公用事业行业周报：资产整合步伐加快，关注电力企业并购重组

Investment Rating - The industry investment rating is maintained at "Overweight" [4][12]. Core Viewpoints - The acceleration of mergers and acquisitions in the power sector is supported by the new "National Nine Articles," which encourages leading companies to enhance integration within the industry chain [4][5]. - Recent mergers include Gansu Energy's acquisition of a 66% stake in Gansu Electric Power Investment Group, Huadian International's planned acquisition of eight companies from its controlling shareholder, and Longyuan Power's cash acquisition of eight renewable energy companies from its parent [4][5]. - The restructuring in the power sector is expected to optimize resource allocation and accelerate industry chain layout, particularly through coal-electricity integration and expansion into the renewable energy sector [5]. Summary by Sections Industry Overview - The report highlights the ongoing reforms in the electricity market and the transition towards clean and low-carbon energy, suggesting a focus on leading hydropower companies like Yangtze Power and growing nuclear power companies such as China Nuclear Power and China General Nuclear Power [6]. Investment Strategy - Two main investment lines are recommended: 1. Focus on hydropower leaders and expanding nuclear power companies due to ongoing market reforms and clean energy transitions [6]. 2. Pay attention to mergers and acquisitions in the power sector supported by the new "National Nine Articles" [6].