公用事业及环保产业行业研究：火电机组节能改造的现状如何？

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The report highlights the ongoing challenges in reducing coal consumption in thermal power plants, with the average coal consumption target set to be below 300 grams of standard coal per kilowatt-hour by 2025, but recent data shows an increase instead of a decrease [12][13] - The report emphasizes the growth in photovoltaic power station operation and maintenance bidding, with a significant increase of approximately 46.7% year-on-year in 2024 [24] - The report discusses the new action plan for building a new power system from 2024 to 2027, focusing on nine key actions to enhance the integration of computing power and electricity [24] Summary by Sections Weekly Review - The Shanghai Composite Index fell by 1.48%, while the carbon neutrality sector rose by 1.40% [2][7] - The report notes the performance of various sub-sectors within public utilities and environmental protection, with significant fluctuations in stock prices [7][8] Weekly Topic - The report discusses the "Three Reform Linkages" plan for coal-fired power plant upgrades, which includes energy-saving and carbon reduction measures [12][14] - It highlights the technical challenges and investment difficulties in achieving the coal consumption reduction targets [13][14] Industry Data Tracking - Coal prices have shown mixed trends, with European ARA coal prices increasing by 3.74% while Newcastle coal prices decreased by 0.74% [16] - Natural gas prices have also fluctuated, with significant increases in UK and European markets [20] - The national carbon market saw a slight decrease in carbon emission quota prices, indicating market dynamics [22] Industry News - The report mentions the financial support for rural infrastructure and renewable energy projects, emphasizing the government's commitment to enhancing rural energy systems [25] - It identifies key companies in various sectors, recommending attention to firms with strong positions in competitive regions [30][31]