Investment Rating - The industry investment rating is maintained at "Overweight" [6][12][13] Core Viewpoints - In September 2024, the National Energy Administration issued 477 million green certificates, with a total of 44.87 million green certificates traded nationwide. Among the 477 million certificates issued, wind power accounted for 111 million (23.17%), solar power for 70.44 million (14.76%), conventional hydropower for 256 million (53.66%), biomass power for 39.52 million (8.28%), and others for 0.13% [5][6] - The national electricity market trading volume in September 2024 increased by 12.3% year-on-year, with a total trading volume of 522.13 billion kilowatt-hours. The direct trading volume for the medium and long term was 395.28 billion kilowatt-hours, up 9.5% year-on-year. Cumulatively, from January to September, the trading volume increased by 9.2% year-on-year, accounting for 62% of total electricity consumption, an increase of 0.73 percentage points year-on-year [5][6] - The completion and operation of the first phase of the San'ao Nuclear Power Plant marks the first instance of private capital participating in nuclear power investment in China, with a total planned capacity of 7.2 million kilowatts [5][6] Summary by Sections Investment Strategy - The report suggests focusing on two main lines: First, with the ongoing electricity market reform and the transition to clean and low-carbon energy, attention should be given to leading hydropower companies like Yangtze Power, as well as growth-oriented companies like China National Nuclear Corporation and China General Nuclear Power Group. Second, under the new "National Nine Policies," attention should also be paid to mergers and acquisitions in the electricity sector [6][5]
公用事业行业周报：9月电力市场交易高增，首个民营参与核电站投资接入国家电网
Shanghai Securities·2024-11-06 10:36