电力行业周报：广东发布2025电力市场交易方案，推动市场平稳发展

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1] Core Insights - Guangdong has released the 2025 electricity market trading plan, which aims to stabilize market fluctuations and enhance trading scale [3][16] - The total trading scale for Guangdong's electricity market in 2025 is projected to be approximately 650 billion kWh, an increase of 50 billion kWh year-on-year [3][16] - The report suggests that the market should not overly worry about "reducing electricity prices," as the improved market structure will reflect the true value of electricity [3][16] Summary by Sections 1. Industry Insights - The 2025 electricity market trading plan includes a total trading scale of about 650 billion kWh and an annual trading scale cap of 380 billion kWh, both showing significant year-on-year increases [3][16] - In October, the national electricity consumption growth rate fell to 4.3%, with industrial electricity consumption growth at 2.7% [3][16] 2. Market Review - The Shanghai Composite Index fell by 1.91% during the week of November 18-22, while the electricity and public utilities index decreased by 0.26%, outperforming the broader market [3][56] - The report highlights the top gainers and losers in the electricity sector, with notable increases in stocks like Guang'an Aizhong and Changyuan Electric [3][56] 3. Key Company Recommendations - The report recommends focusing on thermal power stocks such as Zhejiang Energy, Shenneng Co., and Huadian International, among others [3][9] - For renewable energy, it suggests prioritizing wind power operators like Zhongmin Energy and Longyuan Power [3][9]