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Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Views - The report highlights that the utility sector has outperformed the broader market, with a 3.1% increase as of March 13, 2026, compared to a 0.2% increase in the Shanghai Composite Index [4][12] - The report emphasizes the ongoing tension in the power supply-demand balance, which is expected to lead to improved profitability and a revaluation of the power sector [5] Summary by Sections Market Performance - As of March 13, 2026, the utility sector increased by 3.1%, outperforming the market, while the power sector rose by 3.42% and the gas sector fell by 0.07% [4][12] - The top-performing sub-sectors include thermal power, hydropower, and nuclear power, with respective increases of 1.97%, 1.58%, and 4.48% [16] Power Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) was 731 CNY/ton as of March 13, 2026, a decrease of 14 CNY/ton week-on-week [21] - The coal inventory at Qinhuangdao port increased to 6.6 million tons, up by 930,000 tons week-on-week [27] - The daily coal consumption in inland provinces was 3.113 million tons, down by 544,000 tons/day week-on-week [29] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,881 CNY/ton as of March 13, 2026, reflecting a 6.88% year-on-year increase [55] - The European TTF spot price was 16.98 USD/million BTU, up 25.2% year-on-year [58] - The total natural gas supply in the EU for week 9 of 2026 was 6.69 billion cubic meters, a 10.3% year-on-year increase [62] Key Industry News - Datang Group won a bid for a 2.6 million kW "computing power and electricity collaboration" project, marking a significant step towards integrating computing power with renewable energy [5] - The report notes geopolitical tensions affecting energy supply, particularly in relation to Ukraine's actions against Russian gas infrastructure [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended for potential profit growth [5]