广发证券：发用电结构清洁化转型 重视板块红利价值

Group 1 - The core viewpoint of the report is that by 2025, the total electricity consumption in society is expected to increase by 5.0% year-on-year, while the regulated power generation is projected to grow by 2.2% year-on-year, with a significant shift towards renewable energy sources like wind and solar contributing 90.1% of the incremental power generation [1] - The increase in electricity consumption is shifting from the secondary industry to the tertiary industry and urban-rural residents, with the contribution of the tertiary industry and urban-rural residents expected to account for 50.2% of the total increment by 2025 [1] - The report highlights that the growth in power generation is primarily driven by wind and solar energy, with their contributions to total generation increasing significantly, indicating a transition to a cleaner and low-carbon energy structure [1] Group 2 - The annual long-term electricity price agreements are nearing completion, with expectations for stable electricity prices and reduced competition, particularly in regions like North China and Northwest China [2] - Monthly electricity prices in December showed a decline in several provinces, with Jiangsu experiencing an 8-point drop year-on-year, while the overall annual price changes varied across regions [2] - The report emphasizes investment opportunities in thermal and hydropower sectors, particularly in companies like JianTou Energy and JingNeng Power, which have shown significant stock price increases [2][3] Group 3 - The acceleration of public utility development is noted, with a focus on high-dividend and market-managed companies in the thermal power sector, such as Huaneng International Power and Huadian International Power [3] - In the hydropower sector, companies like Yangtze Power and Guiguan Power are highlighted for their strong performance and asset injection potential [3] - The report also mentions opportunities in gas and nuclear power sectors, particularly with companies like Jiufeng Energy and China General Nuclear Power [3]