公用事业行业：《中华人民共和国能源法》点评-首部《能源法》出台，立足能源安全和绿色低碳转型

Investment Rating - The report maintains a "Recommended" rating for the public utility sector [8][12]. Core Insights - The first Energy Law of China was passed on November 8, 2023, emphasizing energy security and green low-carbon transformation, set to take effect on January 1, 2025 [1]. - The Energy Law prioritizes the development and utilization of renewable energy, including hydropower, wind, and solar energy, while also ensuring the orderly development of nuclear power and coal power [1]. - The law establishes responsibilities for various entities to absorb renewable energy generation, aiming to enhance the demand for renewable energy [3]. - The report anticipates an increase in the renewable energy consumption responsibility weight by 3.03 percentage points in 2024 compared to 2023, with non-hydropower responsibility weight increasing by 3.95 percentage points [3]. - The Energy Law outlines measures to enhance the power system's adjustment capabilities, including improving coal power's flexibility, upgrading grid infrastructure, and developing energy storage solutions [4]. - The report suggests that the establishment of a diversified energy pricing mechanism will reflect costs and sustainable development needs, potentially alleviating current pricing pressures on renewable energy [8]. Summary by Sections Energy Law Overview - The Energy Law consists of nine chapters covering various aspects of energy planning, development, market systems, and innovation, marking a significant milestone in China's energy development history [1]. Renewable Energy Development - The law emphasizes the need for a coordinated approach to renewable energy development, including strict controls on small hydropower projects and support for distributed energy systems [1]. Responsibilities and Mechanisms - The report highlights the establishment of a minimum consumption ratio for renewable energy in the energy market, with specific targets for key energy-consuming sectors [3]. System Adjustment Capabilities - The report discusses the importance of enhancing the power system's ability to adjust to renewable energy fluctuations through improved infrastructure and demand-side management [4]. Investment Recommendations - The report recommends focusing on opportunities in the renewable energy sector, particularly in new energy installations and the integration of hydropower with other renewable sources [8]. - It also highlights the potential for nuclear power to replace coal as a clean baseload power source, suggesting that companies like Three Gorges Energy and Longyuan Power are worth monitoring [8].