公用事业—电力天然气周报：2025年能源工作指导意见发布，2024年我国海洋天然气产量同比增长8.7%

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the energy production capacity in China is expected to steadily increase, with coal and natural gas production maintaining rapid growth. The total installed power generation capacity is projected to exceed 3.6 billion kilowatts by 2025, with a significant increase in renewable energy generation [6][4]. - The report notes a year-on-year increase of 8.7% in China's marine natural gas production for 2024, indicating a strong growth trend in marine energy supply [6][4]. Market Performance - As of February 28, the utility sector experienced a decline of 1.1%, outperforming the broader market, which saw a drop of 2.2%. The electricity sector fell by 1.26%, while the gas sector rose by 0.58% [10][12]. - The report provides detailed tracking of electricity and natural gas prices, with notable fluctuations in coal prices and electricity market prices across different regions [4][51]. Electricity Sector Data Tracking - The average price of coal at Qinhuangdao Port (Q5500) was 694 RMB/ton, down 29 RMB/ton week-on-week. The inventory at Qinhuangdao Port was 6.78 million tons, a decrease of 250,000 tons from the previous week [21][27]. - The report indicates that the daily coal consumption in inland provinces was 3.426 million tons, down 17.09% week-on-week, while the available days of coal supply increased to 22.73 days [29]. Natural Gas Sector Data Tracking - The LNG ex-factory price index in Shanghai was 4,697 RMB/ton, reflecting a year-on-year increase of 11.62% and a week-on-week increase of 5.10% [51]. - The report highlights that the average price of LNG imports in December 2024 was 590.68 USD/ton, with a year-on-year increase of 4.36% [6][51]. Key Industry News - The National Energy Administration released the "2025 Energy Work Guidance," which outlines goals for energy supply and production, emphasizing the importance of coal and natural gas in meeting future energy needs [6][4]. - The report emphasizes the potential for profitability improvement in the electricity sector due to ongoing market reforms and the increasing importance of coal-fired power generation [6].