环保与公用事业行业周报：广东电力市场2025年度交易结果公布，海上风电“单30”政策落地

Investment Rating - The industry rating is maintained as "Positive" [21] Core Views - The report emphasizes the government's first top-level design policy for nuclear technology applications, which is expected to accelerate industry development [45] - The company is backed by China General Nuclear Power Group, which is anticipated to provide various resources and synergies in nuclear power and renewable energy sectors, aligning with the company's strategy of transitioning to high-end and high-value-added operations [45] - The report highlights the ongoing reforms in state-owned enterprises, which are expected to enhance asset management and business integration, creating significant growth potential [45] Industry Data - The public utility sector index increased by 1.19%, underperforming the CSI 300 index by 0.16%, while the environmental protection sector index decreased by 1.53%, underperforming the CSI 300 index by 2.89% [33][34] - As of December 27, 2024, the public utility (Shenwan) PE (TTM) is 17.77 times, and PB (LF) is 1.57 times; the environmental protection (Shenwan) PE (TTM) is 21.76 times, and PB (LF) is 1.45 times [33][72] Key Investment Points - In the public utility sector, the report recommends focusing on individual stocks such as China General Nuclear Technology, Fuan Energy, and Zhongmin Energy [20] - The report suggests that the green electricity operation sector is expected to benefit from policies encouraging high-energy-consuming industries to participate in green certificate trading, which may further enhance the value of green electricity [45] - The report also highlights the importance of thermal power in stabilizing the electricity system, especially during peak winter demand, and suggests monitoring state-owned enterprises in the thermal power sector [45] - In the environmental protection sector, the report recommends stocks like Jingjin Equipment, Weiming Environmental Protection, and Yingfeng Environment, indicating that the overall industry valuation remains at historical lows [45]