【公用事业】动力煤价格加速下行，广东开启2026年电力市场年度交易——公用事业行业周报（20251207）（殷中枢/宋黎超）

Market Overview - The SW public utility sector increased by 0.12% this week, ranking 17th among 31 SW primary sectors; the CSI 300 rose by 1.28%, the Shanghai Composite Index by 0.37%, the Shenzhen Component Index by 1.26%, and the ChiNext Index by 1.86% [4] - The top five gaining stocks in the public utility sector were Mindong Electric Power (+16.86%), Zhongmin Energy (+12.62%), Huitian Thermal Power (+12.60%), Huaton Thermal Power (+7.56%), and Delong Huineng (+6.19%); the top five losing stocks were Shanghai Electric Power (-13.53%), Hengsheng Energy (-12.13%), Dazhong Public Utility (-9.84%), Shimao Energy (-6.86%), and Changchun Gas (-6.40%) [4] Price Updates - This week, the price of thermal coal accelerated its decline, with Qinhuangdao Port 5500 kcal thermal coal down by 24 CNY/ton; the price for Indonesian thermal coal at Fangcheng Port decreased by 20 CNY/ton; and Australian thermal coal at Guangzhou Port fell by 10 CNY/ton [5] - In terms of electricity prices, the weighted average spot settlement price in Guangdong and the clearing price in Shanxi both saw increases week-on-week [5] Key Events - Various regions have released the bidding results for the "136" document incremental projects, with significant scale and pricing for photovoltaic and wind power mechanisms reported [6] - The Guangdong Power Trading Center announced the initiation of the 2026 annual trading phase, which will include various types of transactions from December 5 to December 22 [6] Industry Insights - The green electricity sector is entering the settlement phase of the "136" document, with provinces adjusting the pace of new green electricity installations based on supply and demand, although the overall trend of declining prices in the green electricity sector remains unchanged [7] - The National Development and Reform Commission has released policies to enhance the consumption of green electricity, which, along with accelerated green electricity subsidies, is expected to lead to a valuation recovery in the green electricity sector [7] - Ongoing reforms in the electricity market, including the expansion of the spot market and auxiliary services, are progressing steadily, while the functional transformation of thermal power continues [7]