【公用事业】26年电煤长协引入“基准价+浮动价”形式，10月全社会用电量同比高增——行业周报（251123）（殷中枢/宋黎超）

Market Overview - The SW public utility sector declined by 4.33% this week, ranking 10th among 31 SW primary industries. The CSI 300 index fell by 3.77%, the Shanghai Composite Index by 3.9%, the Shenzhen Component Index by 5.13%, and the ChiNext Index by 6.15% [4] - Among sub-sectors, thermal power dropped by 4.68%, hydropower by 1.44%, photovoltaic power by 10.88%, wind power by 4.29%, comprehensive energy services by 7.28%, and gas by 5.7% [4] - The top five gaining stocks in the public utility sector were Dazhong Public Utility (+8.10%), Delong Huineng (+3.56%), Shimao Energy (+3.09%), Hengsheng Energy (+1.02%), and Chuaneng Power (+0.24%). The top five losing stocks were Baichuan Energy (-20.63%), Mindong Electric Power (-19.89%), Shouhua Gas (-19.15%), Changchun Gas (-18.49%), and Guo Xin Energy (-18.36%) [4] Data Update - Domestic thermal coal prices remained stable week-on-week, with Qinhuangdao Port's 5500 kcal thermal coal price exceeding 830 RMB/ton. Imported coal prices increased significantly, with Fangchenggang's 5500 kcal thermal coal rising by 10 RMB/ton and Guangzhou Port's 5500 kcal thermal coal increasing by 25 RMB/ton [5] - In terms of electricity prices, the weighted average spot settlement prices in Guangdong and Shanxi decreased week-on-week. The introduction of the "Document No. 136" mechanism for new energy pricing in regions like Sichuan, Jiangxi, and Guangdong has put pressure on overall green electricity prices, with Guangdong's proxy purchase price down by 13% year-on-year, and Sichuan and Jiangxi down by 5% and 2% respectively [5] Key Events - The National Development and Reform Commission issued a notice regarding the signing and supervision of medium- and long-term contracts for coal supply in 2026, detailing requirements for signing parties, methods, and quantities. Notable changes from 2025 include the establishment of a monthly price adjustment mechanism and requirements for power generation companies to determine contract signing volumes based on reasonable demand [6][7] - On November 21, the National Energy Administration released data indicating that the total electricity consumption in October reached 857.2 billion kWh, a year-on-year increase of 10.4%. By industry, the first, second, and third sectors grew by 13.2%, 6.2%, and 17.1% respectively, while urban and rural residential electricity consumption rose by 23.9% year-on-year [7]