Investment Rating - The report maintains an "Outperform" rating for the utility sector [1]. Core Insights - The report highlights a significant increase in wind power generation, with a year-on-year growth of 34.0% in October, while hydropower saw a notable decline of 14.9% [2][16]. - The acceleration of the internationalization of China's carbon market is emphasized, particularly following the COP29 agreement on carbon credit creation standards under the Paris Agreement [2][30]. Summary by Sections Market Review - From November 11 to November 15, the environmental sector fell by 4.84%, gas sector by 1.36%, water sector by 3.34%, and electricity sector by 2.98%, while the Shanghai and Shenzhen 300 index decreased by 3.29% [10]. Industry Insights - In October, the total electricity generation from national power plants was 731 billion kWh, a year-on-year increase of 2.1%, but a decrease of 3.9 percentage points compared to September [16]. - Hydropower generation decreased by 14.9% year-on-year, while wind power generation increased by 34.0% [16][25]. - The report projects a compound annual growth rate (CAGR) for wind power of 19.8% from 2021 to 2024 [16]. Investment Recommendations - The report suggests focusing on companies such as Three Gorges Energy in the green electricity sector, and recommends caution for Longyuan Power, Zhejiang New Energy, and China Green Power [2]. - For the hydropower sector, it recommends Longjiang Power and Qianyuan Power, with caution advised for Guotou Power and Huaneng Hydropower [2]. - In the thermal power sector, it recommends Sheneng Co. and Funeng Co., with caution for Huadian International and Jiangsu Guoxin [2].
公用事业行业周报:10月风电增速迅猛,国内碳市场国际化加速推进
Huafu Securities·2024-11-17 10:49