公用事业行业周报：电投核能借壳上市核电资产证券化，分布式光伏入市场交易持续完善，垃圾处理“产生者付费”持续深化

Investment Rating - The report suggests a cautious investment approach towards the power, environmental protection, gas, and water sectors, given the recent declines in these sectors [3][10]. Core Insights - The report highlights the significant asset restructuring of Electric Power Investment Nuclear, which aims to acquire controlling stakes in nuclear power assets, potentially leading to a tripartite structure in the A-share market alongside China National Nuclear Corporation and China General Nuclear Power Group [3][14]. - New regulations for distributed photovoltaic systems require large commercial installations to utilize all generated power for self-consumption, promoting high-quality development in the sector [3][19]. - The "polluter pays" principle in waste management is being reinforced, with new regulations in Guizhou Province mandating a fee system for waste disposal, which is expected to alleviate local financial pressures and improve cash flow for waste-to-energy projects [4][22]. Summary by Sections Market Review - From October 8 to October 11, the power, environmental protection, gas, and water sectors experienced declines of 4.96%, 4.05%, 5.25%, and 4.05% respectively, while the CSI 300 index fell by 3.25% [3][10]. Industry Perspectives - Nuclear Power Restructuring: Electric Power Investment is planning a major asset restructuring to acquire nuclear power assets, which will enhance its market position alongside other major players [3][14]. - Distributed Photovoltaic Regulations: New regulations mandate that large commercial distributed photovoltaic systems must operate on a self-consumption basis, which is a shift from previous operational models [3][19]. - Waste Management Fees: The introduction of a "polluter pays" principle in waste management is expected to improve the financial viability of waste-to-energy projects and enhance local government revenue [4][22]. Investment Recommendations - The report recommends focusing on Electric Power Investment's nuclear segment, as the restructuring is likely to address funding gaps and enhance asset securitization [3][4]. - In the hydropower sector, attention is drawn to companies like Changjiang Electric Power and Qianyuan Electric, while caution is advised for Guotou Power and Huaneng Hydropower [3][4]. - For waste management, companies such as Yongxing Co., Sanfeng Environment, and Hanlan Environment are highlighted as potential investment opportunities [4][22].