公用事业行业周报：能源法颁布， 财政万亿开启

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The newly enacted Energy Law is favorable for reducing costs in thermal power generation, with a fiscal plan of 10 trillion over five years to ensure electricity demand, making thermal power a sector to watch [1] - The Energy Law aims to support the development of renewable energy, although challenges remain in consumption and cost reduction, requiring technological advancements for long-term benefits [1] - The National Energy Administration indicates that domestic oil and gas resources are relatively scarce, and renewable energy cannot reliably replace fossil fuels in the short term, necessitating deeper reforms in the energy system [1] Summary by Relevant Sections Market Performance - The public utility sector has outperformed with a 22.86% increase, compared to the Haidong Composite Index at 16.66% [1] - Notable stock performances include Huadian International (+1%), Huaneng International (+1.7%), and China Nuclear Power (-0.1%) [1] Policy and Regulatory Developments - The Energy Law was announced, emphasizing support for renewable energy, with the current consumption challenges highlighted [1] - The second round of renewable energy subsidies has been issued, totaling 42 billion yuan, with specific allocations for wind, solar, and biomass energy [1] Future Outlook - The report suggests that thermal power companies are currently undervalued, with a price-to-earnings (PE) ratio generally below 10, while dividend rates are increasing, indicating high growth potential [1] - Recommendations include focusing on companies with thermal power elasticity (e.g., Zhejiang Energy, Huadian International) and those transitioning to renewable energy [1]