公用事业：广东更新市场交易机制，电价波动有望更加平滑

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Viewpoints - The Guangdong Provincial Energy Bureau has issued a notice regarding the electricity market trading for 2025, which is expected to smooth out electricity price fluctuations [5] - The electricity market scale in Guangdong is projected to reach approximately 650 billion kilowatt-hours in 2025, an increase of 50 billion kilowatt-hours year-on-year [5] - The annual trading scale limit for the generation side is set at 380 billion kilowatt-hours, which is an increase of 60 billion kilowatt-hours compared to the previous year [5] - The notice aims to increase the proportion of annual long-term contracts, enhancing the stabilizing effect on prices [5] - A mechanism for nuclear power authorization contracts is established to mitigate market volatility risks, with a planned annual marketized nuclear power volume of 27.3 billion kilowatt-hours, a year-on-year increase of 7.8 billion kilowatt-hours [6] - The notice specifies the proportion of renewable energy entering the market based on different voltage levels, promoting a stable transition to market-based trading for renewable energy [7] - Investment recommendations include focusing on thermal power operators such as China Resources Power, Fuzhou Energy, and China Power, as well as hydropower and renewable energy companies [7] Summary by Sections Market Mechanism Changes - The new trading mechanism is expected to increase the cost of arbitrage on the selling side and enhance the proportion of annual long-term contracts, which will stabilize electricity prices [5] Nuclear Power Pricing - The pricing mechanism for nuclear power is designed to reduce the impact of market price fluctuations, ensuring stable returns for nuclear power plants [6] Renewable Energy Integration - The notice outlines specific base electricity volumes for renewable energy plants, which will help maintain reasonable profit levels for these energy sources [7] Investment Recommendations - The report suggests a focus on various operators across thermal, hydropower, and renewable sectors, indicating a positive outlook for the industry [7]