公用环保｜价格更加市场化，关注受益细分板块

Core Viewpoint - The article emphasizes the potential benefits of further market-oriented pricing reforms in public utilities such as electricity, water, and gas, which are expected to enhance revenue and improve industry returns as governance mechanisms are refined [1][2][3]. Group 1: Pricing Governance Mechanism - The recent guidelines from the central government aim to enhance the market pricing mechanism across various sectors, including energy and public utilities, to improve resource allocation efficiency and support high-quality economic development [2]. - The focus is on establishing a multi-layered electricity market system and improving pricing mechanisms for various energy sources, which is expected to stimulate investment in flexible power sources and support the development of a new power system [3]. Group 2: Electricity Pricing - The article highlights that large hydropower, currently benefiting from low pricing and significant cost advantages, is likely to see improved profitability as electricity prices become more market-oriented [3]. - The establishment of a market price mechanism for electricity, including long-term and spot markets, is anticipated to align the pricing of large hydropower with market averages, enhancing overall cash flow and profitability [3]. Group 3: Water Pricing - The article points out that the slow adjustment of water prices has led to increasing losses in the water supply industry, and the optimization of the pricing mechanism is urgently needed [4]. - The proposed improvements to the tiered water pricing system are expected to accelerate price adjustments, addressing long-standing issues of low returns in the water sector [4]. - Additionally, the call to optimize sewage treatment fee policies aims to alleviate the growing pressure of accounts receivable in the sewage treatment industry [4]. Group 4: Gas Pricing - The article notes that several provinces have already raised residential gas prices in 2023, and the emphasis on deepening the gas price linkage mechanism is expected to enhance profitability for urban gas companies [6]. - The improvement of the price transmission chain for gas is anticipated to stabilize the earnings of urban gas enterprises, which have historically been affected by upstream natural gas price fluctuations [6]. Group 5: Investment Strategy - The article suggests that as pricing mechanisms become more market-oriented, large hydropower is expected to benefit from an increase in electricity price levels [8]. - Water utility assets are likely to see significant benefits from ongoing improvements in water pricing policies and mechanisms [8]. - National urban gas leaders with strong dividend levels and valuation margins are expected to benefit from the price adjustment process, leading to a recovery in profit margins [8].