公用事业行业周报：新版碳配额分配方案发布，电力关注具备成长性核电板块

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - The Ministry of Ecology and Environment has solicited opinions on the "2023-2024 National Carbon Quota Allocation Plan," which is expected to reduce emission reduction costs in the power generation industry and enhance corporate awareness of emissions reduction [4][5] - The adjustments in the carbon quota allocation method aim to improve scientificity, fairness, and operability, thereby increasing market trading activity [4] - The nuclear power sector is expected to grow, with 25 nuclear units under construction and a total installed capacity of 29,570 MWe, maintaining the world's leading position [5] Summary by Sections Carbon Market Developments - The national carbon market has completed two compliance cycles, with the first cycle (2019-2020) achieving a cumulative transaction volume of 179 million tons and a transaction value of 7.661 billion yuan [4] - The second compliance cycle (2021-2022) saw a 19% increase in transaction volume and an 89% increase in transaction value, indicating heightened corporate participation [4] Nuclear Power Growth - In 2023, five new nuclear units were started, and by 2035, nuclear power is projected to account for 10% of total power generation, doubling from 2022 levels [5] - The domestic nuclear power development is expected to enter a new normal under the guidance of the "14th Five-Year Plan for Modern Energy System" [5] Investment Recommendations - The report suggests focusing on leading hydropower companies like Yangtze Power and the growing nuclear power sector, recommending companies such as China National Nuclear Corporation and China General Nuclear Power Group [6]