3月全社会用电量同比增长4.8%，规上工业天然气产量同比增长5%

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - In March, the total electricity consumption in the society increased by 4.8% year-on-year, with industrial natural gas production rising by 5% [4] - The utility sector outperformed the market, with a weekly increase of 1.8% as of April 18, 2025 [3][10] - The report highlights a potential for profit improvement and value reassessment in the electricity sector due to previous supply-demand tensions [4] Summary by Sections Market Performance - The utility sector's performance was better than the market, with the electricity sector up by 1.81% and the gas sector up by 1.44% [3][12] - The top-performing companies in the electricity sector included WanNeng Electric (+4.46%), Zhongmin Energy (+4.39%), and Datang Power (+4.27%) [15] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 665 CNY/ton, down 2 CNY/ton week-on-week [21] - Coal inventory at Qinhuangdao Port increased to 6.85 million tons, up 690,000 tons week-on-week [28] - The daily coal consumption in inland provinces was 3.054 million tons, down 28,000 tons/day week-on-week [30] Natural Gas Industry Data Tracking - The domestic LNG price index was 4,538 CNY/ton, up 8.80% year-on-year but down 0.31% week-on-week [54] - The average LNG import price in February was 548.94 USD/ton, down 21.19% year-on-year [54] - The EU's natural gas supply increased by 4.8% year-on-year, with a total supply of 6.43 billion cubic meters [4] Key Industry News - The report notes that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and the introduction of capacity pricing mechanisms [4] - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders to expand imports or resell in international markets [4]