电力行业周报：《全国统一电力市场发展规划蓝皮书》发布，目标2029年建成统一市场

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [3][4]. Core Insights - The "National Unified Electricity Market Development Plan Blue Book" was released, aiming to establish a unified market by 2029. The national electricity market has grown nearly fivefold since 2016, with market transactions reaching approximately 1.1 trillion kilowatt-hours. From January to October, the national market transaction volume was 5.09 trillion kilowatt-hours, a year-on-year increase of 9.5% [3][14]. - The report emphasizes that by 2025, a preliminary national unified electricity market will be established, with full coverage of provincial spot markets and comprehensive participation of renewable energy in market transactions within five years. It suggests focusing on investment opportunities related to renewable energy and flexible adjustment resources [3][14]. - The report highlights the establishment of a cross-departmental collaborative regulatory mechanism in the energy sector, which aims to enhance market supervision and address issues such as price manipulation and unfair competition [3][14]. Summary by Sections 1. Industry Insights - The "National Unified Electricity Market Development Plan Blue Book" was released, targeting the establishment of a unified market by 2029. The market has seen significant growth, with a transaction volume of 5.09 trillion kilowatt-hours from January to October, marking a 9.5% increase year-on-year [3][14]. - The report indicates that over 90% of market transactions are long-term, and renewable energy market transactions account for about 50% of total renewable energy generation [3][14]. - The report suggests that the focus for the next five years will be on improving the market mechanisms for renewable energy participation and enhancing system flexibility [3][14]. 2. Market Performance - The Shanghai Composite Index closed at 3326.46 points, up 1.81%, while the CSI 300 Index rose 1.32% to 3916.58 points. The CITIC Power and Utilities Index increased by 0.19%, underperforming the CSI 300 by 1.13 percentage points [3][58]. - The report notes that most stocks in the power and utilities sector experienced declines, with notable gainers including Tianfu Energy and Dalian Thermal Power, while major losers included Changyuan Power and China Guodian [3][58]. 3. Industry News - The report discusses significant developments in the energy sector, including the successful ignition of China's first industrial natural gas blending green hydrogen demonstration project, which aims to reduce carbon emissions [3][64]. - It also highlights Indonesia's plan to phase out all coal-fired power plants within 15 years, significantly increasing renewable energy capacity [3][64].