【公用事业】本周煤价反弹，11月新能源消纳环比下行——公用事业行业周报（20260111）（殷中枢/宋黎超）

Market Overview - The SW public utility sector increased by 2.54%, ranking 23rd among 31 SW primary sectors, while the Shanghai Composite Index rose by 3.82% and the Shenzhen Component Index by 4.4% [4] - Sub-sectors such as thermal power, hydropower, photovoltaic power, wind power, and gas saw increases of 2.4%, 0.7%, 3.9%, 2.6%, and 4.8% respectively [4] Price Updates - Domestic Qinhuangdao port 5500 kcal thermal coal price rose by 12 CNY/ton, surpassing 700 CNY/ton, while imported thermal coal from Fangchenggang increased by 5 CNY/ton [5] - The average settlement price for Guangdong's spot electricity was 304.82 CNY/MWh, down from 331.78 CNY/MWh the previous week [5] - Shanxi's spot clearing price averaged 144.84 CNY/MWh, a decrease from 279.73 CNY/MWh the previous week [5] Key Events - Annual long-term contract electricity prices for 2026 were disclosed, with Shanghai at 0.430 CNY/kWh (+3.41% from baseline), and Guangdong at 0.372 CNY/kWh (-17.88% from baseline) [6] - The National Energy Administration reported that the photovoltaic utilization rate was 93.7% in November, down from 94.8% in October, while wind power utilization was 93.1% [6] Industry Insights - The annual long-term contract bidding results indicate a significant increase in profitability for national thermal power operators due to a decrease in thermal coal prices [7] - The electricity price remains a critical factor, with expectations of continued pressure on prices despite a favorable supply situation [7] - The green electricity sector is expected to see valuation recovery due to policy support and accelerated green electricity subsidies [7]