市场研究部 2025 年 2 月 24 日 公用事业周度观察 本周公用事业指数表现 数据来源：Wind，国新证券整理 本 周 （ 2025/02/17-2025/02/21 ） 公 用 事 业 （ 申 万 ） 板 块 上 涨 0.15%，沪深 300 指数上涨 1.00%，公用事业板块落后沪深 300 0.85 个百分点。申万 31 个行业指数中半数行业指数实现上涨，公 用事业（申万）排在第 15 位。 分板块看，公用事业板块子板块多数上涨，火力发电（申万）、热 力服务（申万）、光伏发电（申万）、风力发电（申万）、电能综 合服务（申万）、水力发电（申万）、燃气Ⅲ(申万)分别涨跌 0.95%、0.50%、0.30%、0.17%、-0.48%、-0.59%、-0.86%。 公用事业产业链周度观察 截止 2 月 21 日，秦皇岛动力煤（Q5500）平仓价周均价为 727.00 元/吨，周环比下跌 2.47%；截止 2 月 14 日，纽卡斯尔 NEWC 动 力煤现货价为 101.80 美元/吨，周环比下降 3.42%；截止 2 月 19 日，环渤海动力煤(Q5500K)综合平均价格指数为 696.00 元/吨，周 环 ...

Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, with specific stock recommendations including "Buy" and "Hold" for various companies [1][7]. Core Insights - The sector is experiencing a shift in market sentiment, leading to a decline in performance despite ongoing green electricity policies being implemented across provinces [1][2]. - The overall valuation of the sector is decreasing, with the current PE ratio at 16.43, down from 19.17 a year ago, indicating a potential investment opportunity as valuations normalize [2][20]. - The report highlights the stability of the nuclear and hydropower sectors, suggesting that they are good candidates for investment during market downturns [6][7]. Market Performance Summary - The overall performance of the utilities sector saw a decline of 0.17% during the week of February 10-16, 2025, underperforming compared to major indices like the Shanghai Composite and CSI 300 [2][10]. - The sector's PE ratio has decreased from 16.48 to 16.43 over the past week, while the PB ratio remains stable at 1.71 [20][21]. - Among sub-sectors, thermal power and wind power saw declines of 0.96% and 1.09%, respectively, while electric energy services increased by 1.55% [2][10]. Individual Stock Performance - The top-performing stocks for the week included Guang'an Aizhong (+22.48%) and Kaitian Gas (+18.09%), while the worst performers were Zhongmin Energy (-6.49%) and Jinkai New Energy (-5.92%) [3][24]. - Specific stock recommendations include "Buy" for Guodian Power and "Hold" for China Nuclear Power, indicating a focus on companies with stable fundamentals [6][7]. Industry Dynamics - Recent government initiatives include enhancing the data management for green certificate issuance and promoting the development of green hydrogen projects in Gansu [31][32]. - The report notes the adjustment of biomass power generation pricing in Sichuan to align with coal-fired power generation rates, which may impact the competitiveness of biomass projects [32]. - The exploration of cross-regional electricity trading in Shandong aims to facilitate surplus green electricity cooperation, indicating a strategic shift towards renewable energy integration [33][34].