公用事业行业周报（2025.10.06-2025.10.12）：预期触底，风格回暖-20251013

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [5] Core Views - The utility sector is expected to see a recovery in style as it approaches a bottoming out phase [2] - The report highlights that the demand for electricity is likely to remain high due to seasonal inventory replenishment and government policies aimed at stabilizing coal and electricity prices [7] - The report emphasizes the importance of long-term investment in utility assets, particularly in the context of low interest rates and policy encouragement for long-term capital [7] Summary by Sections Investment Recommendations and Targets - The report suggests a focus on utility stocks, particularly in the context of a favorable long-term investment environment for dividend assets [7] - Specific recommendations include: - Thermal Power: Expected profit growth in Q3 2025, with improved commercial models [7] - Hydropower: Suggests investing in high-quality large hydropower projects due to low cost per kilowatt hour [7] - Nuclear Power: Strong long-term growth potential with risks from market pricing already released [7] - Wind and Solar: Anticipated growth in electricity generation under carbon neutrality expectations [7] Industry Dynamics - The report notes a slight increase in coal prices at ports, with inventory levels rising [10][21] - The Three Gorges Reservoir has seen significant increases in both inflow and outflow, indicating improved hydropower generation conditions [29] - The utility sector index outperformed major indices, indicating strong market performance [35][37]