公用事业行业周报（2025.10.13-2025.10.17）：煤价上行风险有限，电价悲观预期缓和-20251019

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [5] Core Views - The report indicates that the risk of rising coal prices is limited, and pessimistic expectations regarding electricity prices are easing [2] - The utility sector is showing defensive attributes, with low-priced utility assets worth attention [8] - The report suggests that the electricity market will gradually allow for better pricing of electricity commodities as the market becomes more complex [8] Summary by Sections Investment Recommendations and Targets - The report expresses optimism for the utility sector, highlighting that low interest rates and policy encouragement for long-term capital investment make dividend assets a worthwhile long-term allocation [8] - It identifies specific investment targets within thermal power, hydropower, nuclear power, and wind/solar energy sectors, suggesting companies like Guodian Power (国电电力), China Yangtze Power (长江电力), and China General Nuclear Power (中国广核) as potential investments [8] Industry Dynamics - The report notes significant increases in spot electricity prices in Shandong, Guangdong, and Shanxi, with year-on-year increases of 27.1%, 34.2%, and 55.1% respectively [11] - It highlights that coal prices have risen sharply due to abnormal weather conditions, but the upward price potential is expected to be limited in the future [8] - The report also mentions that the average outflow from the Three Gorges Reservoir has increased significantly, indicating improved hydropower generation conditions [39] Market Performance - The utility sector index has outperformed the broader market indices, with a decline of only 0.7% compared to a 2.2% drop in the CSI 300 index [46] - Within the utility sub-sectors, hydropower showed the highest weekly increase of 1.7%, while wind and solar sectors experienced declines [48]