公用事业2024年第38周周报：发改委展望碳中和工作重点8月城乡居民用电量创新高

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, particularly focusing on green electricity and low-covariance assets [4][21]. Core Insights - The report highlights the increasing value of green electricity as policies shift towards carbon neutrality, with a focus on the development of a dual control system for energy consumption and carbon emissions [6][10]. - August 2024 saw a record high in electricity consumption among urban and rural residents, driven by high temperatures and increased demand [14][15]. Summary by Sections 1. Carbon Neutrality Policy Outlook - The National Development and Reform Commission (NDRC) outlined key areas for carbon neutrality, including the establishment of a new mechanism for energy consumption and carbon emissions control, and the promotion of advanced green technologies [10][12]. - The report emphasizes the importance of green electricity in achieving carbon neutrality, with various industries being encouraged to increase their use of renewable energy [12][13]. 2. August Electricity Consumption Data - In August 2024, total electricity consumption reached 964.9 billion kWh, marking an 8.9% year-on-year increase [14][15]. - Urban and rural residential electricity consumption surged by 23.7% year-on-year, attributed to high temperatures [15][16]. 3. Recommended Investment Combinations - The report recommends a diversified portfolio including companies like Yangtze Power, Huaneng Hydropower, and China Nuclear Power, which are expected to perform well in the current market [5][21]. - The recommended portfolio has outperformed the broader market indices significantly since the beginning of 2024, with a 21.64% increase compared to a decline in major indices [22][21]. 4. Key Company Valuations - The report provides a detailed valuation table for key companies in the public utility sector, indicating a generally positive outlook with several companies rated as "Buy" or "Increase" [25].