公用事业2024年第46周周报（20241117）：绿电绿证交易扩容COP29正式开幕

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [3] Core Insights - The rapid expansion of green certificate and green electricity trading in China has been observed, with 477 million green certificates issued by the National Energy Administration as of September 2024, including 111 million from wind power and 70.44 million from solar power [1][17] - The carbon-electricity market in China still has gaps, and the pricing of green electricity and certificates is fundamentally a reflection of carbon prices. The current national carbon market price has surged to around 100 yuan per ton, while European carbon prices remain above 60 euros per ton [3][21] - The COP29 conference has made significant progress in establishing a global carbon market, with consensus reached on carbon credit standards and mechanisms [5][22] Summary by Sections Green Certificate and Green Electricity Trading Expansion - The formal passage of the Energy Law in China reinforces the status of green certificates, which is expected to enhance green electricity trading [15][16] - As of September 2024, the cumulative issuance of green certificates reached 2.319 billion, with significant contributions from conventional hydropower [17][21] - The trading volume of green electricity has increased dramatically, exceeding five times the volume from the same period last year [21] COP29 Opening and Global Carbon Market Progress - The COP29 conference in Azerbaijan has established important principles for carbon credit standards, aiming to create a UN-supervised global carbon market [5][22] - China's stance at COP29 emphasizes multilateral cooperation and the differentiation of responsibilities between developed and developing countries [24][25] Key Company Valuation Table - Recommended undervalued green electricity companies include Longyuan Power, Datang New Energy, CGN New Energy, and Xintian Green Energy in Hong Kong stocks, and Three Gorges Energy in A-shares [4][26]