公用事业行业周报：重视资本运作，衡量火电价值-20260111

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but it implies a focus on investment opportunities in the context of capital operations and asset restructuring [2][5]. Core Insights - The report highlights that capital operations and market value management are progressing simultaneously within the sector, with a focus on asset integration and mergers and acquisitions. Recent developments include acquisitions by major state-owned enterprises, which are expected to revitalize existing assets and facilitate value reassessment for listed companies [2]. - The thermal power sector is currently under pressure due to long-term electricity price agreements and rising coal prices. The report outlines a three-phase strategy for the sector, focusing on electricity price agreements, coal price trends, and the impact of market transactions on Q1 performance and market value management [3]. - The report emphasizes the deepening of electricity system reforms, suggesting that the construction of a unified electricity market may exceed market expectations. It identifies three main lines of focus: steady progress in wind and solar installations, the increasing demand for flexible thermal power, and the organic transmission of generation costs to end-users [4]. Summary by Sections Capital Operations and Mergers - Recent advancements in capital operations by listed companies in the sector, including acquisitions and asset restructuring, are highlighted. The report suggests that these activities will enhance asset utilization and lead to value reassessment for companies involved [2]. Thermal Power Sector - The thermal power sector is experiencing adjustments due to long-term electricity price agreements and coal price increases. The report outlines a three-phase strategy focusing on price agreements, coal price evaluations, and the effects of market transactions on performance and shareholder returns [3]. Electricity System Reforms - The report discusses the ongoing deepening of electricity system reforms, with expectations for a unified electricity market to develop rapidly. It identifies key areas of focus, including the steady advancement of wind and solar installations, the demand for flexible thermal power, and the exploration of environmental values associated with green electricity [4]. Investment Opportunities - The report suggests monitoring companies that may benefit from coal-to-gas initiatives and commercial aerospace, such as Jiufeng Energy and Guiguan Electric Power. It also recommends focusing on companies in the thermal power sector that are driven by market value management and business model transformations [5].