环保与公用事业周报：24Q1水利建设投资完成额创历史同期记录，多地印发设备更新方案

Investment Rating - The report maintains an "Outperform" rating for the utility sector [2] Core Views - The report highlights significant investment in water conservancy projects, with a record completion of 193.3 billion yuan in Q1, marking a 4.4% year-on-year increase [5][54] - The energy sector is seeing a shift towards green energy, with initiatives in Jilin province focusing on hydrogen energy and green electricity as key growth areas [5][55] - The report emphasizes the ongoing transition to low-carbon energy structures during the 14th Five-Year Plan, with rapid growth expected in wind and solar power installations [7] Summary by Sections Market Performance - The report notes mixed performance across sectors, with the Shenwan (2021) utility index down 1.1% and the environmental index up 1.2% [5][16] - Within the utility sector, gas saw a significant decline of 3.2%, while the environmental sector's monitoring and detection instruments rose by 5.5% [5][17] Industry Dynamics - In Q1, water conservancy investment reached 193.3 billion yuan, the highest for the same period historically, with a total of 23,500 projects implemented [5][54] - The National Energy Administration reported a 14.5% year-on-year increase in total installed power generation capacity, with solar power capacity growing by 55% [5][51] - Jilin province is developing green electricity and hydrogen energy industries, aiming to create several large-scale green energy industrial parks [5][55] Investment Recommendations - The report recommends focusing on energy-saving and environmental protection sectors, highlighting companies like Guolin Technology and Beijiete as key investment opportunities [7] - It suggests paying attention to companies involved in renewable energy and storage solutions, such as China Nuclear Power and Huadian Heavy Industries [7] Natural Gas Market Update - The report indicates a 5.9% year-on-year increase in natural gas production in early 2024, with significant growth in coalbed methane and LNG production [6][45] - The domestic LNG price index rose by 2.22% week-on-week, reflecting increasing demand [30] Carbon Market Overview - The national carbon market saw a total transaction volume of 2.46 billion yuan, with a weekly trading volume of 1.26 billion yuan [23]