公用事业行业周报：港口动力煤持续累库，三峡出入库流量同比提升

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The report highlights that the A-share electricity index increased by 0.33% during the period from February 17 to February 21, 2025, with a TTM PE valuation of 17.0x. The gas sector index decreased by 0.91%, with a TTM PE valuation of 13.1x [3][5] - The International Energy Agency (IEA) predicts that the global natural gas market will remain tight in the first quarter of 2025, with demand growth slowing to below 2% [4][6] - The report suggests investment opportunities in the electricity sector, particularly in thermal power companies like Waneng Power, Huadian International, and others, as well as in hydropower and nuclear power sectors [7] Summary by Sections Electricity Sector Data Tracking - As of February 21, 2025, the market price of thermal coal at Qinhuangdao Port is 730 RMB/ton, a decrease of 2.67% compared to February 14. The inventory at Qinhuangdao Port is 7.03 million tons, an increase of 3.4% week-on-week [13][30] - The inflow and outflow of the Three Gorges Reservoir on February 21 show an inflow of 0.66 cubic meters per second, up 32% year-on-year, and an outflow of 0.86 cubic meters per second, up 25.81% year-on-year [30][31] - The total electricity consumption in 2024 is projected to be 98,521 billion kWh, reflecting a year-on-year increase of 6.8% [55] Gas Sector Data Tracking - As of February 21, 2025, the average ex-factory price of domestic gas is 4,332 RMB/ton, an increase of 4.70% from February 14. The average ex-factory price of imported LNG is 4,995 RMB/ton, up 2.33% [59][61] - The report notes that the LNG price at the Chinese ports is 13.90 USD/million BTU, which translates to approximately 3.52 RMB/cubic meter, showing a year-on-year increase of 69.20% [56][59]