Investment Rating - The report maintains an investment rating of "Outperform" for the utility sector [2] Core Insights - Qatar's helium supply is expected to shrink, leading to a substantial supply gap by April 2026, prompting attention towards domestic helium extraction companies [19][34] - The helium market is characterized by high demand and limited supply, with Qatar accounting for approximately 34% of global helium production in 2025 [19][20] - The report highlights the potential for helium prices to rise due to supply chain disruptions and production facility damages in Qatar [34] Summary by Sections Helium Supply and Demand - Qatar's helium export volume is projected to decrease by 14% due to recent attacks on LNG facilities, with recovery expected to take 3-5 years [19][29] - As of March 26, 2026, the market price for domestic helium (5N) is approximately 84 RMB per cubic meter, reflecting a 27% increase since February 28, 2026 [29] - The global helium supply is highly concentrated, with the US and Qatar contributing to 70% of the total production [20][28] Utility Sector Performance - From March 23 to March 27, 2026, the utility index increased by 2.5%, while the Shanghai Composite Index decreased by 1.1% [35] - Within the utility sector, the thermal power segment rose by 4.78%, and the wind power segment increased by 4.33% [37] - The report notes that the overall electricity consumption in 2025 reached 10.37 trillion kWh, a year-on-year increase of 5.24% [58] Pricing Trends - The report indicates that the price of LNG in China as of March 27, 2026, is 5017 RMB per ton, marking a 3.06% increase [10] - The report also tracks the electricity prices in various provinces, with Jiangsu's auction price at 323.72 RMB/MWh for April 2026, a 1.92% increase month-on-month [47]