电力天然气周报：4月全社会用电量同比增长4.7%，规上工业天然气产量同比增长8.1%-20250524

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - In April, the total electricity consumption increased by 4.7% year-on-year, reaching 772.1 billion kWh. The industrial natural gas output for large-scale industries grew by 8.1% year-on-year, totaling 21.5 billion cubic meters [4][3] - The utility sector outperformed the market, with a 0.2% increase as of May 23, while the broader market (CSI 300) decreased by 0.2% [3][11] - The report highlights a potential improvement in profitability and value reassessment for the electricity sector due to previous supply-demand tensions [4] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 613 CNY/ton, down 5 CNY/ton week-on-week. The inventory at Qinhuangdao Port was 7.48 million tons, a decrease of 130,000 tons week-on-week [3][21][28] - The daily coal consumption for inland provinces was 3.163 million tons, an increase of 60,000 tons/day week-on-week [30] - The average price in the Guangdong electricity market was 307.94 CNY/MWh, down 16.03% week-on-week [48] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,469 CNY/ton, a year-on-year increase of 3.09% but a week-on-week decrease of 0.67% [54] - The average price of LNG imports was 12.54 USD/MMBtu, a year-on-year increase of 9.23% [54] - The EU natural gas supply for week 20 of 2025 was 6.13 billion cubic meters, a year-on-year increase of 3.5% [4] 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 [4] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are recommended, such as Xin'ao Co. and Guanghui Energy [4]