公用事业2024年第31周周报：碳排放双控与可再生能源消纳责任文件密集出台

Investment Rating - The report maintains a "Positive" outlook on the utility sector, specifically in the power industry [2]. Core Insights - The report highlights significant changes in carbon emission control policies, emphasizing a shift towards a dual control system focusing on intensity and total emissions during the 14th Five-Year Plan period [6][8]. - The introduction of higher renewable energy consumption responsibility weights for provinces in 2024 is expected to benefit green electricity initiatives [12][13]. Summary by Sections 1. Carbon Emission Control and Renewable Energy Consumption Responsibility - The State Council issued a work plan for the dual control system of carbon emissions, indicating a shift to a system that prioritizes intensity control during the 14th Five-Year Plan and total control post-peak carbon emissions [6][8]. - The new policy allows for more flexible and diverse forms of emission reduction for enterprises, with a clear distinction that non-fossil energy sources are not included in energy consumption control [9][10]. - The 2024 renewable energy consumption responsibility weights have been significantly increased, with specific attention to the aluminum industry, which now has defined green electricity consumption ratios [12][15]. 2. Recommended Investment Combinations - The report recommends several investment combinations, including low-covariance asset portfolios and green electricity portfolios, featuring companies like Longjiang Power, Huaneng Hydropower, and China Nuclear Power [2][4]. - A review of the recommended combinations shows a performance drop of 3.2% for the week, while the overall recommended portfolio has outperformed the market since the beginning of 2024, with a 32.86% increase [21]. 3. Key Company Valuations - The report provides valuations for key companies in the utility sector, indicating a positive outlook for companies like Huaneng International and Datang Power, with respective ratings of "Increase" [23].