公用事业行业周报：国资委考核变化，对投资电企有什么线索？

Investment Rating - The report maintains a "Positive" investment rating for the electricity sector [43]. Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) has adjusted its assessment requirements, emphasizing cash flow management, which may lead to improved cash flow for renewable energy companies [1][3]. - The focus on market value management and addressing the issue of companies trading below net asset value is expected to create investment opportunities in the electricity sector [1][3]. - The report highlights the potential for improved performance in the electricity sector due to the new assessment criteria and the ongoing market reforms [1][3]. Summary by Sections SASAC Assessment Changes - SASAC has introduced a new assessment system for 2025, replacing "Operating Cash Ratio" with "Operating Revenue Collection Rate," which emphasizes cash flow recovery from revenue [3]. - The new requirements aim for stable profit growth, maintaining overall asset-liability ratios, and improving key performance indicators such as net asset return and research funding intensity [3]. Investment Opportunities - The report identifies several companies as potential investment opportunities, including: - Huadian International, benefiting from coal power pricing reforms and expected improvements in performance due to tightening electricity supply [8]. - Zhongmin Energy, which has strong profitability due to favorable wind resources and potential growth in offshore wind projects [9]. - Guotou Power, anticipating growth in hydropower output and continued recovery in thermal power performance [11]. - Longyuan Power, expected to benefit from policy support for renewable energy and significant growth in installed capacity [47]. - China Power, which is restructuring its asset base and focusing on clean energy [48]. Market Performance - The electricity sector has shown positive performance, with the public utility sector rising by 1.23% in the last week and 16.94% year-to-date [16][52]. - The report notes that certain companies, such as Xichang Power and Jiantou Energy, have outperformed the market significantly [79]. Price Trends - Coal prices have seen a decline, which may alleviate cost pressures for thermal power companies, further supporting their performance [20][87]. - The report provides insights into the price trends of various coal types, indicating a downward movement in recent weeks [58][87].