公用事业行业：《大力实施可再生能源替代行动的指导意见》点评-供需两端齐发力，多措并举护航可再生能源发展

Investment Rating - The report maintains a "Recommended" rating for the public utility sector [6]. Core Insights - The report highlights the release of the "Guiding Opinions on the Implementation of Renewable Energy Substitution Actions," which aims to enhance the supply capacity of renewable energy and support the achievement of the carbon peak target by 2030 [2]. - It sets specific targets for renewable energy consumption, aiming for 1.1 billion tons of standard coal by 2025 and over 1.5 billion tons by 2030, with renewable energy's share expected to reach 18% and 20% respectively [2]. - The report anticipates significant growth in renewable energy installations, with a cumulative installed capacity of 1252 GW achieved by September 2024, ahead of the 2030 target of 1.2 billion kW [2]. Summary by Sections Renewable Energy Supply and Demand - The report emphasizes the need to enhance renewable energy supply capabilities, focusing on large-scale wind and solar power projects in desert and barren areas, as well as the development of offshore wind clusters [2][3]. - It suggests that integrating renewable energy with high-energy-consuming industries like steel and chemicals will boost green electricity demand [3]. Infrastructure and Pricing Mechanisms - The report calls for improvements in infrastructure, including the flexibility of coal power units and the construction of pumped storage power stations to accommodate the variability of renewable energy output [4]. - It advocates for market-oriented reforms in renewable energy pricing and the establishment of trading mechanisms that support direct transactions between renewable energy projects and users [4]. Investment Recommendations - The report suggests that the current policies will lead to substantial growth in renewable energy installations and that issues related to green electricity consumption and pricing are expected to be gradually resolved [5]. - It recommends focusing on investment opportunities in the green electricity sector, highlighting companies such as Three Gorges Energy, Longyuan Power, and Huadian International as potential beneficiaries of these trends [5].