公用事业行业周报：新能源上网电价新政落地，动力煤价持续走低

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The report highlights the impact of new pricing policies for renewable energy and the continuous decline in coal prices, which are expected to benefit the sector [1][4] - The A-share electricity index decreased by 0.18% during the reporting period, with a TTM PE ratio of 16.9x, while the gas sector index fell by 1.02% with a TTM PE of 13.2x [1][3] - The report emphasizes the importance of monitoring the annual long-term contract electricity prices and the elasticity of coal prices for thermal power companies [5] Summary by Sections Electricity Sector Data Tracking - As of February 14, 2025, the market price for thermal coal at Qinhuangdao Port is 750 RMB/ton, down 1.32% from February 7 [11] - The inventory of thermal coal at Qinhuangdao Port is 6.8 million tons, up 5.8% from February 7, and up 59.3% year-on-year [11] - The average utilization hours for thermal power equipment in 2024 is projected to be 4,400 hours, a decrease of 66 hours compared to the previous year [23] Water Power Sector Tracking - As of February 14, 2025, the inflow and outflow rates at the Three Gorges Reservoir are 0.68 and 0.84 million cubic meters per second, respectively, with year-on-year increases of 41.67% and 23.57% [26] - The total installed capacity for hydropower in China is expected to reach 435.95 GW by the end of 2024, with an annual increase of 13.78 GW [28] Renewable Energy Sector Tracking - The report states that by the end of 2024, the total installed capacity for wind and solar power in China will be 520.68 GW and 886.66 GW, respectively, with new installations of 79.34 GW and 277.17 GW in 2024 [38] - The price of domestic monocrystalline solar modules (PERC, 310W) remains stable at 0.66 RMB/W as of February 14, 2025 [43] Natural Gas Sector Data Tracking - As of February 14, 2025, the average ex-factory price for domestic natural gas is 4,137 RMB/ton, up 3.77% from February 7, while the average price for imported LNG is 4,881 RMB/ton, down 0.35% [55] - The LNG import price is reported at 14.94 USD/million BTU, equivalent to 3.79 RMB/cubic meter, reflecting a year-on-year increase of 75.58% [53]