公用环保行业202412第2期：生态环境部就钢铁行业碳排放核算方法征求意见，《全国统一电力市场发展规划蓝皮书》发布

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][6]. Core Views - The report emphasizes the dual drive of "nuclear power and new energy" for China's nuclear power sector, recommending leading companies such as China National Nuclear Power and China General Nuclear Power [4][30]. - It highlights the importance of the national unified electricity market development plan, which aims for initial construction by 2025 and full completion by 2029 [21]. - The report notes significant growth in natural gas supply and investment in urban gas infrastructure, indicating a positive trend in the gas industry [22]. Summary by Sections Market Review - The Shanghai and Shenzhen 300 Index rose by 1.44%, while the public utility index increased by 3.27% and the environmental index by 2.92% [2][36]. - The environmental sector saw a 2.92% increase, with sub-sectors like thermal power and hydropower rising by 3.49% and 3.56%, respectively [2][36]. Important Policies and Events - The release of the "National Unified Electricity Market Development Plan Blue Book" outlines a roadmap for the electricity market, aiming for a comprehensive establishment by 2029 [21]. - The Ministry of Ecology and Environment is seeking opinions on carbon emission accounting methods for the steel industry, indicating a regulatory focus on emissions management [21]. Industry Key Data Overview - In October, the industrial power generation increased by 2.1% year-on-year, with total power generation from January to October growing by 5.2% [62]. - The total natural gas supply in urban areas reached 1837.19 billion cubic meters in 2023, marking a 3.93% increase [22]. Investment Strategy - The report recommends investments in stable and growth-oriented companies in the water and gas sectors, as well as in nuclear and renewable energy companies [4][35]. - It identifies companies with strong cash flow and performance stability, such as China Yangtze Power and New Oriental Energy, as attractive investment opportunities [4][35].