Investment Rating - The report maintains an "Outperform" rating for the industry [6]. Core Insights - The establishment of a government-authorized contract price mechanism for coal power in Sichuan aims to stabilize revenue for coal power enterprises, with a set price of 0.4392 CNY/kWh for 2025, which is 9.47% higher than the base price [3][16]. - There has been a notable acceleration in nuclear power growth, with a year-on-year increase of 11.4% in December, contributing to a stable national electricity growth [4][21]. - The report highlights the potential for existing waste to address shortcomings in incineration treatment, with 44 waste incineration projects expected to be completed in 2024, totaling nearly 4.3 billion CNY in bids [4][36]. Summary by Sections Market Review - From January 13 to January 17, the electricity sector rose by 1.09%, gas by 1.53%, water by 3.54%, and environmental protection by 4.34%, while the CSI 300 index increased by 2.14% [9][10]. Industry Perspectives - The government-authorized contract price mechanism for coal power is designed to ensure stable income for coal enterprises and promote fair competition in the electricity market [3][16]. - National electricity generation from January to December reached 94,181 billion kWh, a year-on-year increase of 4.6%, with significant growth in renewable sources like solar (28.2%) and wind (11.1%) [4][21]. - The report emphasizes the necessity of addressing waste management gaps through incineration, with ongoing projects expected to enhance waste treatment capabilities [4][36]. Investment Recommendations - The report suggests focusing on specific companies within the water and electricity sectors, including Longjiang Power and Qianyuan Power, while cautiously recommending others like Guotou Power and Huaneng Hydropower [5].
公用事业行业周报：煤电政府授权合约价格稳定收入预期，12月光核增速加快，存量垃圾有望补齐焚烧处理短板
Huafu Securities·2025-01-19 06:11