《关于完善价格治理机制的意见》发布，1-2月我国天然气表观消费量同比下降3.4%

1. Report Industry Investment Rating - The investment rating for the utilities industry is "Positive" [2] 2. Core Viewpoints of the Report - After multiple rounds of power supply - demand contradictions in China, the power sector is expected to see profit improvement and value re - evaluation. Coal - fired power's peak - shaving value is prominent, and with the advancement of power market reform, electricity prices are likely to rise slightly. The cost of coal - fired power enterprises is expected to be controllable. The performance of power operators is expected to improve significantly. For the natural gas industry, with the decline of upstream gas prices and the recovery of domestic consumption, the city - gas business may achieve stable gross margins and high growth in gas sales volume [4][83][84] 3. Summary by Relevant Catalogs 3.1 This Week's Market Performance - As of April 3, the utilities sector rose 2.5% this week, outperforming the market. The power sector rose 2.81%, while the gas sector fell 0.04%. Among sub - sectors, the thermal power generation sector rose 3.61%, the hydropower generation sector rose 2.92%, the nuclear power generation rose 1.16%, the thermal service rose 1.71%, the comprehensive power service rose 3.64%, and the photovoltaic power generation rose 0.74% [11][13] 3.2 Power Industry Data Tracking 3.2.1 Thermal Coal Prices - In April, the annual long - term contract price of Qinhuangdao Port thermal coal (Q5500) was 667 yuan/ton, with a month - on - month decrease of 7 yuan/ton. As of April 3, the market price of Shanxi - produced thermal coal (Q5500) at Qinhuangdao Port was flat week - on - week. Overseas, the Newcastle NEWC5500 thermal coal FOB spot price decreased week - on - week, while the ARA6000 thermal coal spot price increased. The Newcastle NEWC index price rose week - on - week. The Indonesian coal (Q5500) storage pick - up price at Guangzhou Port decreased, and the Australian coal (Q5500) price increased [21][23] 3.2.2 Thermal Coal Inventory and Power Plant Daily Consumption - As of April 3, the coal inventory at Qinhuangdao Port decreased by 300,000 tons week - on - week. As of April 2, the coal inventory of 17 inland provinces decreased by 1.31% week - on - week, and the daily consumption increased by 23.57%. The available days decreased by 5.5 days. The coal inventory of 8 coastal provinces increased by 1.17% week - on - week, the daily consumption increased by 3.22%, and the available days decreased by 0.4 days [28][30] 3.2.3 Hydropower Inflow - As of April 3, the Three Gorges outflow was 9,350 cubic meters per second, an increase of 38.72% year - on - year and a decrease of 10.10% week - on - week [46] 3.2.4 Key Power Market Transaction Electricity Prices - As of March 29, the weekly average price of the Guangdong power day - ahead spot market increased by 12.23% week - on - week and decreased by 23.7% year - on - year. The weekly average price of the real - time spot market increased by 18.40% week - on - week and decreased by 23.4% year - on - year. As of March 14, the weekly average price of the Shanxi power day - ahead spot market decreased by 28.79% week - on - week and increased by 7.4% year - on - year. The real - time spot market price decreased week - on - week and year - on - year. As of April 4, the weekly average price of the Shandong power day - ahead spot market decreased week - on - week and year - on - year, and the real - time spot market price also decreased [47][56][57] 3.3 Natural Gas Industry Data Tracking 3.3.1 Domestic and International Natural Gas Prices - As of April 3, the national index of LNG ex - factory prices at the Shanghai Oil and Gas Trading Center increased year - on - year and week - on - week. International natural gas prices in three major markets decreased week - on - week. The European TTF spot price, the US HH spot price, and the Chinese DES spot price all declined [53][58] 3.3.2 EU Natural Gas Supply, Demand, and Inventory - In the 12th week of 2025, the EU's natural gas supply decreased year - on - year and week - on - week. The LNG supply decreased week - on - week, and the imported pipeline gas decreased year - on - year and week - on - week. The EU's natural gas inventory decreased week - on - week. The estimated consumption increased year - on - year and week - on - week [63][70][72] 3.3.3 Domestic Natural Gas Supply and Demand - From January to February 2025, the domestic natural gas apparent consumption decreased year - on - year. In February 2025, the domestic natural gas production increased year - on - year, the LNG import volume decreased year - on - year and month - on - month, and the PNG import volume increased year - on - year and month - on - month [74][75] 3.4 This Week's Industry News - For the power industry, the CPC Central Committee General Office and the State Council General Office issued the "Opinions on Improving the Price Governance Mechanism", emphasizing the deepening of electricity price marketization reform. The National New Energy Consumption Monitoring and Early - Warning Center announced the new energy grid - connected consumption situation in February 2025. For the natural gas industry, the National Development and Reform Commission reported that the national natural gas apparent consumption from January to February 2025 decreased by 3.4% year - on - year [78][79] 3.5 This Week's Important Announcements - China National Nuclear Power Co., Ltd. announced its power generation in the first quarter of 2025. Longyuan Power Group Co., Ltd. released its 2024 annual report. Yue Dian Power A released its 2024 annual report. Gansu Energy released its 2024 annual report. Xinjiang Xintai Natural Gas Co., Ltd. released its 2024 annual report [80][81][82] 3.6 Investment Recommendations and Valuation Tables - For the power sector, it is recommended to focus on national coal - fired power leaders, regional leaders in power - supply - tight areas, hydropower operators, coal - fired power equipment manufacturers, and flexibility - transformation technology companies. For the natural gas sector, companies such as ENN Energy and Guanghui Energy are expected to benefit [4][83][84]