电力及公用事业行业周报：分布式占新增光伏装机比例53%，板块市场表现跑赢大盘

Investment Rating - The investment rating for the sector is "Overweight" with specific stock recommendations including "Buy" for Guodian Power and "Hold" for others like China Minmetals Energy and Sichuan Investment Energy [1][2]. Core Insights - The report highlights that distributed solar power accounts for 53% of the newly installed photovoltaic capacity in the first three quarters of 2024, indicating a significant shift towards decentralized energy generation [21]. - The overall performance of the public utility sector has shown resilience, with the sector index rising by 0.31%, outperforming major indices such as the Shanghai Composite and CSI 300 [6][8]. - The report emphasizes the importance of the Zhangbei–Victory 1000 kV UHVAC project, which enhances energy transmission capabilities and supports the transition to a cleaner energy system [21]. Summary by Sections 1. Market Performance - The public utility sector index increased by 0.31%, ranking 12th among 31 sectors, outperforming the Shanghai Composite by 1.15 percentage points and the CSI 300 by 1.99 percentage points [6][8]. - The performance of sub-sectors varied, with hydropower and wind power showing positive growth, while thermal power and photovoltaic sectors experienced declines [6][8]. 2. Industry Dynamics - The National Energy Administration reported that as of September 2024, the total installed capacity of photovoltaic power reached 772 million kW, with distributed solar power accounting for a significant portion [21]. - The report notes the operational launch of the Zhangbei–Victory UHVAC project, which will facilitate the transmission of over 70 billion kWh of electricity annually, benefiting multiple regions [21]. 3. Key Data Tracking - The report tracks coal prices, with the average closing price for Shanxi mixed coal at 850 RMB/ton, indicating stability in coal pricing [2]. - Green certificate trading prices have been declining, while CEA and CCER transaction prices are steadily increasing, reflecting market dynamics in renewable energy [2].