公用事业行业周报（20260301）：25年发电量同比+4.8%，Token出海迎来板块性机会-20260301

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding the market benchmark index by more than 15% over the next 6-12 months [4]. Core Insights - The public utility sector experienced a 1.89% increase this week, ranking 6th among 31 sectors, with significant gains in thermal power (8.93%), photovoltaic power (8.25%), and comprehensive energy services (12.37%) [14]. - The report highlights a rebound in domestic and imported coal prices, with domestic coal prices rising by 24 CNY/ton and imported coal prices increasing by 20-30 CNY/ton [8]. - The total installed power generation capacity in China reached 389,134 MW by the end of 2025, marking a 16.1% year-on-year growth, with notable increases in renewable energy sources such as wind (22.9%) and solar (35.4%) [2][7]. - The report emphasizes the investment opportunity in the "Token" sector, driven by a favorable electricity price advantage and increasing electricity demand, suggesting a focus on companies with competitive valuations in power operations [3]. Summary by Sections Market Overview - The public utility sector's performance this week was strong, with various sub-sectors showing significant growth, particularly in thermal and renewable energy [14]. - The average clearing prices for electricity in Shanxi and Guangdong increased significantly, indicating a tightening market [9]. Coal and Electricity Prices - Domestic coal prices have rebounded, with specific increases noted for various grades of coal, reflecting market dynamics [8]. - The report notes a nationwide decline in proxy electricity purchase costs, attributed to lower long-term thermal power prices and the entry of renewable energy into the market [9][10]. Installed Capacity and Generation - The report details the growth in installed capacity across different energy sources, with thermal power showing a modest increase while renewables like solar and wind are experiencing rapid growth [2][7]. Investment Recommendations - The report suggests focusing on companies involved in "computing electricity" and those with attractive valuations, recommending specific companies such as Funiu Co., Gansu Energy, and others for potential investment [3].