电力体制改革加速，煤价持续上涨

Investment Rating - The report maintains an "Outperform" rating for the utility and environmental protection industry [1]. Core Insights - The report highlights the acceleration of power system reforms and the continuous rise in coal prices, indicating a potential stabilization in the future [2]. - It emphasizes the increasing pressure on renewable energy consumption in provinces with significant wind and solar installations, suggesting that future reforms may focus on enhancing power source regulation capabilities and accelerating UHV (Ultra High Voltage) construction [2][10]. - The report suggests a focus on high-elasticity thermal power companies and defensive hydro and nuclear power enterprises as key investment opportunities [2]. Summary by Sections 1. Power System Reform - A review of past reforms indicates a shift towards a more competitive electricity market, with the current focus on addressing green electricity consumption issues [7][9]. - Future reform directions include improving auxiliary service market pricing and promoting the market entry of renewable energy [9][10]. 2. Industry High-Frequency Data Tracking - Coal prices have shown slight increases, with the Qinhuangdao Q5500 coal price at 884 RMB/ton as of May 23, 2024 [11]. - Key power plants' coal inventory reached 107.57 million tons, with a week-on-week increase of 2.5% [15]. - The daily coal consumption of key power plants was reported at 3.776 million tons, down 6.2% from the previous week [22]. 3. Market Review - The A-share market experienced an overall decline, but the utility sector showed resilience with a weekly increase of 1.59% [33]. - The report notes that the utility sector has outperformed the broader market since the beginning of the year, with a 5.49% increase relative to the CSI 300 index [35]. 4. Investment Strategy and Key Focus Stocks - The report recommends focusing on companies with high elasticity in thermal power and those with defensive attributes in hydro and nuclear power [2]. - Specific companies highlighted for investment include Guodian Power, Huaneng International, and China Nuclear Power, among others [2].