10月绿证、绿电交易数据点评：高耗能强制使用绿电 绿电交易规模大增

Investment Rating - The industry investment rating is "Positive" (maintained) [3][21] Core Viewpoints - The significant increase in green certificate trading is closely related to provincial governments' efforts to address energy consumption "dual control" assessments [3][4] - The scale of green electricity trading has surged, driven by mandatory green electricity usage for high-energy-consuming enterprises [4][5] - National policies are encouraging the establishment of mandatory renewable energy consumption mechanisms for high-energy-consuming projects, with specific targets set for various industries [5][7] Summary by Sections Green Certificate Trading - As of October 2024, a total of 384 million green certificates have been traded nationwide, with 19.5 million associated with green electricity trading [1] - In October 2024 alone, 25.42 million green certificates were traded, indicating a robust market [1][3] Green Electricity Trading - The scale of green electricity trading reached 163.25 billion kilowatt-hours from January to October 2024, marking a 294% year-on-year increase [4] - Monthly trading volumes in July, August, September, and October 2024 saw increases of 435.2%, 170.1%, 168.8%, and 348% respectively [4] Policy Developments - In February 2024, the National Development and Reform Commission (NDRC) included green certificate trading in provincial governments' assessments, enhancing the motivation for provinces like Qinghai, Zhejiang, and Shanghai to purchase green certificates [3][5] - The NDRC's 2024-2025 energy conservation and carbon reduction action plan mandates that new high-energy-consuming projects must have a non-fossil energy consumption ratio of no less than 20% [5][11] Regional Initiatives - Inner Mongolia and Ningxia have implemented policies to encourage local high-energy-consuming enterprises to consume green electricity, with Inner Mongolia leading in green electricity trading volume [7][8] - By 2025, the renewable energy usage ratio in the electrolytic aluminum industry is expected to exceed 25% [5][11] Investment Recommendations - The report recommends undervalued companies in the Hong Kong stock market such as Longyuan Power, Datang Renewable, and CGN New Energy, as well as A-share operators like Three Gorges Energy [8]