公用事业行业周报：《能源法》出台奠定国内能源发展基础，山东“绿”电装机首超煤电

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [2] Core Insights - The introduction of the first Energy Law in China fills the legislative gap in the energy sector and will take effect on January 1, 2025, establishing a foundational legal framework for energy development [12][13] - Shandong province has seen renewable energy capacity surpass coal power for the first time, with renewable and clean energy accounting for 46.9% of total installed capacity, while coal power accounts for 46.88% [14][21] Summary by Sections Market Review - From November 4 to November 8, the environmental sector rose by 7.08%, gas sector by 5.28%, water sector by 4.52%, and electricity sector by 0.7%, while the Shanghai and Shenzhen 300 Index increased by 5.5% [8][11] Industry Insights - The Energy Law consists of nine chapters and eighty articles, clarifying energy definitions, regulatory responsibilities, and planning frameworks, while promoting the development of renewable energy sources [12][13] - Shandong's energy development plan aims for renewable energy generation capacity to exceed 80 million kilowatts by 2025, with current installations already surpassing the target by over 20 million kilowatts [15][17] Investment Recommendations - The report suggests focusing on companies in the green energy sector such as Three Gorges Energy, while cautiously recommending Longyuan Power, Zhejiang New Energy, and China Green Power [8] - In the hydropower sector, it recommends attention to Changjiang Power and Qianyuan Power, with cautious interest in Guotou Power and Huaneng Hydropower [8] Company Announcements - Longyuan Power reported a significant increase in electricity generation, with a total of 31.70 billion kilowatt-hours generated in October 2024, marking a 42.77% year-on-year growth [33]