公用事业行业跟踪周报：2026年全国能源工作会议召开，做好2026年电力中长期合同签约履约-20251222

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The 2026 National Energy Work Conference was held to summarize 2025 and outline key tasks for 2026, focusing on high-quality energy planning, energy security, green transformation, technological independence, and international cooperation [4][6] - The report emphasizes the importance of signing and fulfilling long-term electricity contracts for 2026, with specific guidelines for coal-fired power generation contracts [4] - Key industry data shows a stable increase in electricity consumption and generation, with a notable rise in renewable energy installations [4][13][21] Summary by Sections Industry Trends - The SW utility index decreased by 0.59% from December 15 to December 19, 2025, with mixed performance across sub-sectors [9] - The report highlights a 5.1% year-on-year increase in total electricity consumption for the first ten months of 2025, reaching 8.62 trillion kWh [13] - Cumulative electricity generation for the same period was 8.06 trillion kWh, reflecting a 2.3% year-on-year growth [21] Electricity Pricing - The average electricity purchase price in November 2025 was 401 RMB/MWh, down 2% year-on-year but up 2.8% month-on-month [36] Coal Pricing - As of December 19, 2025, the price of thermal coal at Qinhuangdao port was 703 RMB/ton, a decrease of 8.7% year-on-year and 5.64% week-on-week [45] Hydropower Data - The Three Gorges Reservoir's water level was 171.37 meters as of December 19, 2025, with inflow and outflow rates showing a year-on-year decrease [53][64] Investment Recommendations - The report suggests focusing on green energy companies such as Longyuan Power, Zhongmin Energy, and Three Gorges Energy, while also recommending traditional power companies like Huaneng International and Huadian International for their reliability and flexibility [4]