Xinda Securities·2025-06-07 12:44Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the Hubei electricity spot market has officially commenced operations, and the apparent natural gas consumption in April has decreased by 2% year-on-year [5][6] - The report indicates a potential for profit improvement and value reassessment in the electricity sector following several rounds of supply-demand tensions [5] Summary by Sections Market Performance - As of June 6, the utility sector has declined by 0.1%, underperforming the broader market, with the electricity sector down by 0.34% and the gas sector up by 1.95% [4][11] Electricity Industry Data Tracking - Coal prices: As of June 6, the Qinhuangdao port coal price (Q5500) is 611 CNY/ton, down 2 CNY/ton week-on-week [21] - Coal inventory and power plant daily consumption: As of June 5, inland 17 provinces have a coal inventory of 8436.9 million tons, up 64.0 million tons week-on-week, with a daily consumption of 313.6 million tons, up 11.76% [30] - Hydropower inflow: The Three Gorges outflow has increased to 15900 cubic meters/second, up 3.25% year-on-year [49] Natural Gas Industry Data Tracking - Domestic natural gas apparent consumption in April was 34.73 billion cubic meters, down 2.1% year-on-year [5] - International gas prices: As of June 5, the European TTF spot price is 13.31 USD/MMBtu, up 25.2% year-on-year [61] Industry News - The Hubei electricity spot market has transitioned to formal operation after a year of testing, with a stable overall operation [5] - The report suggests that the electricity sector may benefit from ongoing market reforms and a potential increase in electricity prices [5] Investment Recommendations - For electricity: The report recommends focusing on national coal power leaders such as Guodian Power and Huaneng International, as well as regional leaders in tight supply areas [5] - For natural gas: The report highlights opportunities for gas traders with low-cost long-term gas sources to expand imports or capitalize on international market opportunities [5]