公用环保202412第3期：多省开展2025年电力市场交易工作，长江电力发布2024年中期分红规划

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][32]. 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 General Nuclear Power and China National Nuclear Power [32]. - It highlights the importance of sustainable aviation fuel (SAF) as a viable alternative for reducing carbon emissions in the aviation industry, with potential CO2 reductions of over 85% throughout its lifecycle [22][26]. - The report suggests that the public utility sector is expected to benefit from ongoing reforms and stable growth in cash flow and earnings, particularly in hydroelectric and natural gas sectors [32]. Summary by Sections 1. Market Review - The Shanghai Composite Index fell by 1.01%, while the public utility index decreased by 0.15% and the environmental index dropped by 1.22% [2][20]. - Among the sub-sectors, hydroelectric power increased by 1.31%, while thermal power and new energy generation saw declines of 0.65% and 1.73%, respectively [20][35]. 2. Important Policies and Events - The "Electric Power Monitoring System Security Protection Regulations" were approved and will take effect on January 1, 2025, focusing on safety management and emergency measures [21]. 3. Special Research: SAF Biofuels - SAF is identified as a powerful tool for carbon reduction in the aviation sector, with the potential for significant emissions reductions if not addressed [22][26]. - The report outlines various measures for reducing carbon emissions in aviation, including the use of SAF, which closely resembles traditional jet fuel in composition and performance [26][28]. 4. Industry Performance - The report notes that the public utility and environmental sectors ranked 17th and 27th, respectively, among 31 industry classifications in terms of performance [20][33]. - It provides a detailed analysis of stock performance across various sectors, indicating a mixed performance with some companies showing significant gains [40][49]. 5. Company Ratings - The report lists several companies with "Outperform" ratings, including China Nuclear Power (601985.SH), China General Nuclear Power (003816.SZ), and Yangtze Power (600900.SH), among others, along with their respective market capitalizations and earnings projections [6][32].