Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [33]. Core Insights - The public utility index increased by 0.4% in the last two weeks, outperforming the CSI 300 index by 1.8 percentage points, ranking 14th among 31 Shenwan industries. Year-to-date, the index has decreased by 5.0%, underperforming the CSI 300 index by 4.4 percentage points, ranking 29th [11]. - Among the sub-sectors, six out of seven saw price increases, with the electric power comprehensive service sector rising by 2.3%, and the hydropower sector declining by 0.4% [11]. - The report highlights significant industry news, including the Ministry of Water Resources' issuance of work points for rural water conservancy and hydropower in 2025, emphasizing ecological safety and modernization of small hydropower [28]. Summary by Sections Market Review - As of March 13, the public utility index has shown a mixed performance, with 93 out of 132 listed companies experiencing stock price increases, while 38 companies saw declines [12][13]. - The report notes that the thermal service sector has increased by 4.8% year-to-date, while the hydropower sector has decreased by 8.3% [11]. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is currently at 17.4 times, below the one-year average. The solar power sector has the highest P/E ratio at 83.5 times, while the thermal power sector has the lowest at 13.6 times [13][14]. Industry Data Tracking - The average price of Q6000 coal at the pit in Shaanxi Yulin is 614 RMB/ton, down 4.0% from the previous value. The average price of Q5500 coal at Qinhuangdao Port is 687 RMB/ton, down 4.9% [20]. Important Company Announcements - Recent announcements include New Tian Green Energy's approval for using perpetual medium-term notes to provide loans to its subsidiary, and the approval of various measures by Jiuzhou Group to support its subsidiaries [26]. Key Industry News - The report discusses the promotion of new energy consumption through the development of hydrogen energy in Chengdu, with a target growth of over 20% in the green hydrogen industry [27]. Industry Weekly Perspective - The report suggests focusing on companies like Xin'ao Co., Ltd. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) due to their strong market positions and growth potential in the natural gas sector [28][29].

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 ...