电力行业周报：电价风险逐步释放，红利风格驱动优先

Investment Rating - The report maintains a "Buy" rating for the electricity sector, highlighting the potential for investment opportunities in the context of market developments and price adjustments [5]. Core Insights - The report emphasizes that the electricity price risks have been largely reflected in the market, with a focus on the upcoming 2025 electricity market trading plans released by Jiangsu and Zhejiang provinces [3][15]. - It notes that the decline in coal prices provides support for potential electricity price reductions in the coming year, while the overall market remains divided on short-term expectations [3][15]. - The report suggests that the electricity sector still holds significant investment value, particularly in regions with tight supply-demand dynamics and lower electricity price risks [3][15]. Summary by Sections 1. Industry Insights - Jiangsu's recent notification encourages renewable energy participation in green electricity trading, with specific hours set for guaranteed pricing for wind and solar energy [3][15]. - Zhejiang's trading plan reduces the long-term coal electricity volume limit from 95% to 90%, allowing for a maximum of 10% to be traded in the spot market [16]. - The report highlights that the current risks in the electricity sector are primarily due to uncertainties regarding electricity prices in 2025, but these concerns are already priced in [3][15]. 2. Market Review - The Shanghai Composite Index rose by 2.33% during the week, while the electricity and public utilities index outperformed the broader market with a 3.17% increase [2][61]. - Notable stock performances included significant gains for companies like Guang'an Aizhong and YN Energy, while others like Lianmei Holdings experienced declines [61][62]. 3. Key Company Recommendations - The report recommends focusing on thermal power companies such as Sheneng Co., Anhui Energy, and Huadian International, as well as renewable energy operators like Zhongmin Energy and Longyuan Power [4]. - It also suggests monitoring hydropower companies like Yangtze Power and nuclear power firms such as China National Nuclear Power [4]. 4. Renewable Energy Insights - The report indicates a decrease in silicon material prices and mainstream silicon wafer prices, which could enhance the profitability of photovoltaic projects in the long term [49]. - It notes that the trading price in the carbon market has decreased by 1.41% compared to the previous week, reflecting ongoing market dynamics [56].