环保与公用事业周报：4月全社会用电量同比+7.0%，三产用电量维持快速增长

Investment Rating - The report maintains an "Outperform" rating for the utility sector [1]. Core Insights - The report highlights a 7.0% year-on-year increase in total electricity consumption in April, indicating robust growth in the utility sector [4]. - The report emphasizes the importance of coal-electricity integration to stabilize profits amid fluctuating coal prices, which constitute 70% of the total costs for coal-fired power companies [5][56]. Summary by Sections Market Review - The report notes mixed performance across sectors, with the Shenwan (2021) utility index declining by 0.9% while the environmental index remained flat [4][25]. - In the utility sector, thermal power saw a significant decline of 2.8%, while the environmental sector, particularly forestry, experienced a notable increase of 6.0% [4]. Industry Dynamics - The report discusses the Sichuan government's initiative to promote large-scale equipment upgrades, aiming for a 25% increase in investment across various sectors by 2027, which is expected to benefit the recycling sector [4]. - In April, total electricity consumption reached 741.2 billion kWh, with significant growth in the primary (10.5%) and tertiary (10.8%) industries [4]. - The National Development and Reform Commission (NDRC) has introduced new rules for the electricity market, incorporating storage and virtual power plants as new operational entities [4]. Investment Recommendations - The report recommends focusing on energy efficiency and recycling sectors, highlighting companies like Yingke Recycling and Beijiete as key investment opportunities [6]. - It suggests monitoring companies involved in coal-electricity integration, such as Anhui Coal Power and Huaneng International, which are transitioning towards greener energy [4][6]. Company Performance - The report lists top-performing stocks in the environmental sector, including Huicheng Environmental and ST Ba'an, while noting declines in stocks like Longyuan Technology and Jiufeng Energy in the utility sector [36][39]. - It provides detailed financial projections for several companies, indicating a positive outlook for firms like Zhongtai Co. and China Tianying, with buy ratings maintained [7].