公用事业行业周报：9月风光新增装机持续增长，绿证核发数量快速增长，碳排放统计核算体系进一步完善

Investment Rating - The report maintains a "Strong Outperform" rating for the public utility sector [3]. Core Insights - The report highlights a continuous growth in new installations of wind and solar power, while coal power installations have seen a decline [11][24]. - The newly implemented national green certificate issuance system has significantly increased the efficiency and volume of green certificate issuance [24][25]. - The establishment of a comprehensive carbon emission statistical accounting system is expected to lay a foundation for low-carbon circular development [27]. Summary by Sections Market Review - From October 21 to October 26, the electricity, environmental protection, gas, and water sectors rose by 0.72%, 4.54%, 1.29%, and 3.68% respectively, while the CSI 300 index increased by 0.79% [9]. - The top three gainers in the electricity sector were Guangxi Energy, Tianfu Energy, and Longyuan Power, while the bottom three were Jidian Co., ST Lingda, and Chuan Investment Energy [10]. Industry Insights - As of September 2024, the total installed capacity for hydropower reached 43,055 MW, a year-on-year increase of 2.6%. In contrast, coal power capacity increased by 3.4%, while nuclear power remained stable [11]. - The total installed capacity for wind power reached 47,955 MW, showing a year-on-year growth of 19.8%, and solar power capacity reached 77,292 MW, with a growth of 48.3% [11]. - The national green certificate issuance system has led to a rapid increase in the number of certificates issued, with 16.1 billion certificates issued from July to September 2024, which is 3.3 times the number issued in the first half of the year [24][25]. Industry Dynamics - The National Development and Reform Commission and other departments have issued a work plan to improve the carbon emission statistical accounting system, focusing on key industries such as electricity, steel, and construction [27]. - The plan aims to enhance the accuracy and comparability of carbon emission data, supporting policy formulation and industry carbon peak predictions [27]. Investment Recommendations - The report suggests focusing on companies such as Three Gorges Energy and Jiangsu Guoxin in the green electricity sector, while being cautious with Longyuan Power and Zhejiang New Energy [2]. - In the water sector, it recommends paying attention to Changjiang Power and Qianyuan Power, while being cautious with Guotou Power and Huaneng Hydropower [2].