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电力及公用事业行业周报：分布式光伏新政出台，板块表现弱于大盘
Great Wall Securities·2024-10-16 01:10

Investment Rating - The investment rating for the power and utilities sector is maintained as "Outperform the Market" [2] Core Views - The introduction of new policies for distributed photovoltaics is expected to enhance self-consumption ratios and promote market-oriented transactions, indicating a deeper marketization of the sector [7] - The report recommends focusing on comprehensive power generation companies based on hydropower and thermal power, such as Guotou Power and Guodian Power, while also favoring green power operators with quality resources like Zhongmin Energy and Three Gorges Energy for long-term investment [7] Market Performance - The public utilities sector index decreased by 4.83% during the week of October 8-13, underperforming the Shanghai Composite Index by 1.27 percentage points [10] - The sector's price-to-earnings (PE) ratio (TTM) was 17.24, down from 18.16 the previous week and 21.28 a year earlier [15][17] - The sector's price-to-book (PB) ratio was 1.85, down from 1.95 the previous week and 1.76 a year earlier [17] Stock Performance - The top five stocks by weekly performance were: - Zhaoxin Co. (+14.98%) - ST Lingda (+7.01%) - Shouhua Gas (+2.52%) - Zhongmin Energy (+2.37%) - Disen Co. (+2.32%) [20] - The bottom five stocks by weekly performance included: - ST Shengda (-13.21%) - Dalian Thermal Power (-12.31%) - Hangzhou Thermal Power (-11.13%) - Fuling Power (-10.38%) - Tongbao Energy (-10.12%) [20] Industry Dynamics - The National Energy Administration is soliciting opinions on the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation" [25] - The administration is also seeking feedback on the "Basic Rules for the Electricity Auxiliary Service Market" [25] - Financial institutions are being encouraged to participate in the national carbon market construction [25][26] Key Data Tracking - The average trading price of green certificates fluctuated significantly, with daily averages ranging from 0.13 to 8.94 yuan [4] - The average closing price for Qinhuangdao Shanxi mixed coal (5500) was 858 yuan per ton [4]