行业周报：核电核准10台再提速，3月全国天然气表观消费量同比增长0.1%-20250504

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The utility sector underperformed the market, with a decline of 2.1% as of April 30, compared to a 0.4% drop in the Shanghai and Shenzhen 300 index [3][11] - The approval of 10 new nuclear power units in China indicates a continued commitment to nuclear energy development [4] - Natural gas consumption in March 2025 showed a slight year-on-year increase of 0.1%, reaching 35.79 billion cubic meters [4] Summary by Sections Market Performance - The utility sector's performance was below the market average, with the electricity sector down 2.21% and the gas sector down 0.95% [3][11] - The top-performing sectors included media and computer industries, while real estate and social services lagged [11] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 652 CNY/ton, down 7 CNY/ton week-on-week [3][21] - Coal inventory at Qinhuangdao Port decreased to 6.86 million tons, a reduction of 60,000 tons week-on-week [27] - Daily coal consumption in inland provinces was 2.777 million tons, down 184,000 tons/day week-on-week [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index was 4,513 CNY/ton, a year-on-year increase of 5.12% but a slight decrease of 0.13% week-on-week [4][54] - In March 2025, domestic natural gas production was 22.68 billion cubic meters, up 5.0% year-on-year [4] - The EU's natural gas supply increased by 3.4% year-on-year, reaching 6.41 billion cubic meters [4] Key Industry News - The approval of 10 new nuclear power units reflects a stable pace of nuclear project approvals in China [4] - The slight increase in natural gas consumption in March 2025 suggests a recovery trend in the sector [4] Investment Recommendations - The electricity sector is expected to see profit improvement and value reassessment due to ongoing supply-demand tensions [4] - Recommended stocks include major coal-fired power leaders and hydropower operators, as well as companies involved in coal power equipment manufacturing [4]