公用事业行业跟踪周报：重视商业航天特燃特气价值长期提升，国家级零碳园区建设名单公布-20260105

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1] Core Insights - The report emphasizes the long-term value enhancement of special fuels and gases in commercial aerospace, recommending Jiufeng Energy as a key investment opportunity. The company has made significant progress in supplying special fuels and gases for the Hainan commercial aerospace launch site, with production starting in 2025 and multiple successful launches already supported [4] - The first batch of national-level zero-carbon park construction lists has been published, involving 52 parks, with guidelines for energy supply optimization and infrastructure planning to meet zero-carbon goals [4] Industry Data Tracking - Electricity Price: The average national grid purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month [4][38] - Coal Price: As of December 31, 2025, the price of thermal coal at Qinhuangdao port was 678 RMB/ton, down 11.37% year-on-year and 0.44% week-on-week [4][46] - Water Conditions: The water level at the Three Gorges Reservoir was 170.59 meters as of December 31, 2025, with inflow and outflow rates showing a year-on-year decrease of 27% and 5.3%, respectively [4][53] - Electricity Consumption: Total electricity consumption from January to November 2025 was 9.46 trillion kWh, reflecting a year-on-year increase of 5.2% [4][13] - Power Generation: Cumulative power generation from January to November 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [4][23] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [4][48] Investment Recommendations - Green Power: Focus on companies like Longyuan Power, Zhongmin Energy, and Sanxia Energy, with a strong recommendation for Longjing Environmental Protection [4] - Thermal Power: Explore the reliability and flexibility value of thermal power, with attention to Huaneng International and Huadian International [4] - Hydropower: Recommend Changjiang Power due to low costs and strong cash flow [4] - Nuclear Power: Highlight China Nuclear Power and China General Nuclear Power as key growth opportunities [4] - Solar Assets and Charging Stations: Suggest companies like Southern Power Grid Energy and Longxin Group for potential value reassessment [4]