公用环保2024年12月投资策略：川投集团拟与四川省能源投资集团战略重组，广东省2025年电力市场交易方案出台

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [2][4]. Core Insights - The report highlights a strategic restructuring between Chuan Investment Group and Sichuan Energy Investment Group, which is not expected to significantly impact normal operations [2][21]. - The report emphasizes the growth in electricity consumption, with a year-on-year increase of 7.6% for the first ten months of 2024 [3][73]. - The report recommends focusing on the dual drivers of nuclear power and new energy, particularly highlighting China National Nuclear Power and China General Nuclear Power as key players [3][28]. Summary by Sections Market Review - In November, the Shanghai Composite Index rose by 0.66%, while the public utility index fell by 2.23% and the environmental index increased by 0.80% [2][19]. - The environmental sector saw a 0.80% increase, while sub-sectors like thermal power and hydropower experienced declines of 4.22% and 1.11%, respectively [2][33]. Important Policies and Events - The National Energy Administration issued guidelines to enhance electricity safety governance to support the high-quality development of the new power system [20]. - The restructuring of Chuan Investment Group with Sichuan Energy Investment Group is noted, with no major asset restructuring expected [21]. Industry Dynamics - The report analyzes the 2023 Urban Construction Statistical Yearbook, noting that urban water supply and sewage treatment rates are nearing 100%, with urban water supply totaling 687.56 billion tons, a 1.95% increase from 2022 [22]. - Fixed asset investments in water supply and sewage treatment increased by 6% and 7.51%, respectively, while investments in recycled water utilization slightly decreased by 1.78% [22]. Investment Strategy - The report recommends investments in nuclear power and new energy sectors, highlighting companies like China National Nuclear Power and China General Nuclear Power as key opportunities [3][28]. - It also suggests focusing on stable and growth-oriented water power leaders like Yangtze Power and high-dividend natural gas stocks such as New Hope Group [3][28].