公用事业行业周报（2025.11.24-2025.11.28）：港口煤价逐步走低，输配电价新规落地-20251130

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The report highlights that the decline in port coal prices and the implementation of new transmission and distribution pricing regulations are significant developments in the utility sector [2][3] - It emphasizes the expectation of sustained high growth in electricity consumption and a turnaround in thermal power growth from negative to positive [6] - The report suggests that low-position utility assets are worth attention due to their defensive attributes [7] Summary by Sections Electricity Prices - The average clearing price of the electricity market in Guangdong province decreased by 14.3% year-on-year, while Shanxi province saw a significant drop of 47.9% year-on-year [10][10] Coal Prices - Port coal prices are gradually declining, with the Qinhuangdao port's Q5500 thermal coal price at 816 RMB/ton, down 2.2% week-on-week [13] - The report notes that coal inventories are rising, indicating increased selling pressure on coal traders [7][23] Regulatory Changes - New transmission and distribution pricing regulations aim to promote the consumption of renewable energy, with a focus on reducing transaction costs for renewable energy [7] Market Performance - The utility sector index rose by 0.9%, underperforming the CSI 300 index by 0.7 percentage points [36] - The report indicates that the utility sector is still considered a quality dividend asset for long-term investment [7] Investment Recommendations - The report recommends focusing on the utility sector, particularly thermal power, hydropower, and nuclear power, as they show strong growth potential [7] - Specific stocks mentioned include Guodian Power (600795), Huadian International (600027), and Huaneng International (600011) for thermal power [7]