Group 1: Water Pricing and Supply Sector - Guangzhou's water price policy has been raised, with residential water prices increasing by 28.8%, 28.6%, and 93.2% for the first, second, and third tiers respectively, and non-residential prices up by 27.2% [1] - The report indicates a trend of rising water prices across various regions in China, reflecting market-oriented policy principles, making the water supply sector a preferred investment choice [1] - Companies such as China Water Affairs (00855), Cheung Kong Infrastructure (01038), and Xinao Energy (02688) are highlighted as favorable stocks within the water supply sector [1] Group 2: Power Generation and Coal Prices - The performance of some thermal power generation companies in Q1 2025 was subpar due to a decline in power generation and grid electricity prices, despite a drop in coal prices [2] - As of April 28, the price of Qinhuangdao 5500 kcal thermal coal was 655 RMB/ton, down 20.6% year-on-year, and down 14.0% compared to the end of 2024 [2] Group 3: Natural Gas Market - The TTF natural gas futures price was 32.7 euros/MWh as of April 30, up 11.9% year-on-year but down 32.7% from 48.6 euros at the end of last year [2] - The new U.S. government is expected to promote domestic oil and gas production, which may lead to further declines in natural gas supply prices [2] - A recent agreement between the U.S. and Ukraine regarding local mineral extraction is seen as potentially reducing geopolitical risks and stabilizing natural gas prices, benefiting Chinese natural gas operators reliant on LNG imports [2]
中泰国际：广州水价上调方案落地 全国水价上涨预期强化 看好中国水务(00855)等股