公用事业行业点评报告：优化电力系统调节能力，加快构建新型电力系统

Investment Rating - The report maintains an "Overweight" rating for the utility industry [1] Core Viewpoints - The report emphasizes the optimization of power system regulation capabilities and the acceleration of constructing a new power system, with a focus on enhancing the consumption of renewable energy [4] - It highlights that from 2025 to 2027, the average annual new renewable energy consumption capacity will exceed 200 million kilowatts, with a national renewable energy utilization rate of no less than 90% [4] - The report outlines three key tasks for optimizing power system regulation: developing regulation capacity construction plans, improving resource calling methods, and enhancing market mechanisms for regulation resources [4] Summary by Relevant Sections Industry Trends - The report discusses the issuance of the "Implementation Plan for Optimizing Power System Regulation Capacity (2025-2027)" by the National Development and Reform Commission and the National Energy Administration [4] - It notes that the new energy installed capacity from 2019 to 2023 has shown significant growth, with wind and solar additions reaching 52 million, 120 million, 103 million, 125 million, and 292 million kilowatts respectively [4] Key Tasks - Task 1: Each region's energy department is to develop local regulation capacity construction plans by June 2025, focusing on flexible transformation of coal power, gas power, hydropower, pumped storage, new energy storage, and friendly new energy [4] - Task 2: Regions are to propose reasonable calling sequences for various regulation resources, optimizing resource allocation in conjunction with the electricity market [4] - Task 3: The report emphasizes the need to establish market mechanisms for regulation resources, including peak and valley pricing and auxiliary service markets [4] Investment Recommendations - The report suggests focusing on leading green electricity operators such as Longyuan Power and Three Gorges Energy, as well as quality offshore wind developers like Zhongmin Energy [4] - It recommends paying attention to quality regional thermal power operators such as Anhui Energy and Sheneng Co., as well as pumped storage companies like Southern Power Storage and flexible transformation of thermal power by Qingda Environmental Protection [4]