Investment Rating - The report maintains a "Positive" outlook on the public utility sector, particularly green electricity [4]. Core Insights - The market recovery is favorable for green electricity, supported by the recent announcement of six merger and acquisition guidelines by the China Securities Regulatory Commission (CSRC) [4][5]. - The liquidity and risk appetite in the market have improved, benefiting the green electricity sector. The central bank's measures, including the creation of 500 billion yuan in securities and fund swap facilities, are expected to enhance institutional funding capabilities [4][9]. - The report emphasizes that the valuation recovery for green electricity may not solely depend on the absolute increase in Internal Rate of Return (IRR), but rather on the enhancement of IRR certainty under multiple policy supports and improved market risk appetite [4][18]. Summary by Sections 1. Market Recovery and M&A Guidelines - The report highlights that the recent market recovery is beneficial for the green electricity sector, with the CSRC's new M&A guidelines expected to facilitate asset restructuring among state-owned enterprises in the electricity sector [4][5]. - The guidelines aim to optimize restructuring review processes and enhance market activity, which could lead to increased asset securitization rates among major power groups [5]. 2. Green Electricity Sector Insights - The report identifies key recommended stocks in the green electricity sector, including Longyuan Power, Datang New Energy, CGN New Energy, and China Power, suggesting that these companies are undervalued and have significant upside potential [4][18]. - The report notes that the green electricity sector is currently experiencing a decline in valuation due to market risk aversion, but anticipates a recovery as market conditions improve [4][18]. 3. Resource Recycling Group - The establishment of the China Resource Recycling Group is expected to accelerate the development of a waste recycling system, enhancing resource recovery efficiency and addressing challenges faced by recycling enterprises [6][5]. - The report suggests monitoring companies like High Energy Environment, Greeenme, and BWS for potential investment opportunities in this emerging sector [6].
公用事业2024年第39周周报:市场回暖利好绿电 并购六条利于电力央企重组
Hua Yuan Zheng Quan·2024-10-07 01:30