环保与公用事业行业周报：规上工业发电量生产平稳增长，工信部发文部署清洁氢

Investment Rating - The industry rating for public utilities is "Positive" [2] Core Views and Investment Recommendations - The report highlights key stock combinations in the public utilities sector: China General Nuclear Power Technology, Fuan Energy, and Dongfang Electronics, with a strong recommendation for China General Nuclear Power Technology due to government support for nuclear technology applications, potential synergies with nuclear power and new energy, and ongoing asset restructuring efforts [2][64][65] - In the green electricity operation sector, policies are encouraging high-energy-consuming industries to participate in green certificate trading, which is expected to enhance the value of green electricity. The report suggests focusing on projects benefiting from the Fujian offshore wind competition, including Zhongmin Energy and Fuan Co., as well as other low-valuation Hong Kong stocks like Longyuan Power and Datang New Energy [2][64][66] Industry Dynamics - The public utilities sector index rose by 1.36%, underperforming the CSI 300 index by 0.78%, while the environmental protection sector index increased by 4.4%, outperforming the CSI 300 index by 2.26% [8][9] - As of January 17, 2025, the public utilities sector (Shenwan) has a TTM PE of 16.52 times and an LF PB of 1.46 times, while the environmental protection sector has a TTM PE of 19.66 times and an LF PB of 1.34 times [20][60] - The report notes that the industrial power generation volume in December 2024 was 8,462 billion kWh, a year-on-year increase of 0.6%, with nuclear and solar power generation growth accelerating [59][60] Key Industry Segments - In the thermal power segment, demand is expected to rise during the peak winter season, and companies like Guodian Power and Huaneng International are recommended for attention [2][3] - The gas segment is anticipated to benefit from price adjustments in various regions, with recommendations for Fuan Energy and New Hope Energy [2][3] - The water and nuclear power segments are highlighted for their stable cash flow and long-term operational guarantees, with companies like China Yangtze Power and China Nuclear Power receiving attention [3][4] - The environmental protection sector is focusing on growth and mergers, with key recommendations for Jingjin Equipment and Weiming Environmental Protection [4][5]