Shenwan Hongyuan Securities·2025-06-16 04:14Investment Rating - The report maintains a "Buy" rating for various companies in the energy sector, including hydroelectric, nuclear, and gas companies, indicating a positive outlook for their growth potential [3][41][44]. Core Insights - The report highlights the successful commissioning of the Hami-Chongqing ±800 kV UHVDC transmission project, which significantly enhances power supply capabilities in Chongqing, with over 360 billion kWh of electricity expected to be delivered annually, of which more than 50% will be clean energy [3]. - European gas prices have seen a slight increase due to geopolitical tensions in the Middle East, with the TTF spot price rising by 4.88% to €37.63/MWh as of June 13 [7][11]. - The report emphasizes the importance of the Hami-Chongqing project in improving the efficiency of green energy resource consumption and the long-term enhancement of Xinjiang's electricity export capacity [3]. Summary by Sections Natural Gas - Geopolitical conflicts have led to a tightening of supply in Eurasia, causing a rebound in gas prices. As of June 13, the Henry Hub spot price was $2.65/mmBtu, while the TTF spot price increased by 4.88% [7][11]. - The report notes that the LNG national ex-factory price was 4406 yuan/ton, reflecting a weekly decrease of 0.38% [7][25]. - The report suggests focusing on integrated gas trading companies and city gas companies, recommending firms like Kunlun Energy and New Hope Energy [27]. Weekly Market Review - The public utility, electricity, and gas sectors outperformed the CSI 300 index during the week of June 9 to June 13, while the environmental protection and power equipment sectors lagged [30]. Company and Industry Dynamics - In the first five months of the year, China imported 230 million tons of crude oil, a year-on-year increase of 0.3%, while natural gas imports decreased by 9.5% to 49.05 million tons [35]. - The report highlights the importance of enhancing the "power acquisition" service level to create a modern business environment for electricity [35][37]. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, with several companies rated as "Buy," indicating strong growth potential [41][44].