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电力天然气周报：湖北调整分布式光伏并网细则，国际气价周环比小幅下降
Xinda Securities·2025-03-30 04:25

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The utility sector underperformed the market, with a decline of 0.7% as of March 28, 2025, compared to a flat performance of the CSI 300 index [3][10] - The coal prices have shown a downward trend, with Qinhuangdao port coal price (Q5500) at 667 CNY/ton, down 6 CNY/ton week-on-week [3][20] - The electricity market is expected to see profitability improvements and value reassessment due to ongoing supply-demand tensions and market reforms [3][4] Summary by Sections Market Performance - The utility sector's performance was worse than the market, with a 0.7% decline [10] - The electricity sector fell by 0.68%, while the gas sector dropped by 1.16% [12] Electricity Industry Data Tracking - Coal prices: Qinhuangdao port coal price (Q5500) is 667 CNY/ton, down 6 CNY/ton week-on-week [20] - Coal inventory at Qinhuangdao port is 6.95 million tons, down 340,000 tons week-on-week [27] - Daily coal consumption in inland provinces is 2.826 million tons, down 375,000 tons/day, a decrease of 11.72% week-on-week [29] Natural Gas Industry Data Tracking - Domestic LNG prices decreased slightly, with the Shanghai LNG ex-factory price index at 4546 CNY/ton, down 0.57% week-on-week [53] - International gas prices also saw a slight decline, with European TTF spot prices at 12.94 USD/MMBtu, down 3.5% week-on-week [59][61] Industry News - Hubei Province issued new guidelines for distributed photovoltaic power generation, impacting project timelines and operational standards [4] - The National Energy Administration held a meeting to discuss the planning and construction of oil and gas infrastructure for 2025 [4] Investment Recommendations - The electricity sector is expected to benefit from improved profitability and value reassessment, with a focus on coal power leaders and regional electricity suppliers [4] - Natural gas companies are likely to see stable margins and increased sales volumes due to recovering domestic consumption [4]