电力行业周报：《能源法》正式颁布，2023年可再生能源消纳监测结果发布

Investment Rating - The report maintains an "Overweight" rating for the power industry [3]. Core Insights - The newly enacted Energy Law emphasizes a green and low-carbon development direction, set to take effect on January 1, 2025, and aims to accelerate the development of renewable energy [3][9]. - In 2023, the national renewable energy power consumption responsibility weight was completed at 32.0%, a year-on-year increase of 0.4 percentage points, with significant regional variations in compliance [3][9]. - The report highlights the achievement of a 1.2 billion kilowatt target for wind and solar installations, with ambitious goals for renewable energy consumption set for 2025 and 2030 [3][9][10]. - The renewable energy generation capacity reached 1.73 billion kilowatts by the end of September 2024, accounting for approximately 54.7% of the total installed capacity in China [3][9]. - The report suggests that the continuous high growth of new energy installations indicates substantial future growth potential in the sector [10]. Summary by Sections Industry Trends - The Energy Law was passed, focusing on green low-carbon development [3]. - The renewable energy power consumption responsibility weight for 2023 was 32.0%, with Guangdong province failing to meet its target by 1 percentage point [3][9]. - The report notes a significant increase in renewable energy generation, with a 20.9% year-on-year growth in renewable energy generation in the first three quarters of 2024 [3][9]. Investment Recommendations - The report recommends focusing on new energy operators and flexible resource investment opportunities due to the expected acceleration in renewable energy consumption solutions [10]. - Specific stocks are highlighted for investment, including Zhejiang Energy, Anhui Energy, and China Nuclear Power, among others [6][10]. Market Performance - The Shanghai Composite Index rose by 5.51% during the week of November 4-8, 2024, while the power and utilities index increased by 1.99%, underperforming compared to the broader market [32][33]. - Notable stock performances include significant gains for companies like ShenNan Electric B and New Energy Taishan, while others like Shenneng Co. and Guodian Power saw declines [32][33].