申万公用环保周报：四川煤电电价兜底 全球气价涨跌互现

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights the establishment of a government-authorized pricing mechanism for coal power in Sichuan, which aims to stabilize profitability for coal power plants [2][13][15]. - It notes a slight increase in industrial electricity production in December, with a year-on-year growth of 0.6%, while projecting a 4.6% growth for 2024 [5][6]. - The report emphasizes the increasing contribution of clean energy sources, with hydropower, nuclear, wind, and solar power showing significant growth [6][7]. Summary by Sections Electricity - In December, the total industrial electricity production was 846.2 billion kWh, with hydropower increasing by 5.5% and nuclear power by 11.4% [5][7]. - The report indicates that coal power generation decreased by 2.6%, reflecting a shift towards cleaner energy sources [5][6]. - For 2024, the projected contributions to total electricity growth are 23% from coal, 30% from hydropower, 3% from nuclear, 23% from wind, and 22% from solar [6][12]. Natural Gas - Global natural gas prices are fluctuating, with the Henry Hub spot price at $3.95/mmBtu, reflecting a weekly decrease of 1.03% [2][17]. - The report notes increased heating demand in the U.S. due to cold weather, leading to a tightening supply situation [18][22]. - Recommendations include focusing on integrated natural gas companies and city gas firms, which are expected to benefit from cost reductions and improved profitability [31]. Company and Industry Dynamics - The report discusses Sichuan's new pricing mechanisms for coal power, which are designed to ensure stable profits for coal power plants while preventing excessive price hikes during peak demand [14][15]. - It highlights the performance of various companies, recommending investments in firms like China Nuclear Power and Longjiang Power due to their growth potential in the nuclear and hydropower sectors [16]. - The report also mentions the ongoing developments in the renewable energy sector, including the promotion of new energy storage projects in Sichuan [39][41].