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公用事业行业双周报(2025、8、1-2025、8、14):7月份规上工业发电量同比增长3.1%-20250815
Dongguan Securities·2025-08-15 08:54

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [46]. Core Insights - The public utility index increased by 0.7% in the last two weeks, underperforming the CSI 300 index by 1.7 percentage points, ranking 26th among 31 industries [5][12]. - Year-to-date, the public utility index has decreased by 1.2%, lagging behind the CSI 300 index by 7.3 percentage points, ranking 28th among 31 industries [5][12]. - In the last two weeks, five sub-sectors of the public utility index saw gains, with the heating service sector up 6.7%, gas sector up 5.3%, and electric comprehensive service sector up 3.5% [14]. - The report highlights significant developments in the industry, including the formal launch of the Zhejiang electricity spot market and new pricing mechanisms for renewable energy in Shandong and Gansu provinces [5][41]. Summary by Sections 1. Market Review - As of August 14, the public utility index has shown mixed performance, with 78 out of 131 listed companies experiencing stock price increases, while 52 companies saw declines [16][17]. - The report notes that the average price of thermal coal has decreased year-on-year, suggesting a focus on companies like Huadian International and Guodian Power [5][41]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is currently at 18.6 times, with the solar power sector having a notably high P/E ratio of 589.1 times [19][20]. - The heating service sector's P/E ratio stands at 38.2 times, while the gas sector is at 20.0 times [19][20]. 3. Industry Data Tracking - The average price of thermal coal at the Shaanxi Yulin pit was 626 RMB per ton, up 6.7% from the previous value, while the Qinhuangdao port's average price was 675 RMB per ton, up 5.0% [30][33]. 4. Key Industry News - The report discusses various announcements from key companies, including performance compensation adjustments and dividend planning for the next five years [39]. - It also highlights the establishment of a market-driven pricing mechanism for renewable energy in Gansu province [43]. 5. Industry Weekly Perspective - The report indicates that in July, the industrial power generation reached 926.7 billion kWh, marking a year-on-year growth of 3.1% [41][43].