公用事业—电力天然气周报：分布式光伏管理办法正式出台，2024年我国天然气产量同比增长6.2%

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the distributed photovoltaic management measures have been officially introduced, and China's natural gas production is expected to grow by 6.2% year-on-year in 2024 [3][6] - The overall electricity consumption in China is projected to reach 98,521 billion kWh in 2024, reflecting a year-on-year growth of 6.8% [6] - The report indicates that the coal power sector is likely to see profitability improvements and value reassessment due to ongoing power supply-demand tensions and market reforms [6] Summary by Sections Market Performance - As of January 24, the utility sector has decreased by 0.9%, underperforming the broader market, with the electricity sector down by 1.02% and the gas sector up by 0.59% [10][12] Electricity Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) is reported at 756 CNY/ton, down 4 CNY/ton week-on-week [21] - The coal inventory at Qinhuangdao port has increased to 6.67 million tons, up 20,000 tons week-on-week [27] - The daily coal consumption in inland provinces has risen to 4.075 million tons, an increase of 76,000 tons/day week-on-week [30] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai is 4,300 CNY/ton, down 14.63% year-on-year [52] - The domestic natural gas apparent consumption in December 2024 is 37.84 billion cubic meters, a year-on-year increase of 0.5% [6] - The average LNG import price in December 2024 is reported at 590.68 USD/ton, up 4.36% year-on-year [52] Key Industry News - The report notes that the electricity market price in Guangdong has increased by 11.91% week-on-week, reaching 334.15 CNY/MWh [48] - The report emphasizes the importance of coal power in the new energy system construction under the dual carbon goals, suggesting a continued reliance on system adjustment methods [6] Investment Recommendations - For the electricity sector, it is recommended to focus on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International [6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit, with recommended stocks including Xin'ao Co. and Guanghui Energy [6]