公用事业周报：政策督导新能源3年年均2亿增量目标实现，资源再生辅助以旧换新

Investment Rating - The report maintains an "Outperform" rating for the industry [6]. Core Insights - The report highlights the optimization of power system regulation capabilities, which is expected to support the rational consumption of over 200 million kilowatts of new energy annually from 2025 to 2027, with a national new energy utilization rate of no less than 90% [3][16][43]. - The implementation of the "Old for New" policy is anticipated to further standardize the recycling of power batteries and metal resources, leading to high-quality development in the resource recycling industry [4][26][28]. Summary by Sections Market Review - From January 6 to January 10, the water sector fell by 2.68%, the environmental sector by 2.97%, the power sector by 3.06%, and the gas sector by 4.79%, while the CSI 300 index decreased by 1.13% [10][11]. Industry Perspectives - The "Optimization of Power System Regulation Capability" plan aims to enhance the market environment and business models for various regulation resources, addressing the challenges faced in the development of regulation resources [3][16]. - The "2025 Energy Regulatory Work Points" document emphasizes energy security and green development, aligning with the national dual carbon strategy [4][21][24]. Investment Recommendations - The report suggests focusing on specific companies within the water, thermal, nuclear, and green energy sectors, recommending companies like Changjiang Electric and Qianyuan Electric while advising caution on others [5].