环保与公用事业行业周报：碳排放权市场配额清缴趋好，电力系统调节能力持续优化

Investment Rating - The industry rating is maintained as "Positive" [2] Core Views and Investment Recommendations - The report highlights key stock combinations in the public utility sector: China General Nuclear Power Technology, Fuzhou Gas, and Zhongmin Energy, with a strong recommendation for China General Nuclear Power Technology due to supportive government policies and potential synergies with nuclear and renewable energy sectors [1][58] - The report emphasizes the improvement in carbon emission trading market activity, with a completion rate of approximately 99.98% for the 2023 quota, indicating a stable and growing market environment [42] - The report notes the continuous enhancement of China's power regulation capabilities, with a target to significantly improve the power system's adjustment capacity by 2027, supporting the rational consumption of over 200 million kilowatts of new energy annually [44][45] Industry Dynamics - The public utility sector index fell by 3.10% during the week, underperforming the CSI 300 index by 1.97%, while the environmental protection sector index decreased by 3.04%, also lagging behind the CSI 300 index [9][10] - The report indicates that the carbon market's trading volume for 2024 reached 189 million tons, with a transaction value of 18.114 billion yuan, reflecting a continuous expansion of trading scale [42] - The report discusses the increasing demand for thermal power during the peak winter season, highlighting the importance of thermal power in stabilizing the electricity system [4] Company-Specific Insights - China General Nuclear Power Technology is positioned to benefit from the government's first top-level design policy for nuclear technology applications, which is expected to accelerate industry development [58] - The report suggests that companies in the gas sector, such as Fuzhou Gas, may see improved profit margins due to recent adjustments in residential gas prices [4][58] - The environmental protection sector is advised to focus on companies like Jingjin Equipment and Weiming Environmental Protection, which are expected to benefit from growth and acquisition strategies [5]