公用事业—电力天然气周报：四川首推煤电政府授权合约机制，2024年我国天然气进口量同比增长9.9%

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the domestic power sector is expected to see profit improvement and value reassessment following multiple rounds of power supply-demand tensions. The coal power sector's peak value is emphasized, and ongoing market reforms are anticipated to lead to a slight increase in electricity prices. The report also notes that the new power system construction under carbon neutrality goals will continue to rely on enhanced system regulation and investment [6][7] - The report indicates a projected 9.9% increase in natural gas imports for 2024, with the total import value expected to reach 18.39 trillion yuan, a 2.3% year-on-year increase [6][7] Summary by Sections Market Performance - As of January 17, the utility sector rose by 1.4%, underperforming the broader market, which increased by 2.1%. The electricity sector increased by 1.29%, while the gas sector rose by 2.13% [10][12] Electricity Sector Data Tracking - The report tracks coal prices, noting that the Qinhuangdao port coal price (Q5500) was 760 yuan/ton, down 7 yuan from the previous week. Coal inventories at Qinhuangdao port decreased to 6.65 million tons, a drop of 170,000 tons week-on-week [21][27] - The report also provides insights into electricity market prices, with Guangdong's daily spot market price averaging 334.15 yuan/MWh, up 11.91% week-on-week [49] Natural Gas Sector Data Tracking - The report notes that the LNG ex-factory price index in China was 4,465 yuan/ton, a year-on-year decrease of 6.69% but a slight increase of 0.16% from the previous week. The report also highlights that the European TTF spot price rose by 47.9% year-on-year [51][56] - Domestic natural gas consumption in November 2024 was 34.86 billion cubic meters, a slight decrease of 0.3% year-on-year, while LNG imports were 6.15 million tons, down 9.6% year-on-year [6][5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas. It also recommends water power operators and companies involved in coal power equipment manufacturing and flexibility transformation technologies [6][7]