公用事业周度观察

Investment Rating - The report assigns a neutral rating to the public utility sector, indicating that the industry index is expected to perform in line with the market index over the next six months [8]. Core Insights - The public utility sector experienced a decline of 3.10% during the week of January 6 to January 10, 2025, underperforming the CSI 300 index by 1.97 percentage points [2]. - All sub-sectors within the public utility sector saw declines, with the most significant drop in gas services at 5.07% [2]. - The report highlights a potential improvement in supply and demand dynamics, suggesting a focus on hydropower sectors with sustained growth in installed capacity and favorable economic fundamentals in electricity-consuming provinces [4]. - The report also notes that with the macroeconomic environment expected to stabilize in 2025, natural gas energy costs may decline, presenting investment opportunities in sectors related to gas price recovery [4]. Summary by Sections 1. Market Review of the Public Utility Sector - The public utility sector index fell by 3.10%, ranking 27th among 31 industry indices [2]. - Sub-sectors such as thermal services, hydropower, and gas services all reported declines, with gas services experiencing the largest drop at 5.07% [2]. 2. Weekly Observation of the Public Utility Industry Chain - As of January 10, 2025, the average closing price for Qinhuangdao thermal coal (Q5500) was 768.00 CNY/ton, a week-on-week increase of 0.29% [3]. - The Newcastle thermal coal spot price was 115.51 USD/ton, reflecting a week-on-week decrease of 4.51% [3]. - The average price index for thermal coal in the Bohai Rim was 701.00 CNY/ton, down 0.28% week-on-week [3]. - The average ex-factory price index for LNG in China was 4465.20 CNY/ton, down 1.43% week-on-week [3]. 3. Industry News Dynamics - The report mentions the issuance of a list of benchmark green low-carbon sewage treatment plants by two departments [4]. - It also notes initiatives in Xi'an to expand the application of waste incineration plant waste heat and promote sewage source heat pump heating [8]. - Chongqing Water initiated the issuance of 1.9 billion CNY in convertible bonds [8]. - The Chongqing Yunyang waste incineration power generation project successfully completed its first boiler water pressure test [8]. - Policies supporting the high-quality development of the modern petrochemical industry in Hunan Province were also released [4].