公用事业行业：欧洲天然气去库加快，两部委提出未来三年年增2亿千瓦以上绿电消纳

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The report highlights the continuous trial operation of the electricity spot market in Shaanxi and Anhui starting from 2025, indicating a focus on sector adjustment and post-allocation value [2] - The report notes a year-on-year decrease of 0.5% in apparent natural gas consumption in November, while the total electricity consumption in society increased by 2.8% year-on-year [2] - The report emphasizes the acceleration of natural gas depletion in Europe and the proposal from two ministries to increase green electricity consumption by over 200 million kilowatts annually in the next three years [2] Summary by Sections Electricity Sector Data Tracking - As of January 10, 2025, the electricity market price at Qinhuangdao Port (Q5500) is 780 RMB/ton, unchanged from January 3, 2025 [3][11] - The total inventory of power coal at Qinhuangdao Port is 6.82 million tons, reflecting a week-on-week increase of 5.7% [11] - The average utilization hours for coal-fired power plants in 2024 (January-November) is 3,988 hours, a decrease of 52 hours compared to the previous year [27] Natural Gas Sector Data Tracking - As of January 10, 2025, the average ex-factory price of domestic gas is 4,304 RMB/ton, down 0.78% from January 3, 2025 [59] - The apparent natural gas consumption in China for January-November 2024 is 388.57 billion cubic meters, an increase of 8.96% year-on-year [64] Industry News - The National Development and Reform Commission has issued a notice regarding the optimization of electricity system regulation capabilities, aiming for a significant improvement by 2027 [3] - The Jiangxi Provincial Energy Bureau has announced measures to enhance the participation of renewable energy in market transactions [3] - The Shandong Provincial Government has outlined plans to accelerate the construction of large-scale clean and efficient power generation units during the 14th Five-Year Plan period [3] Investment Recommendations - For the electricity sector, recommended companies include Sheneng Co., Anhui Electric Power, and Huadian International for coal-fired power, as well as China General Nuclear Power and China National Nuclear Power for nuclear power [5] - In the gas sector, recommended companies include Xin'ao Co. and Jiufeng Energy [5]