新疆、蒙西“136号文”承接方案发布，存量平稳过渡

Investment Rating - The industry investment rating is maintained at "Overweight" [2][10]. Core Viewpoints - The report highlights the recent release of the "136 Document" implementation plans in Xinjiang and Inner Mongolia, indicating a stable transition for existing projects [7][9]. - The report emphasizes the acceleration of the national unified electricity market construction, which is expected to lead to a revaluation of electricity asset values [10][42]. - The report recommends focusing on three main lines: hydropower targets with stable fundamentals, thermal power targets with improving performance due to cost reductions, and leading companies with strong operational capabilities in the green electricity sector [10][42]. Summary by Sections Industry Performance - The public utility sector (Shenwan) rose by 0.09% this week, underperforming the market by 1.86 percentage points, ranking 28th among Shenwan's primary industries [4]. - Sub-sectors showed varied performance, with heating services up 6.5%, photovoltaic power up 2.41%, and thermal power down 0.63% [4]. Key Data Tracking - Domestic natural gas prices slightly increased, with the LNG ex-factory price at 4416 RMB/ton, a week-on-week increase of 0.2% [6]. - The average inflow of the Three Gorges Reservoir increased significantly by 29.14% week-on-week [6]. Industry Dynamics - The "136 Document" implementation plans detail fixed electricity prices for existing projects in Inner Mongolia and Xinjiang, with specific pricing mechanisms for different project types [7][9]. Investment Recommendations - The report suggests investing in companies like Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co., which are expected to benefit from the ongoing market reforms and stable project profitability [10][42].