公用事业行业周报：二批次农村能源革命试点公布，分布式光伏开发有望提速，节水减排促进降碳

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [4]. Core Insights - The second batch of rural energy revolution pilot projects has been announced, which is expected to accelerate the clean and low-carbon transformation of rural energy [3][17]. - The development of distributed photovoltaic (PV) systems is being promoted to construct a new power system, with significant regulatory support expected [3][22]. - Energy conservation and emission reduction in the water supply and drainage sectors are emphasized, with a focus on enhancing water resource management [3][25]. Summary by Sections 1. Weekly Insights - From December 9 to December 13, the electricity sector rose by 0.02%, while gas, water, and environmental protection sectors fell by 1.00%, 1.15%, and 1.20% respectively, against a 1.03% decline in the CSI 300 index [11]. 1.2 Industry Insights 1.2.1 Rural Energy Revolution - The second batch of rural energy revolution pilot projects includes eight counties, aiming to enhance clean energy supply and consumption in rural areas, contributing to rural revitalization [17][18]. 1.2.2 Distributed Photovoltaic Development - The National Energy Administration is set to strengthen planning for distributed PV development, which is crucial for building a new energy system and achieving carbon neutrality goals. As of September 2024, China's total installed PV capacity reached 770 million kW, with distributed PV accounting for approximately 44% [22]. 1.2.3 Water Sector Energy Conservation - The water sector is identified as a key area for carbon reduction and green transformation. In 2021, the carbon emissions from various stages of the water cycle were significant, with the water use stage being the largest contributor [25][26]. 4. Investment Recommendations - The report suggests focusing on companies in the green electricity sector such as Three Gorges Energy, while being cautious with Longyuan Power and Zhejiang New Energy. In the hydropower sector, attention is recommended for Changjiang Power and Qianyuan Power, with caution advised for Guotou Power and Huaneng Hydropower [3].