环保公用事业行业周报（2026、03、15）：“十五五”规划纲要正式发布，加快建设新型能源体系-20260317

Investment Rating - The report maintains a "Recommended" rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have seen an increase, with the environmental index rising by 0.79% and the public utility index by 3.07%, outperforming the overall market [5][14] - The report highlights the impact of geopolitical risks, particularly the Iran crisis, leading to a potential increase in international natural gas prices and favoring investments in hydropower and nuclear power as safe assets [5] - The "14th National People's Congress" has approved the "14th Five-Year Plan" emphasizing the construction of a new energy system and the transition to non-fossil energy sources [9][10] Industry Size - The environmental and public utility sector consists of 244 listed companies with a total market capitalization of 4,521.1 billion and a circulating market capitalization of 4,119.9 billion [2] Industry Performance - Year-to-date, the environmental sector has increased by 11.66%, while the power sector has risen by 14.36%, both exceeding the performance of the CSI 300 and ChiNext indices [5][14] - The report notes that the power sector's sub-sectors have varied performance, with the electricity segment increasing by 3.43% and the gas segment decreasing by 0.07% [5][14] Key Data Tracking - As of March 13, 2026, the price of Qinhuangdao 5500 kcal thermal coal is 735 yuan/ton, a decrease of 2.65% from March 6, 2026, but up 5% year-on-year [29] - The LNG import price is 18.92 yuan/million BTU (6,790 yuan/ton), down 5.57% from March 6, 2026, but up 40.6% year-on-year [42] - The average electricity price in Guangdong Province reached a peak of 406.49 yuan/MWh on March 10, 2026, an increase of 58.1% week-on-week [48] Key Events - The report discusses the approval of the "Ecological Environment Code," marking a significant step in environmental law and governance in China [12][13] - The report highlights the development of various energy projects, including the construction of hydropower and wind energy bases, as part of the new energy system outlined in the "14th Five-Year Plan" [11]