——公用事业行业周报（20260322）：稳定核电盈利水平，辽宁省引入核电机制电价-20260323

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5]. Core Insights - The public utility sector experienced a decline of 2.35% this week, ranking 4th among 31 SW primary sectors, while the Shanghai Composite Index fell by 3.38% [26]. - The introduction of a nuclear power pricing mechanism in Liaoning Province is expected to stabilize the profitability of nuclear power plants, with an average mechanism price set at 0.3798 yuan per kilowatt-hour for the operational units [2][10]. - The overall electricity consumption in China for January-February 2026 reached 16,546 billion kilowatt-hours, reflecting a year-on-year growth of 6.1% [11]. - The report highlights a significant drop in proxy electricity purchase prices in Liaoning, down 53% year-on-year, attributed to the entry of renewable energy into the market and a decrease in thermal power long-term contract prices [3][16]. Summary by Sections Market Overview - The public utility sector's performance this week was marked by declines across various sub-sectors, including thermal power down 1.78% and wind power down 2.03% [26]. - Domestic and imported coal prices remained stable, with minor fluctuations noted in specific markets [14]. Key Events - The National Energy Administration released data indicating a 6.1% increase in total electricity consumption for the first two months of 2026 [11]. - Liaoning Province has established a pricing mechanism for nuclear power plants, which will enhance the overall pricing structure for nuclear energy in the region [2][10]. Future Outlook - The report suggests that the profitability of nuclear power is crucial as new units are expected to come online between 2027 and 2029, with a focus on maintaining competitive pricing in the face of market pressures [3]. - Companies to watch include China General Nuclear Power Corporation, China Nuclear Power, and others involved in the data center power supply sector [3].