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 Viewpoints - 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 the ongoing market reforms are likely 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]. 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 Industry Data Tracking - The report tracks coal prices, with Qinhuangdao port coal prices at 760 CNY/ton, down 7 CNY/ton week-on-week. Coal inventories at Qinhuangdao port decreased to 6.65 million tons, a drop of 170,000 tons week-on-week [21][27]. - The daily coal consumption for inland provinces was 3.999 million tons, down 309,000 tons/day week-on-week, with available days increasing to 23.3 days [30]. Natural Gas Industry Data Tracking - The report notes that domestic natural gas apparent consumption was 34.86 billion cubic meters in November 2024, a slight decrease of 0.3% year-on-year. LNG imports were 6.15 million tons, down 9.6% year-on-year [6][51]. - The report also highlights that the average LNG ex-factory price in China was 4,465 CNY/ton, a year-on-year decrease of 6.69% [51]. Key Industry News - The report mentions that China's natural gas import volume is expected to grow by 9.9% in 2024, with the total import value reaching 18.39 trillion CNY, a year-on-year increase of 2.3% [6][5]. - The report indicates that the electricity generation from coal decreased by 2.6% year-on-year in December 2024, while renewable energy sources like solar and wind saw significant growth [6]. Investment Recommendations - For the electricity sector, 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 equipment manufacturers and companies involved in flexibility upgrades [6]. - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [6].