CYPC(SH:600900) Xinda Securities·2025-08-16 13:09Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the domestic power sector is expected to see profit improvement and value reassessment following multiple rounds of power supply-demand tensions. The ongoing market reforms are likely to lead to a slight increase in electricity prices, benefiting coal power enterprises [5][6] - In the natural gas sector, the report indicates that with the decline in upstream gas prices and the recovery of domestic gas consumption, the city gas business is expected to stabilize its gross margin and achieve high sales growth [5][6] Summary by Sections Market Performance - As of August 15, the utility sector declined by 0.5%, underperforming the broader market, while the electricity sector fell by 0.78% and the gas sector rose by 1.75% [4][12][14] Electricity Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) increased by 17 CNY/ton week-on-week, reaching 695 CNY/ton as of August 15. The inventory at Qinhuangdao port rose by 200,000 tons to 5.67 million tons [4][22][32] - The daily coal consumption in inland provinces decreased by 12.61% week-on-week, with available days increasing to 23.9 days [4][34] Natural Gas Industry Data Tracking - As of August 15, the LNG ex-factory price index in China was 4,172 CNY/ton, down 15.60% year-on-year and 1.14% month-on-month. The domestic natural gas production in July was 21.6 billion cubic meters, up 7.8% year-on-year [5][58] - The EU's natural gas supply in week 29 of 2025 was 6.08 billion cubic meters, a year-on-year increase of 4.2% but a week-on-week decrease of 2.8% [5][65] Key Industry News - In July, the national industrial electricity generation was 926.7 billion kWh, a year-on-year increase of 3.1%. The natural gas production in July was 21.6 billion cubic meters, reflecting a growth of 7.4% year-on-year [5][6] Investment Recommendations - For the electricity sector, it is recommended to focus on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as hydropower operators like Yangtze Power and State Power Investment Corporation [5][6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions, with recommended stocks including Xin'ao Co. and Guanghui Energy [5][6]