Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The overall electricity consumption in the first two months increased by 1.3% year-on-year, while the industrial natural gas production rose by 3.7% [1][5] - The utility sector outperformed the market, with a weekly increase of 0.8% as of March 21, 2025 [4][10] - The report highlights a potential improvement in profitability and value reassessment for the electricity sector due to previous supply-demand tensions [6] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao port decreased by 10 CNY/ton week-on-week, reaching 673 CNY/ton as of March 21, 2025 [4][21] - Coal inventory at Qinhuangdao port increased by 90,000 tons week-on-week, totaling 7.29 million tons [4][28] - The daily coal consumption in inland provinces decreased by 450,000 tons/day week-on-week, with a total of 3.063 million tons [4][30] - The outflow from the Three Gorges Reservoir increased by 28.73% year-on-year, reaching 9,050 cubic meters/second [4][46] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,572 CNY/ton, up 8.68% year-on-year and 0.33% week-on-week [4][53] - The average price of LNG imports in January 2025 was 599.09 USD/ton, down 3.40% year-on-year [4][53] - The European TTF gas price increased by 51.0% year-on-year, reaching 13.41 USD/million BTU [4][57] Investment Recommendations - For the electricity sector, it is suggested to focus on leading coal-fired power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are recommended for potential profit growth [6]
公用事业—电力天然气周报：1-2月全社会用电量同比增长1.3%，规上工业天然气产量同比增长3.7%
Xinda Securities·2025-03-23 02:32