公用事业：电力天然气周报：蒙东首发136号文承接正式方案，2024年全球LNG贸易量同比增长2.4%-20250601

Investment Rating - The report maintains an investment rating of "Positive" for the utility sector [2]. Core Viewpoints - The global LNG trade volume is expected to grow by 2.4% year-on-year in 2024, reaching 411.24 million tons, connecting 22 export markets and 48 import markets [5]. - The domestic electricity sector is anticipated to see profit improvement and value reassessment following multiple rounds of supply-demand tensions [5]. - The report highlights the importance of market-driven electricity pricing and the potential for gradual price increases in the electricity market [5]. Summary by Sections Market Performance - As of May 30, the utility sector declined by 0.2%, underperforming the broader market, with the electricity sector down by 0.15% and the gas sector down by 0.44% [4][12]. - Key companies in the electricity sector showed varied performance, with some experiencing significant gains while others faced declines [18]. Electricity Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) remained stable at 613 CNY/ton as of May 30 [4][23]. - Coal inventory at Qinhuangdao port decreased to 6.75 million tons, down by 550,000 tons week-on-week [30]. - The daily coal consumption in inland provinces decreased to 2.806 million tons, down by 357,000 tons/day, with available days increasing to 29.8 days [32]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,419 CNY/ton, showing a year-on-year increase of 1.01% but a week-on-week decrease of 1.12% [58]. - The EU's natural gas supply for week 21 of 2025 was 5.82 billion cubic meters, a year-on-year increase of 3.1% [5]. - Domestic natural gas consumption in April 2025 was 34.73 billion cubic meters, a year-on-year decrease of 2.1% [5]. Industry News - The release of the "136 Document" by Inner Mongolia's Development and Reform Commission outlines a market-driven pricing mechanism for renewable energy [5]. - The report emphasizes the ongoing evolution of the LNG industry to meet customer demands and adapt to global energy changes [5]. Investment Recommendations - The report suggests focusing on leading coal-fired power companies and regional leaders in electricity supply, as well as water power operators and equipment manufacturers benefiting from the new coal power cycle [5]. - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5].