公用事业行业跟踪周报：江苏广东发布2026年电力市场交易通知，攀西特高压交流工程核准-20251209

Investment Rating - Maintain "Add" rating for the utility sector [1] Core Insights - Jiangsu and Guangdong have released the 2026 electricity market trading notice, outlining annual trading arrangements [4] - The approval of the Panzhihua ultra-high voltage AC project aims to meet the power transmission needs of the clean energy base in Panzhihua and optimize the 500 kV grid structure in southern Sichuan [4] - The total investment for the Panzhihua project is approximately 2.32 billion yuan, with 20% funded by the State Grid Sichuan Electric Power Company [4] Industry Data Tracking - Electricity Price: The national average grid purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month, averaging 401 yuan/MWh [34] - Coal Price: As of December 5, 2025, the price of thermal coal at Qinhuangdao was 785 yuan/ton, down 3.33% year-on-year and 3.80% week-on-week [42] - Water Conditions: As of December 5, 2025, the Three Gorges Reservoir water level was 172.84 meters, with inflow and outflow rates increasing by 3.1% and 12.23% year-on-year, respectively [50] - Electricity Consumption: Total electricity consumption from January to October 2025 reached 8.62 trillion kWh, a year-on-year increase of 5.1% [12] - Power Generation: Cumulative power generation from January to October 2025 was 8.06 trillion kWh, up 2.3% year-on-year [20] - Installed Capacity: New installed capacity from January to September 2025 included 5.668 million kW of thermal power (up 69.5% year-on-year) and 24.027 million kW of solar power (up 49.3% year-on-year) [4] Investment Recommendations - Green Power: Focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - Thermal Power: Explore reliability and flexibility value in companies like Huaneng International and Huadian International [4] - Hydropower: Recommend Changjiang Power due to low costs and strong cash flow [4] - Nuclear Power: Highlight China National Nuclear Power and China General Nuclear Power for their growth potential and dividend increases [4] - Solar Assets and Charging Stations: Suggest companies like Southern Power Grid Energy and Longxin Group for potential value reassessment [4]