaders in tight electricity supply areas include Waneng Power, Zhejiang Energy, and Shenneng Shares. Hydropower operators such as Yangtze Power and State Power Investment Corporation are also highlighted. Additionally, equipment manufacturers and companies involved in flexible transformation technology are expected to benefit from the new coal power cycle, with specific mentions of Dongfang Electric and Huaguang Huaneng [37][30].